A 4.6 acre waterfront spread in Coral Gables’ gated Gables Estates community, long tied to the University of Miami’s presidential residence, sold this month for about $41.6 million. The closing, recorded June 24, 2026, followed Coral Gables reviews and demolition paperwork that cleared the way for a teardown and arrived amid a cluster of recent high end waterfront trades in the neighborhood. For local buyers and builders, the deal is another reminder that acre plus lots in the Gables remain the market’s hottest commodity.
Sale details and the math behind the headline
Property records show 8565 Old Cutler LLC sold the 4.6 acre site at 8565 Old Cutler Road to Miami Real 1 LLC for $41.6 million, according to The Real Deal. The outlet reports the seller had paid roughly $38 million for the teardown in 2022, and that with more than $1.7 million in property taxes over the last three years, plus commissions and demolition costs, the investor likely netted far less than the eye catching headline price.
What the public records show
The property was marketed by The Jills Zeder Group at Coldwell Banker and appears in MLS records that list a closed sale of $41,625,000 on June 24, 2026. The Coldwell Banker MLS listing notes roughly 300 feet of water frontage, a 4.6 acre lot size and a 2024 tax bill of $606,005.
Demolition clearance and local review
City documents show the Coral Gables Historical Resources office concluded the site “does not meet the minimum eligibility criteria for designation,” a finding that removes a formal preservation hurdle for demolition, according to a city determination letter. That administrative review, along with demolition filings tied to the property in 2025, effectively cleared the path for redevelopment, per city records. The public paperwork makes it easier for a new owner to move ahead with plans to replace the existing structures rather than restore them.
How it fits the recent market
The closing is part of a recent run of trophy land moves in Coral Gables. MasTec CEO José Mas paid about $14.9 million for a one acre Gables Estates lot at 9175 Arvida Parkway, and developer Alex Pirez picked up a nearby teardown for roughly $24.3 million, local reporting shows. MasTec boss shells out nearly $15 million in Gables Estates and Developer drops $24.3 million on Coral Gables teardown note that builders and wealthy buyers are actively buying lots to deliver new mansions rather than chase turnkey inventory.
What’s next for the Old Cutler site
Because the city’s review removed local historic designation hurdles and demolition paperwork was already filed, redevelopment is the most likely next step, though no building permits for a new home had appeared in public plan portals as of the sale. The lot’s history, it previously housed University of Miami presidents, including former U.S. Rep. Donna Shalala, gives the parcel a notable provenance even as it moves toward a modern rebuild. The Real Deal documented the property’s earlier sale and its past role as the UM presidential residence.
