San Francisco CEOs Purchase Coral Gables Mansion for $14M: A Real Estate Trend
The Rise of Luxury Home Purchases in South Florida
In a noteworthy continuation of a trend that has seen affluent individuals from high-tax states, particularly California, flocking to South Florida, a notable real estate transaction has taken place. A mansion in Coral Gables has been sold for $14 million to a power couple consisting of Andre Hakkak and Marissa Shipman. This deal highlights the ongoing migration of wealthy individuals seeking refuge from the high taxes of states like California by acquiring luxury properties in the Sunshine State.
The Prominent Buyers: Andre Hakkak and Marissa Shipman
Andre Hakkak and Marissa Shipman are not just any buyers; they are prominent figures in their respective industries. Hakkak is the CEO and co-founder of White Oak Global Advisors, a global investment firm he established in 2007. This firm has grown significantly, with offices spread across the United States and internationally. Shipman, on the other hand, is a successful entrepreneur in the cosmetics industry. She founded theBalm Cosmetics in 2004, which is based in Reno, Nevada, and has since become a well-known brand in the beauty sector.
The Stunning Coral Gables Mansion
The mansion that caught the eyes of Hakkak and Shipman is located at 8950 Arvida Drive in the exclusive Gables Estates community of Coral Gables. This luxurious property was sold to the couple for $13.6 million by Cimex Invest Inc., a Czech Republic-based investment company led by Jana Sobotova. According to property records, Cimex Invest had purchased the 17,215-square-foot mansion in 2016, the same year it was constructed, for $12 million. The mansion was listed in 2018 for $17.5 million, indicating its high value and appeal.
Architectural Marvel by Cesar Molina
Designed by the renowned architect Cesar Molina, this mansion is a true architectural marvel. It spans two stories and includes six bedrooms, nine full bathrooms, and two half-bathrooms, all set on a nearly two-acre lot. The property features a large backyard, a six-car garage, an elevator, and a pool. There is also a separate structure that can be used as a gym or spa, making it a perfect retreat for the high-powered couple.
The Real Estate Agents Behind the Deal
The transaction was facilitated by some of the top real estate agents in the industry. Marily Vazquez Prol of Modern World Realty represented the buyers, ensuring that Hakkak and Shipman secured the property that perfectly met their needs. Saddy Delgado of One Sotheby’s International Realty represented the sellers, Cimex Invest Inc., showcasing the mansion’s unique features and luxurious appeal to potential buyers.
A Broader Trend in High-End Real Estate
This sale is part of a broader trend in the high-end real estate market of Coral Gables. Recent transactions in the Gables Estates area have seen properties selling for even higher prices. For instance, Howard Frank, a cruise line leader, sold his mansion for $20 million, while the head of Columbus Capital Lending sold his waterfront home for an impressive $33 million. These sales highlight the growing allure of Coral Gables for wealthy buyers seeking luxury, privacy, and a favorable tax environment.
The Allure of South Florida
The migration of wealthy individuals from high-tax states to Florida is driven by several factors. Florida’s lack of state income tax is a significant draw, offering substantial savings for high-net-worth individuals. Additionally, the state’s warm climate, beautiful beaches, and vibrant lifestyle make it an attractive destination for those seeking a change from the hustle and bustle of cities like San Francisco and New York.
The Future of Luxury Real Estate in Coral Gables
The purchase of the Coral Gables mansion by Hakkak and Shipman is a testament to the enduring appeal of luxury real estate in South Florida. As more affluent individuals and families relocate to the area, the demand for high-end properties is expected to remain strong. This trend is likely to drive further development and investment in the region’s real estate market, solidifying its status as a prime destination for luxury living.
Conclusion
The acquisition of the Coral Gables mansion by Andre Hakkak and Marissa Shipman for $14 million underscores a significant trend in the real estate market. Wealthy individuals from high-tax states are increasingly looking to South Florida for luxury homes, drawn by the favorable tax environment and the exceptional lifestyle the region offers. This sale, facilitated by top real estate professionals and involving a stunning property designed by Cesar Molina, exemplifies the high level of interest and investment in South Florida’s luxury real estate market. As this trend continues, Coral Gables and other exclusive communities in the area are poised to see continued growth and development, attracting more high-net-worth individuals to their beautiful, tax-friendly shores.
