Coral Gables Waterfront Mansion Fetches $36 Million Off-Market
Developer Irving Padron and architect Cesar Molina completed a profitable spec project, selling their Old Cutler Bay property for $36 million after purchasing the land for $5.1 million in 2021. The transaction highlights continued demand for premium waterfront properties in Coral Gables.
A waterfront mansion in Coral Gables' exclusive Old Cutler Bay community sold for $36 million in an off-market transaction, marking another high-value deal in the city's luxury residential sector.
The buyers were spec developer Irving Padron and architect Cesar Molina, who acquired the half-acre property through an LLC for the final sale price. The property at 9360 Gallardo Street was purchased by a trust managed by attorney Daniel Bensimon.
Padron serves as founder and CEO of Deering, a luxury real estate development and investment company that also operates a brokerage division. Molina leads Coral Gables-based CMA Design Studio and runs the development firm CMA Homes. His recent projects include designing a 2.2-acre Gables Estates compound that University of Miami booster John Ruiz listed for $175 million in February.
The development team originally purchased the Old Cutler Bay site for $5.1 million in 2021, according to property records. Construction began on the mansion in 2023, creating an 8,600-square-foot residence with six bedrooms, eight bathrooms, and two powder rooms. The completed property features 138 feet of water frontage with a private dock and swimming pool.
The transaction represents a significant return on investment, with the developers earning approximately $30.9 million in profit after accounting for the original land purchase. The deal closed without the property ever being formally listed on the market.
Coral Gables continues attracting substantial luxury transactions as waterfront properties remain in short supply relative to buyer demand. Real estate professionals indicate this supply-demand imbalance drives pricing throughout the premium market segment.
Recent comparable sales demonstrate the area's strength in high-end residential transactions. Lauren Sturges achieved a record $32 million sale for her Tahiti Beach waterfront mansion earlier this month. Billionaire Michael Dorrell sold his 1.7-acre waterfront estate to spec developer Alex Pirez for $35 million in March through an off-market arrangement.
Former Yankees shortstop Derek Jeter also participated in the luxury market activity, selling his Coral Gables mansion for $13.2 million in February. Jeter's sale price nearly doubled his $6.5 million purchase price from 2018, reflecting the appreciation trends affecting premium properties in the market.
The Old Cutler Bay community represents one of Coral Gables' most sought-after gated neighborhoods, offering residents direct water access and privacy. Properties in this enclave rarely become available, contributing to strong pricing when sales occur.
Miami-Dade County's luxury residential market continues benefiting from buyer interest in waterfront properties with immediate occupancy potential. Turnkey homes command premium pricing as buyers seek to avoid construction delays and permitting complexities associated with ground-up development projects.
