A former coffee king buys a home in South Florida for a lot of beans: $9.2 million
The former owner of Rowland Coffee Roasters — the Cuban coffee empire that brought the world Café Bustelo and Café Pilon — has bought a home in unincorporated Miami-Dade.
Jose E. Souto purchased the 10,143-square-foot single-family home at 4965 SW 82nd St. on Friday for $9.2 million. The home has eight bedrooms, nine bathrooms, a tennis court, 2,508-square-foot guest home and four-car garage. The two-story house, built in 2014, covers 1.45 acres in the Ponce-Davis neighborhood. The home is a 13-minute drive to Coral Gables.
Berkshire Hathaway HomeServices EWM Realty Vice President Rose Harris and associate John Reaves represented the undisclosed seller. The firm’s associate Isabel Castro represented the buyer.
“What we are all looking for today is stability in the market. This confirms that,” said Ron Shuffield, president and chief executive officer of Berkshire Hathaway HomeServices EWM.
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In 2011, Souto sold Rowland Coffee Roasters to the J.M. Smucker Co. for $360 million.
He searched for a new primary residence in early 2020, intent on selling his estate in Tahiti Beach. He sold his Tahiti Beach residence in Coral Gables on Friday.
“He drove by that area and liked the homes there,” Castro said.
Souto went under contract on the unincorporated Miami-Dade home during the first week of March.
“He wanted to downsize, and liked that the home was different and move-in ready,” Castro said. “For him, the home either had to have a garden or be on the water. He fell in love with the garden at this home. It was very zen-like.”
The original asking price was $9.9 million. Souto landed a 7% discount, saving $700,000.
“The seller was motivated to sell since he was looking to relocate to the northeast,” Castro said.
The home Souto purchased sold for $907 per square foot, higher than the most recent comparable sale. The 10,709-square-foot home at 8750 Ponce de Leon Road sold for $6.85 million, or $640 per square foot.
Castro expects activity in the luxury market to continue, despite the pandemic. She said, “I’ve been getting plenty of calls from people looking to buy from the northeast. They want an escape from the cold.”
This story was originally published May 4, 2020 at 1:42 PM.
