Miami’s $100M club swells in size as chapel-equipped Coral Gables compound asks $148M
Miami’s nine-digit house party just got a new guest.
A waterfront compound in Coral Gables has hit the market for a stratospheric $148 million, an ask that would nearly triple the city’s sales record if met. It is one of five single-family homes in Miami-Dade now publicly priced at $100 million or more, The Post has learned.
The spread at 8901 Arvida Lane covers 2.38 acres at the head of a lagoon in Gables Estates, a gated enclave of fewer than 200 homes and lots. Dennis Carvajal of ONE Sotheby’s International Realty has the listing.
Coral Gables has never logged a home sale north of $100 million. The current high is $55 million, set last year elsewhere in Gables Estates. Carvajal is betting this one clears that bar by a mile.
The property “will reset the market,” he told The Post.
So what does $148 million buy? Start with a Rafael Portuondo-designed main house that the brokerage puts at upward of 14,000 square feet, with six bedrooms, nine full bathrooms, three powder rooms and 25-foot ceilings. Inside are a wine room kept at cellar temperature, a theater, a billiards room, a pair of offices and an elevator. The primary suite has a terrace, its own bar and a bathroom wrapped in onyx.
Then come the extras.
The estate packs a chapel fitted with stained glass, plus a guest villa with a full kitchen and a standalone gym at the water’s edge topped by a sun deck. The pool is lined in mosaic tile and ringed by marble. Out back, 245 feet of shoreline and an 86-foot dock offer a straight shot to Biscayne Bay with no bridges to duck under.
The landscaping is its own flex. More than 600 species of palms, trees and plants cover the lot, which tracks with the seller’s day job. The owner has been identified as Manuel Diaz, founder of Homestead nursery Manuel Diaz Farms. The property tax bill alone ran $260,235 last year, per the listing.
This is not the home’s first trip to market. Diaz sought $45 million in 2017 and $55 million a year later, then tried $48.5 million in 2020 and $52 million in 2021 before pulling it in 2022. The new number is roughly triple those earlier asks.
What changed is the ceiling. In 2022, Ken Griffin made the Adrienne Arsht estate on Brickell Avenue set a record at $106.87 million. This March, Mark Zuckerberg and Priscilla Chan paid $170 million for an unfinished Indian Creek mansion, a new county high.
“A few years ago, we rarely saw homes even testing a $100 million price point,” Carvajal told The Post. “Now there are multiple properties publicly listed at or above that threshold, and there are buyers with the ability and appetite to transact at that level.”
The competition is stiff. Topping the pile is a $237 million Key Biscayne estate whose listing touts its turn as Frank Lopez’s house in “Scarface.” A two-home compound on the Sunset Islands is asking $110 million, as is a 1.61-acre bayfront property on Brickell Avenue. A new build on North Bay Road with an 18-car garage wants an even $100 million .
A sixth contender has already blinked. John Ruiz’s $175 million mansion, also in Gables Estates, appears to have come off the market, according to The Real Deal.
Carvajal’s camp pegs the current tally at a 500% jump from 2022 and says it undercounts the action, since estates at this level are often shopped privately before any public listing.
The broker chalks it up to supply. “It’s the scarcity effect,” he said. “There are only a limited number of trophy estates in Miami with this scale, water frontage, privacy and prime location.”
He doesn’t see it cooling off.
“Miami is only going to become more important as a global epicenter for wealth,” Carvajal said. “We’ve already seen an enormous amount of capital move here, and the demand has not stopped. The ultra-wealthy aren’t just looking for a great house anymore. They want compounds with multiple combined lots, more land, more waterfront and complete privacy.”
“I think we’ll continue to see records broken because there simply aren’t enough of those properties to meet the demand,” he added.
But these figures only tell one story. Despite the luxury market in Sunshine State taking off, the regular market has seen a steep decline. Florida currently sits at the bottom of the barrel when it comes to selling the average home, with about 206,508 homes sitting on the market — many of them which have undergone severe price cuts.