Tech Entrepreneur Secures $30M Coral Gables Estate Sale
Manny Medina, founder of eMerge Americas and former Terremark CEO, found a buyer for his Mediterranean-style waterfront mansion in Gables Estates. The deal represents Miami's strongest week for luxury real estate contracts.
Tech billionaire Manny Medina has successfully secured a buyer for his waterfront estate in Coral Gables' exclusive Gables Estates community, with the property commanding an asking price of nearly $30 million.
The Mediterranean modern mansion at 555 Arvida Parkway spans 13,100 square feet across six bedrooms and six-and-a-half bathrooms on a one-acre waterfront lot. Medina originally acquired the property for $7 million in 2013 and recently completed a comprehensive renovation of the residence.
Medina built his fortune through the sale of Terremark to Verizon Communications in 2011 for $1.4 billion. He currently serves as founder and chairman of eMerge Americas, a prominent technology conference that brings together entrepreneurs and investors from across the Americas.
The estate's sale highlights a robust week for Miami-Dade's luxury real estate market, where 28 high-end contracts were signed between April 20 and April 26, according to the latest Eklund-Gomes market report. These deals represent properties priced at $4 million and above, totaling $275.5 million in combined asking prices.
Single-family homes dominated the luxury sales activity, with 18 properties averaging $10.5 million in asking prices and spending an average of 179 days on the market. The collective asking value for these residences reached $178.4 million.
The condominium segment also showed strength, with 11 units under contract averaging $8.8 million in asking prices. These luxury condos averaged 203 days on the market and represented $97.1 million in asking dollar volume, translating to approximately $2,520 per square foot.
Fisher Island claimed the week's most expensive condominium contract, with a 7,630-square-foot unit at Palazzo Del Sol commanding $28.9 million. The six-bedroom, eight-bathroom residence at 7085 Fisher Island Drive is priced at nearly $3,800 per square foot.
Interestingly, Medina's Gables Estates property previously faced potential auction in 2019, but the entrepreneur ultimately decided to retain ownership rather than proceed with the sale at that time.
The current market activity reflects continued demand for Miami's premium residential properties, with 36 new luxury listings added during the reporting period. The total inventory now stands at 1,248 properties, with an average market time of 188 days across all luxury segments.
Ralph Arias of One Sotheby's International Realty represented the Medina estate sale, while Dora Puig of Luxe Living Realty handled the Fisher Island condominium transaction.
