Real estate developer Don Peebles and his wife Katrina are downsizing after selling their 2.87-acre estate to Coral Gables for $ 13 million.
Sitting on Old Cutler Road, the home has 10 bedrooms, 12 baths and two half baths. Casa Arboles, or the Maison des Arbres, has 88 oak trees, a cinema room, a guest house, a limestone pool deck, a swimming pool, two tennis courts and two home offices. The undisclosed buyer paid an additional $ 500,000 for the furnishing of the house.
The buyer also gets a two-year Bath Club membership in Miami Beach. Peebles developed The Bath Club Residences in 2005 and owns the club. He and his wife recently reopened the club after an $ 8 million renovation.
The house’s listing agents – Jill Eber and Judy Zeder of Coldwell Banker’s Jills Zeder Group subsidiary – refused to share the identity of the buyer.
Peebles and his wife will maintain a unit in the Bath Club residences and a house in Wellington, Palm Beach County.
Peebles, the founder, chairman and CEO of New York-based real estate development company Peebles Corp., listed the house in December for nearly $ 15 million. The house sold for 15% below the listing price.
Peebles is credited with ending a three-year black tourism boycott in Miami-Dade County in 1990, after acquiring the Royal Palm Crowne Plaza Resort in South Beach as part of a subsidized redevelopment deal with Miami Beach. He sold the building to The Falor Co. for almost $ 128 million in 2005.
Casa Arboles was previously listed in 2017 for $ 12.9 million. Peebles told the Miami Herald in December that he and his wife wanted to sell after their children left the nest.
He and his wife bought Casa Arboles in 2004 for $ 5.45 million and raised their son and daughter on the estate. In 2011, Peebles moved to New York on business and the couple have since split their time between the Big Apple and Wellington in Palm Beach County.
Peebles, who served on President Bill Clinton’s national finance committee, hosted Clinton in 2008 for a fundraiser for the Democratic Congressional races.
Luxury single-family homes – those over a million dollars – have been on fire since July. A migration of executives moving to Miami from the Northeast and West Coast is supporting demand.