When this Mediterranean Revival-style waterfront estate in Coral Gables hit the market for $55 million in 2018, it was one of the most expensive listings in the city, just a few miles southwest of downtown Miami. Less than a decade later, the same 2.4-acre property, set within the prestigious guard-gated Gables Estates neighborhood, returned to market with a far more ambitious price of $148 million. If it sells at or near that figure, it would set a residential price record for Coral Gables.
The living room in the main house.
The seller is Manuel Diaz, a luxury landscape and tree supplier and the founder of Manuel Diaz Farms in nearby Homestead, Florida. Records show Diaz purchased the waterfront parcel at 8901 Arvida Lane in 2003 and tapped prominent Miami architect Rafael Portuondo to design a custom estate, which was completed in 2007. Diaz first listed the property in 2018 and again in 2019.
As waterfront estates in Miami-Dade County become increasingly rare, this secluded property offers a rare degree of privacy and bay access. The 14,000-square-foot home sits on 245 feet of private deep-water frontage along a lagoon that connects to Biscayne Bay, with an 86-foot dock that can accommodate a 90-foot boat. Among the roughly 200 homesites in Gables Estates, this palatial estate operates more like a private compound with standout lush, garden-like grounds with custom landscaping and 600 species of trees, exotic plants, and other flora, reflecting Diaz’s horticultural background.
The sprawling property has six bedrooms, nine full bathrooms, and three half-baths across the two-story main house and a detached guest house. It also includes a standalone chapel, a waterfront mosaic tile pool and surrounding terrace, a gym, and a canopied private parkway. Interiors feature European Revival-style design with open-plan living spaces, including a main-house living room with 25-foot ceilings and large windows that bring in plenty of natural light. Other amenities include an elevator, a formal dining room, a temperature-controlled living room, a movie theater, two offices, a billiards room, a bar, a summer kitchen, and a four-car garage.
“Miami is a completely different market today than it was when this property was listed in 2018,” says listing agent Dennis Carvajal of ONE Sotheby’s International Realty. “You’re talking about nearly 2.5 acres on the water in one of the country’s most desirable communities, and there just aren’t many opportunities to get that kind of land and waterfront in Miami anymore. Prior to 2025, there were very few $100 million-plus sales in Miami, and now we’ve seen half a dozen.”
The price jump reflects the continued strength of Miami’s luxury real estate market, where a growing number of listings now ask more than $100 million. A recent report from Knight Frank lists Miami as one of the world’s most sought-after lifestyle markets.
“There’s a lot happening at the very top of the market that you don’t necessarily see publicly,” Carvajal says. “We’ve seen pocket listings in Gables Estates receive very significant offers. Buyers at this level are looking for more land, more privacy, and the ability to create a real compound, which is why you’re seeing more assemblages and larger estates come together across Miami.”
This article was originally published on Forbes.com