In Coral Gables’ ultra-private Old Cutler Bay, a brand-new spec mansion just changed hands in classic quiet-money fashion: off-market, all at once, and for a cool $36 million. Developers Irving Padron and architect-developer Cesar Molina recently finished the roughly 8,600-square-foot home on a half-acre lot, then transferred the property directly into a trust as part of the same deal.
Off-market sale and buyer
According to The Real Deal, an LLC tied to Padron and Molina sold 9360 Gallardo Street to a trust named after the address. That report identifies attorney Daniel Bensimon as the manager of the trust and notes that the mansion never hit the public market before the closing.
Design and amenities
The listing materials for the property describe six bedrooms, eight full bathrooms and two half-baths, roughly 8,639 square feet of air-conditioned interior plus about 12,308 square feet when you factor in terraces, along with a pool and 138 feet of linear water frontage with a private dock. Those specs appear on the developer’s dedicated property page and line up with the finished, move-in-ready build promoted by the project team, per CMA Homes.
Where the lot came from
Public records and listing history show that Padron and Molina paid about $5.05 million in 2021 for the Old Cutler Bay half-acre where the mansion now stands, according to Redfin. Florida Division of Corporations filings list 9360 GALLARDO, LLC with Cesar Molina as a principal, according to the state business registry. Irving Padron is identified as the founder and CEO of Deering on the firm’s about page, which describes its focus on high-end residential projects.
What it signals for the market
Coral Gables has been racking up a series of high-end, often off-market waterfront sales this year, a pattern that brokers say is squeezing the already thin supply of turnkey homes. The Real Deal points to nearby headline-grabbing trades at similar price points that highlight how much buyers are willing to pay for ready-to-enjoy waterfront estates.
The Padron-Molina closing underscores how developers are cashing in on that demand by transforming relatively modest parcels into fully built luxury compounds. With top-tier inventory still limited, more quiet, off-market deals in Coral Gables’ waterfront enclaves are likely waiting in the wings.
