Cisneros family sells Gables Estates properties for major price chop

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June 9, 2020
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As reported in The Real Deal.

Companies tied to the Cisneros family of Venezuela sold an assemblage of land in the exclusive Gables Estates neighborhood for about $37.6 million — about $20.4 million less than the combined asking price.

Property records show 1947 Dempsey Investments LLC sold the estate at 21 Casuarina Concourse to One Casuarina LP for $25.5 million. It also sold the tennis court across the street for $5.4 million. And Argon Investments LLC sold the lot next to that for $6.7 million. Mark A. Lopez, general counsel for the Cisneros Corporation, signed the deeds on behalf of the seller.

Together, the parcels total more than 5.5 acres and include a 10,575-square-foot main house built in 1958, a sandy beach and two boat lifts.

The buyer is a Delaware limited partnership.

The third-generation Cisneros family-owned company, with an office in Coral Gables, has its hands in a number of industries, including media, telecommunications, real estate and beer. The family owns Cervecería Regional, the second largest brewery in Venezuela, which ranked in the top 30 worldwide for its production. Brothers Eduardo, Andrés and Henrique Cisneros run the family business, according to Cisneros Corporation’s website.

The estate and the tennis court listed for sale in December for $49.5 million, as well as the vacant 1.5-acre lot next door for $8.5 million, for a total of $58 million. That means the properties sold for 35 percent less than their combined asking price.

Gables Estates properties have generated top dollar in recent months.

About a year ago, the Cisneros family sold the 3-acre property at 555 Leucadendra Drive for $23 million.

In April, during the pandemic, Leon Medical Centers founder Benjamin Leon Jr. sold the Gables Estates mansion at 620 Arvida Parkway for $49 million, marking the second most expensive single-family home sale ever in Miami-Dade County. Pharrell Williams also recently paid $30 million for the waterfront home at 700 Casuarina Concourse, reportedly rushing to close so he could stay there during the quarantine.