Timbaland finds buyer for Coral Gables mansion asking $16M

Grammy award-winning artist Timbaland signed a contract to sell his Coral Gables mansion, topping luxury residential sales activity last week across Miami-Dade County.

Buyers signed 12 contracts between July 28 and Aug. 3, according to the latest Eklund-Gomes report, which tracks listings of homes and condos asking $4 million and up in Miami-Dade that are included in the Multiple Listing Service. The properties spent about 162 days on the market, on average.

Twenty-two luxury listings were added to the market, for a total of 1,169 listings.

The previous week, buyers signed contracts for 17 properties in Miami-Dade, asking a combined $212.6 million.

The asking dollar volume for the eight single-family homes and four condos under contract last week totals $96.2 million, according to the report, which is authored by the Douglas Elliman team led by Fredrik Eklund and John Gomes.

The single-family homes that entered into contract last week had an average asking price of $8.9 million and spent an average of 164 days on the market. They totaled $71.2 million in asking dollar volume.

Timbaland, whose legal name is Timothy Mosley, listed his 8,452-square-foot, seven-bedroom and eight-and-a-half-bathroom house at 5400 Hammock Drive in Coral Gables for $15.9 million in April. Diana Gutierrez of Mocca Realty has the listing. The record producer, rapper, singer-songwriter and label executive paid about $9 million for the 1-acre property in 2019, the same year the tropical modern mansion was completed. The property includes a guest house, wine cellar, sauna and full-house generator.

The condos that secured buyers last week had an average asking price of $6.3 million and spent 158 days on the market, on average. They totaled $25 million in asking dollar volume, or an average of $2,076 per square foot.

Spanish multimillionaire Felix Revuelta signed a contract to sell his condo at the oceanfront Fendi Château Residences in Surfside. The 3,273-square-foot, three-bedroom and four-and-a-half-bathroom condo at 9349 Collins Avenue is on the market for $10.9 million with the Corcoran Group’s Lydia Matamoros and Eric Broad. Revuela, executive chairman of Barcelona-based Naturhouse Group, owns the unit through an LLC that paid $6.8 million for unit 1103 in 2017.

Last week in New York, buyers signed contracts for just nine homes, according to the latest Olshan report. Their combined asking price was $79.8 million, and the typical home spent 583 days on the market.

Residential

South Florida

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