Billionaire Jorge Mas, chairman and co-founder of construction and engineering company MasTec, has acquired a waterfront mansion in the Gables Estates neighborhood of Coral Gables. The property, located on Casuarina Concourse, spans 15,400 square feet and features eight bedrooms, ten bathrooms, and three half-bathrooms. It sits on a 1.2-acre lot and was completed last year.
The purchase comes after Mas sold two high-profile properties: a waterfront lot in Miami’s Coconut Grove for over $100 million and his previous Coral Gables mansion for $32 million. According to a source who spoke with The Real Deal, Mas paid $75 million for the new estate—a price that sets a new record for residential sales in Coral Gables. Last year’s previous record was set when luxury homebuilder Alex Pirez sold his waterfront mansion at 340 Leucadendra Drive for $55 million.
A quit-claim deed transfer recorded in late December did not list the sale price of the Casuarina Concourse home. Attorney Roland Sanchez-Medina signed the deed on behalf of the seller. Mas’ ownership is held through a land trust.
In December, a trust owned by Mas and his wife also sold their 13,500-square-foot home at 6312 Riviera Drive to another land trust managed by attorney Richard Barbara. Around the same time, he sold a 7.3-acre residential lot off Douglas Road in Coconut Grove to an undisclosed buyer; sources say this off-market transaction was not recorded with Miami-Dade County.
Mas is also managing owner of Inter Miami CF, a Major League Soccer team that is part-owned by David Beckham. Inter Miami is currently developing its mixed-use soccer complex near Miami International Airport.
Residential brokers have noted increased activity among billionaire buyers since early December. Some buyers are reportedly motivated by California’s proposed wealth tax policies. For example, Google co-founder Larry Page recently spent about $173 million acquiring two homes in Coconut Grove: one being a 4.5-acre waterfront compound at 3585 Anchorage Way and another at 3085 Munroe Drive.
