Billionaire businessman Jorge Mas has purchased a mansion in the Gables Estates neighborhood of Coral Gables, following the sale of two high-profile properties for more than $130 million. Mas, who is chairman and co-founder of construction and engineering firm MasTec, acquired a 15,400-square-foot home on Casuarina Concourse. The house features eight bedrooms, ten bathrooms, and three half-bathrooms, and sits on a 1.2-acre lot. It was completed last year.
According to Forbes, Mas has an estimated net worth of about $3.5 billion. His real estate transactions have often been conducted quietly. While the official record for the Casuarina Concourse sale did not list a price, a source told The Real Deal that Mas paid $75 million for the property.
This transaction sets a new record for Coral Gables residential sales. Last year, luxury homebuilder Alex Pirez sold his waterfront mansion at 340 Leucadendra Drive for $55 million, which had previously set the area’s price record.
The deed for the Casuarina Concourse property was signed by attorney Roland Sanchez-Medina on behalf of the seller. Ownership is held through a land trust associated with Mas.
In December, Mas and his wife sold their 13,500-square-foot home at 6312 Riviera Drive to another land trust managed by attorney Richard Barbara. Around this period, he also sold a 7.3-acre residential lot off Douglas Road in Coconut Grove to an undisclosed buyer in an off-market deal that was not recorded with Miami-Dade County records. Sources indicated that Mas had purchased and quickly resold this waterfront lot by acquiring the LLC that owned it.
Mas also serves as managing owner of Inter Miami CF, the Major League Soccer team part-owned by David Beckham. Inter Miami is currently developing its mixed-use soccer complex near Miami International Airport.
Residential brokers report that billionaire buyers have become more active since early December. Some are motivated by proposed tax changes in states like California; for example, Google co-founder Larry Page recently spent about $173 million on two homes in Coconut Grove.
