Home in Gables Estates sells for $17.2 million

Gables Estates may be catching up to Miami Beach, at least in terms of real estate prices.

A 10,200-square-foot mansion on three acres in the exclusive Coral Gables waterfront neighborhood sold for $17.2 million Wednesday.

That’s a price you’d expect to see in Miami Beach. But the scarcity of waterfront property is driving up values.

“Land with water is a rare commodity in South Florida at this point,” said realtor Judy Zeder, who handled the sale along with Howard Wolofsky. “You’re just not going to find many three-acre properties with spectacular water views like this no matter where you look.”

The six-bedroom house — which property records show was owned by Richard Yulman, the former chairman of mattress giant Serta — was on the market for two weeks. The property, with an address at 555 Leucadendra Drive, includes a pool, a tennis court, a private boat dock and 750 feet of waterfront land.

The home was built in 1965. Information on the buyers was not immediately available.

This post has been updated to correct the sales price. It was $17.2 million, not $17.5 million

This story was originally published March 4, 2015 at 3:11 PM with the headline "Home in Gables Estates sells for $17.2 million."