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July 23, 2020, 10:26 a.m. EDT

Waterfront Estate in Coral Gables, Florida, Sells for $22 Million

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A waterfront estate with a private dock and infinity pool in Coral Gables, Florida, has sold for an eight-figure sum, Mansion Global has learned.

The contemporary spread, which is within Gables Estates, an exclusive guard-gated community, will change hands Wednesday for $22 million, according to brokerage Compass, whose agents Seth Feuer and Angel Nicolas represented the buyers in the deal.

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Spanning 11,600 square feet, the nine bedroom, Miami-Dade County mansion first hit the market in August 2018 with a $29.9 million asking price that was trimmed to $27.9 million last December, listing records show. It entered contract in early July.

The home is decked out with sleek interiors and top-notch amenities, including a 14-seat theater room with optic ceiling lights, a game room with a wet bar backed by a wall of wine, and a primary bedroom suite with a sitting area overlooking the water and an outdoor shower.

On the home's lush grounds is an outdoor entertainment area with a summer kitchen and a Teppanyaki table, an infinity-edge heated pool, fire bowls and fountains, and more than 250 feet of water frontage with an 160-foot dock, according to the listing with One Sotheby's International Realty.

The buyers are an executive in the real estate industry and a fashion designer relocating from New York, according to Compass. Until the transaction closes—which should be imminently—no public records are available to shed further light on their identities.

The seller could not be reached for comment.

The transaction is a prime example of the continuing migration from New York to South Florida, according to Mr. Feuer and Mr. Nicolas

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“The current safer-at-home climate is causing many to evaluate how and where people are choosing to spend their time and lives. Miami offers those living here an endless summer,” Mr. Feuer said in a statement.

“As most of the world is now working from home, many of our clients are no longer content living in a large apartment with no green space around them,” Mr. Feuer said. “With no state and local taxes, the picture of life here gets even rosier. "

The South Florida market has seen a host of high-end sales in recent weeks, including a  full-floor penthouse at the Ritz-Carlton Residences in Sunny Isles Beach  that sold for $21 million in May, a Mediterranean-style spread in Palm Beach  that Jon Bon Jovi snapped up earlier in July for $43 million , and a nearly $20 million spread, also in the Palm Beach,  that the rocker sold at the same time

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