Miami Condo Market and Lifestyle Updates
Heat’s President’s Mansion to be Demolished, Rebuilt on a Grander Scale (PHOTOS)

Heat’s President’s Mansion to be Demolished, Rebuilt on a Grander Scale (PHOTOS)

by Sep Niakan | March 18, 2013

As if the purchase of the  nearly 13,000-square-foot Mediterranean-style mansion weren’t enough, the undisclosed buyer of Miami Heat president Pat Riley’s $16.8 million bay-front house in Gables Estates is planning to tear it down and start from scratch. The house, located at 280 Arvida Parkway, comes equipped with an expansive in-ground pool with waterfalls and an aqua bar, a theater, wine cellar, and library. Sitting on an 80,000 square foot plot, the residence has five bedrooms, and eight baths.

But the amenities weren’t what drew the mysterious millionaire to purchase the property; it was the pristine two acre lot in Biscayne Bay. As the global super-rich flock to the priciest, most luxurious homes and condos in South Florida, and Miami in particular, bay waterfront property is becoming more rare, even as the number of interested parties with deep pockets grows.

“Land has been scarce. A majority of the projects we’re touching are all knock-downs. Or it’s been knocked down by the time we get there,” said Sean Murphy, executive vice president of luxury builder Coastal Construction. “You’re seeing more people buying not one lot, but one, two, three.”

Murphy continued, ““It’s really trending to the ultra-luxury. All sorts of exotic materials — exotic woods, exotic marbles, exotic stones. Everything is so exotic.”

That trend towards ultra-luxury and exoticism has certainly paid off for Pat Riley, who originally purchased the house in 1996 for $6.3 million; an almost three-fold profit.

 

Photos of Riley's former home:

See more pictures here

 

Image Credit: Realtor.com

Recent posts

Real Estate News

Could Cite in Edgewater Have New Hotel Neighbor?

by Sep Niakan | January 12, 2017

According to thenextmiami, a petition involving a 15 by 75 feet alley has sparked speculations that a brand new hotel could be coming to Edgewater. Why? Simply because this alley comes attached to a 7,875 sq. ft. plot located at 348 Northeast 20...

Real Estate News

Brickell Avenue Bridge Schedule, Traffic and Solutions -- All You Need To Know

by Sep Niakan | January 09, 2017

Ever tried driving from Brickell to Downtown Miami for lunch? Most Miamians dread the thought of catching the dreaded drawbridge, which opens every hour or half-hour during non-curfew hours to allow river traffic to pass under. So what’s...

Real Estate News

9 Positive Signs for the Miami Real Estate Market in 2017

by Sep Niakan | January 08, 2017

Last year’s headlines weren’t too kind to Miami with hurricanes, Zika warnings and falling sales painting a dark picture. However, with the elections finally done with, there are plenty of reasons to be optimistic about 2017: 1. ...

Real Estate News

Projects That Will Change the Way We Look at Wynwood, Forever!

by Sep Niakan | December 28, 2016

We all know Wynwood as the friendly, hipster neighborhood splashed with the best street art in the world. It’s where we all go for our art fix, browse far-out finds and linger around for a couple of craft beers. But, how about shopping,...