University of Miami booster John Ruiz listed his waterfront Gables Estates mansion for $175 million, marking the second most expensive listing in Miami-Dade.
Ruiz, founder and CEO of Coral Gables-based MSP Recovery, paid $46 million for the 2.2-acre property at 600-620 Arvida Parkway in 2020. He’s now looking to sell it for nearly four times that price.
The nearly 15,000-square-foot estate includes 10 bedrooms, 14 bathrooms and two half-baths, a two-bedroom guest house, staff quarters, a gym, spa, salon, speakeasy lounge, a wine cellar, an eight-car garage, a pool and dock. It also has a panic room and backup generators, according to the listing.
The tropical modern mansion was built in 2017 and expanded in 2022, records show. It was designed by architect Cesar Molina.
The property, which includes 335 feet of water frontage, is on the market with Mocca Realty’s Alex Pirez, who also brokered the previous sale.
Ruiz’s insurance claims company was the target of a three-year Securities and Exchange Commission investigation over issues that included the company’s projected financial results to investors. The Miami Herald reported in late September that the SEC completed its investigation and it did not plan to pursue legal action.
Ruiz has also spent millions of dollars endorsing University of Miami student athletes. In 2021, Ruiz acquired the Cigarette Racing Team brand.
His Gables Estates property marks the fifth most expensive listing in Florida, according to Realtor.com.
Gables Estates is one of the waterfront neighborhoods in Miami that has recently benefitted from a boom in ultra-luxury sales.
Last year, Pirez, a luxury homebuilder, sold his waterfront Gables Estates mansion at 340 Leucadendra Drive for $55 million. That deal marked a record for home sales in Coral Gables.
Billionaire businessman Jorge Mas recently purchased a mansion in the same gated community, on Casuarina Concourse, for $75 million, a source previously told The Real Deal.
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