A Coral Gables property that once belonged to Cher has sold for $23.46 million.
That’s the second-highest residential sale in Miami-Dade County this year, at a time when the luxury real estate market is slumping.
The 12,303-square-foot mansion offers seven bedrooms, a swimming pool, garden, 52-foot dock and 155 feet of frontage on Biscayne Bay. It’s located in the exclusive Tahiti Beach enclave of Coral Gable’s gated Cocoplum neighborhood.
“It’s a custom-built home with the most magnificent views of downtown Miami, the bay [and] Key Biscayne,” said listing agent Judy Zeder of EWM Realty International. “Definitely there’s fewer buyers in the market, but you will always find a buyer for a magnificent home.”
The Ramon Pacheco/Jonathan Hogg-designed home was put on the market for $28 million three months ago. The seller is listed in public records as Adrianne Mittentag. Her husband, Paul, died earlier this year, according to an obituary. The couple paid $2.32 million for the property in 1997. They tore down an existing home and built the mansion four years later.
Definitely there’s fewer buyers in the market, but you will always find a buyer for a magnificent home.
County records also show that a trust controlled by Cher owned the property from 1995 to 1997. It’s unclear if the songstress and “Moonstruck” star ever lived there. She also owned homes in Miami Beach and Key Biscayne.
Evan Weiss of 305 Degrees Realty represented the buyer in the latest deal, a trust managed by John Byrne and Yife Tien.
Tien is the founder of a for-profit medical school in Colorado.
Miami’s luxury home market has suffered as a strong dollar erodes the purchasing power of foreign buyers. Home sales fell 10.4 percent in Miami-Dade in May, according to the Miami Association of Realtors.
But that hasn’t stopped a few mega-deals from getting done this summer.
The highest sale in Miami-Dade this year was a $34.6 million deal for the historic La Brisa property in Coconut Grove in June. Earlier this month, energy drink mogul Russell Weiner paid nearly $20 million for a mansion in Miami Beach. EWM brokers represented the sellers in those transactions, too.