$23M Florida Estate Tied To Billionaire Cisneros Family Finds Buyer

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A home in Coral Gables, Florida just closed for $23 million with plans to teardown the existing home once the new plans are approved. The home has been on and off the market, most recently with an asking price of $29.5 million as of December 2018. Sources tell me the seller is Eduardo Cisneros, nephew to billionaire Gustavo Cisneros (whom Forbes‘ estimates has a net worth of $1.1 billion). Eduardo recently became CEO of the family business, Cisneros Corporation, which includes interests in Venezuelan television, the telecom industry, real estate and a Venezuelan baseball team. In 2007, Gustavo and his partners sold the TV network Univision to a group of private equity firms for $12.3 billion, but the family’s fortunes have roots all the way back to the 1940s when family patriarch, Diego Cisneros, was granted the sales and marketing rights for Pepsi in Venezuela.

According to public records, only four homes have sold for a higher price in Coral Gables, ranging from a 12,000 square foot home that sold for $23.46 million in 2016 to the highest priced sale, a $43.7 million home that had been listed for $67 million (it also came with a collection of exotic trees, including one purchased from Leona Helmsley as Forbes&nbsp;reported at the the time). Currently the highest-priced listing for Coral Gables is a $55 million, 13,000 square foot home.

This house is on one of the largest parcels of land—just over 3 acres—within the gated community of Gables Estates. The property has 750 feet of water frontage, a private beach and room for a yacht up to 150 feet. The tennis court, pictured above, is grandfathered in so can remain in place once the renovation project begins.

The property is owned by an LLC and the name of the buyer has not been disclosed. According to records the listing was represented by Liz Hogan of Compass and the buyer was represented by Maurice Boschetti of BH Realty. Boschetti is also the listing agent for the $55 million home mentioned above as the current highest-priced listing for Coral Gables.

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A home in Coral Gables, Florida just closed for $23 million with plans to teardown the existing home once the new plans are approved. The home has been on and off the market, most recently with an asking price of $29.5 million as of December 2018. Sources tell me the seller is Eduardo Cisneros, nephew to billionaire Gustavo Cisneros (whom Forbes‘ estimates has a net worth of $1.1 billion). Eduardo recently became CEO of the family business, Cisneros Corporation, which includes interests in Venezuelan television, the telecom industry, real estate and a Venezuelan baseball team. In 2007, Gustavo and his partners sold the TV network Univision to a group of private equity firms for $12.3 billion, but the family’s fortunes have roots all the way back to the 1940s when family patriarch, Diego Cisneros, was granted the sales and marketing rights for Pepsi in Venezuela.

According to public records, only four homes have sold for a higher price in Coral Gables, ranging from a 12,000 square foot home that sold for $23.46 million in 2016 to the highest priced sale, a $43.7 million home that had been listed for $67 million (it also came with a collection of exotic trees, including one purchased from Leona Helmsley as Forbes reported at the the time). Currently the highest-priced listing for Coral Gables is a $55 million, 13,000 square foot home.

This house is on one of the largest parcels of land—just over 3 acres—within the gated community of Gables Estates. The property has 750 feet of water frontage, a private beach and room for a yacht up to 150 feet. The tennis court, pictured above, is grandfathered in so can remain in place once the renovation project begins.

The property is owned by an LLC and the name of the buyer has not been disclosed. According to records the listing was represented by Liz Hogan of Compass and the buyer was represented by Maurice Boschetti of BH Realty. Boschetti is also the listing agent for the $55 million home mentioned above as the current highest-priced listing for Coral Gables.