A Miami mansion encompassing 2.38 acres in the exclusive Gables Estates enclave has been listed for $148 million, a price that would nearly triple the current residential sales record for Coral Gables.
The estate at 8901 Arvida Lane features six bedrooms and a host of luxury amenities, including a private chapel with custom woodwork and stained glass, a temperature-controlled wine room, a high-end kitchen, and a home theater. The property also includes a separate waterfront gym, a guest villa, a swimming pool, marble terraces, and a summer kitchen. Its grounds are extensively landscaped with over 600 species of palms, trees, and other plants, reflecting the owner's background in the nursery business.
Manaul Diaz, founder of Florida landscaping company Manuel Diaz Farms, purchased the waterfront parcel for $6.4 million in 2003 and commissioned architect Rafael Portuondo to design the palatial home, completed in 2007. Diaz then invested millions into transforming the grounds into a tropical showcase.
The property offers 245 feet of deep-water frontage with an approximately 90-foot dock, providing direct access to Biscayne Bay without fixed bridges, suitable for large yachts. The main residence features 25-foot ceilings, marble and wood floors, and expansive windows overlooking the gardens and water.
This is not the first time the estate has been on the market. Diaz first listed it for $45 million in 2017, later raising the price to $55 million in 2018 and 2019 before it was removed from the market. The current $148 million asking price represents more than a five-fold increase from its initial listing price.
If sold at this price, the mansion would become one of the most expensive single-family homes ever listed in Miami-Dade County. The listing, held by Dennis Carvajal of ONE Sotheby's International Realty, places the property at approximately $11,849 per square foot based on public records of 12,490 square feet of living space, though marketing materials suggest over 14,000 square feet across the main residence and additional structures.
Located in Gables Estates, a community developed in the 1950s, the enclave is known for its large lots, private docks, and guarded entrances. It has become a haven for celebrities, with residents and former residents including The Weeknd and Pharrell Williams. Hospitality entrepreneur Sam Nazarian also purchased a home in the community for $14 million in 2020.
The estate's location offers proximity to Coral Gables attractions such as the Biltmore Hotel, Venetian Pool, and Fairchild Tropical Botanic Garden, as well as dining and shopping districts.