Spec developer Irving Padron and architect Cesar Molina sold a waterfront spec mansion in Coral Gables’ gated Old Cutler Bay community for $36 million.
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.
Padron is founder and CEO of Deering, a luxury real estate development and investment firm. He is also a broker licensed with Deering’s brokerage division, Deering Real Estate.
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 in February. Molina also operates the development firm CMA Homes.
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’ website shows.
The mansion was never listed, and the deal closed off-market, listing sites show.
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.
Earlier this month, Lauren Sturges sold her waterfront mansion in the nearby Tahiti Beach neighborhood for a record $32 million. In March, billionaire Michael Dorrell sold his 1.7-acre waterfront estate in Coral Gables to spec developer Alex Pirez for $35 million in an off-market deal.
In February, Yankees legend Derek Jeter sold his Coral Gables mansion for $13.2 million, nearly double the $6.5 million he paid for it in 2018.
