Can He Sell It Now? Alan Potamkin Splits Property And Drops Price

March 10th, 2016 Written By

1 Casuarina Concourse, Coral Gables

Back in May of 2015, auto-tycoon Alan Potamkin’s spectacular Gables Estates residence at 1 Casuarina Concourse hit the market. Listed by The Jills of Coldwell Banker, the home featured 20,862 square feet of living space, 9 bedrooms, 10.5 baths, pool, gym, tennis court, 1,500 wine cellar, a professional chef’s kitchen and 937′ of water frontage.

After nearly 1 year on the market, Potamkin has now divided the 3.6 acre lot that his current home is situated on and reduced the price from $67,800,000 to $49,000,000 in a further attempt to get the property sold (according to The Miami Herald).  By separating the lots, he believes that he will open up options for potential buyers. The two properties are now listed separately, however, Potamkin has said that he wants to sell the property with the house first before he sells the empty lot.

The highest recorded sale price for a home in Coral Gables occurred in 2012 for $25,000,000 (41 Arvida Parkway in Gables Estates).

With over $85,000,000 in sales volume in 2015, The Riley Smith Group knows real estate. If you are interested in buying, selling, building or renting and are looking for Realtors who specialize in Coral Gables, please feel free to contact us at 305.960.5317 or send us a note here.

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