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Miami real estate news

In a landmark transaction, billionaire Jorge Mas, a majority owner of Miami’s Major League Soccer team Inter Miami, has sold his Pinecrest estate for a record $13.9 million. The buyer, the village of Pinecrest, plans to transform the 5-acre property at 11855 Southwest 60th Road into a park and indoor facility, named after Mas’ wife, Aleyda Mas.

The Record-Breaking Sale

This sale marks a new record for Pinecrest, a South Florida town known for its luxurious properties. The deal, which closed on Thursday, was facilitated by Joshua Kaufman of The Buchbinder Group at Compass representing the buyer, and Diana Gutierrez and Jorge Mas Jr. of Mocca Realty representing the sellers.

Jorge Mas' Generous Contribution

In an extraordinary gesture, Mas is donating $3.9 million back to the village in exchange for the naming rights of the park. This donation underscores Mas' commitment to the community and adds a personal touch to the transaction.

Jorge Mas: A Prominent Figure

Jorge Mas, with a net worth of $1.2 billion according to Forbes, is the chairman of MasTec, a Coral Gables-based construction and engineering giant. He is also the managing owner of Inter Miami and president of the Spanish football club Real Zaragoza. His involvement in significant projects like Miami Freedom Park and his ownership of sports teams highlight his influential role in the region.

The Estate's History and Features

The Pinecrest property, previously owned by the Montgomery family who contributed to the creation of Fairchild Tropical Botanic Garden, boasts an 11,000-square-foot main house with five bedrooms, eight bathrooms, and two half-baths. Designed by Raymond Jungles, the estate features trails, gardens, a lagoon, and a tennis court. Completed between 1980 and 1982, the property is in need of repairs.

Pinecrest's Real Estate Milestones

This sale is part of a series of record-setting transactions in Pinecrest. In October, a spec developer sold a mansion at 10860 Southwest 67th Court for $11.2 million, the previous record. Additionally, retired Boston Red Sox first baseman David Ortiz sold his Pinecrest mansion for $10.6 million, now the third most expensive sale in the village.

Conclusion

The sale of Jorge Mas' Pinecrest estate for $13.9 million is a significant event in South Florida's luxury real estate market, setting a new benchmark for property values in Pinecrest. For those interested in the luxury real estate market in Pinecrest or similar exclusive areas, this sale demonstrates the high value and potential of properties in this region. For more information or assistance in navigating this market, feel free to reach out. The luxury real estate landscape in Pinecrest and South Florida continues to offer unique and valuable opportunities for discerning buyers and investors.


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