A sprawling waterfront estate in Coral Gables hit the market Thursday with an asking price of $148 million, a figure that would make it one of the priciest single-family homes ever publicly listed in Miami-Dade County. The property at 8901 Arvida Lane belongs to Manuel Diaz, founder of Manuel Diaz Farms, and spans a lot described as 2.4 acres along Biscayne Bay in the gated Gables Estates enclave.
According to The Real Deal, the estate measures 12,500 square feet and includes six bedrooms, nine full bathrooms and three half-bathrooms. Dennis Carvajal of One Sotheby's International Realty holds the listing, and the same outlet reports the home has 245 feet of deep-water frontage and a 90-foot dock. A separate listing on Homes.com puts the main house at more than 14,000 square feet, a discrepancy the available records do not resolve.
A Chapel, a Theater and a Private Gym on the Water
Inside, the main house was designed by architect Rafael Portuondo and built in 2007, per the Real Deal's reporting. It includes a home theater, a billiards room, two offices, an elevator and a wine room kept at cellar temperature, along with a chapel featuring custom woodwork and stained glass, according to the Homes.com listing.
The primary suite comes with its own terrace, a bar and an onyx-wrapped bathroom, the same listing shows. Outside, the grounds include a mosaic-tiled pool ringed in marble, a summer kitchen and a detached waterfront gym with a second-floor sundeck and hot tub, the Real Deal reports. A guest villa with a full kitchen connects to the main residence by a covered loggia, according to Homes.com, and the dock gives bridge-free access out to Biscayne Bay.
From $45 Million to $148 Million Over Nine Years
Diaz has circled this price for years without finding a buyer at his earlier numbers. He bought the property for $6.4 million in 2002 and first tested the market at $45 million in 2017, then $55 million in 2018, $48.5 million in 2020 and $52 million in 2021, according to the Real Deal's account of the listing history. He pulled the home off the market in 2022 before relisting it now at nearly triple his highest prior ask.
If the sale closes anywhere near its asking price, it would obliterate Coral Gables' current home-sales benchmark of $55 million, set in 2025, per the same Real Deal report. The listing's marketing materials also cite a property tax bill of $260,235 last year, the outlet notes.
Where $148 Million Lands in Miami's Luxury Market
The ask puts the Arvida Lane estate among the most expensive single-family listings in Miami-Dade, trailing only a $237 million Key Biscayne estate, according to Zillow data cited by the Real Deal. It still falls short of the county's outright sales record: Mark Zuckerberg and Priscilla Chan closed on an unfinished Indian Creek mansion for $170 million, a deal that set a new Miami-Dade high, the Real Deal reported in March. That topped Vlad Doronin's $120 million sale of his Star Island mansion in 2025, which had previously held the record, according to Bloomberg. Before that, Ken Griffin's 2022 purchase of the Adrienne Arsht Estate in Coconut Grove, reported at $107 million by the Miami Herald, had set the prior benchmark.
The listing lands amid a historic stretch for Miami-Dade's ultra-luxury segment. The county logged 194 home sales of $10 million or more through August, already 14.1 percent above all of 2025's total of 170, according to Miami Realtors. At that pace, the trade group projects roughly 291 such sales by year's end, which would smash the previous annual record of 230 set in 2021. Sales of single-family homes priced at $30 million or more in Miami-Dade jumped 110 percent in the first half of 2026 compared with the same period a year earlier, the Miami Herald reported, even as overall home sales dipped 1.1 percent in August.
Thin Inventory, Rising Prices Citywide
That luxury surge is unfolding against a backdrop of shrinking supply across the broader market. Active Miami-Dade listings fell 12.1 percent year over year to 15,825 by the end of August, per the Miami Realtors report, while the county's single-family median sale price climbed 3.82 percent to $680,000 over the same period. The Herald has also reported that Miami-Dade's overall housing inventory sits 30 percent below pre-pandemic levels, even as real estate spending in the county reached $13.7 billion so far this year, up 19 percent from the prior year.
Whether the Arvida Lane estate finds a buyer at $148 million remains to be seen, but its arrival adds another trophy-tier listing to a market where sellers increasingly seem willing to test just how high Miami's ceiling can go.
