Spec developer Irving Padron and architect Cesar Molina sold a waterfront spec mansion in Coral Gables\u2019 gated Old Cutler Bay community for $36 million.<\/p>\n
Records show an LLC linked to Padron and Molina sold the house at 9360 Gallardo Street to a trust named for the address and managed by attorney Daniel Bensimon.\u00a0<\/p>\n
Padron is founder and CEO of Deering, a luxury real estate development and investment firm. He is also a broker licensed with Deering\u2019s brokerage division, Deering Real Estate.\u00a0<\/p>\n
Molina is an architect and founder of Coral Gables-based CMA Design Studio. He designed the 2.2-acre Gables Estates compound University of Miami booster John Ruiz listed for $175 million<\/a> in February. Molina also operates the development firm CMA Homes.\u00a0<\/p>\n Padron and Molina bought the half-acre Old Cutler Bay property for $5.1 million in 2021, according to property records. They started construction on the 8,600-square-foot mansion in 2023, records show. The completed mansion has six bedrooms, eight bathrooms, two half-bathrooms, a pool and 138 feet of water frontage with a dock, CMA Homes\u2019 website shows.\u00a0<\/p>\n The mansion was never listed, and the deal closed off-market, listing sites show.<\/p>\n Coral Gables has emerged as a hub of luxury deals in recent years. Agents say turnkey, waterfront homes are in high demand and low supply, an imbalance that is driving pricing in the market.\u00a0<\/p>\n Earlier this month, Lauren Sturges sold her waterfront mansion in the nearby Tahiti Beach neighborhood for a record $32 million<\/a>. In March, billionaire Michael Dorrell sold his 1.7-acre waterfront estate in Coral Gables to spec developer Alex Pirez for $35 million<\/a> in an off-market deal.\u00a0<\/p>\n