Real Estate News

Coral Gables estate divided to open up options for buyers

The home at 1 Casuarina Concourse in Coral Gables, now listed at $49 million.
The home at 1 Casuarina Concourse in Coral Gables, now listed at $49 million. Coldwell-Banker

For sale: a three-story waterfront mansion with a pool, full gym, tennis court, 1,500-bottle wine room, a professional chef’s kitchen and exotic banyan trees transported to the grounds by barge — among other amenities.

Who wouldn’t want it?

Not such an easy sell, says Christopher Zoller, a broker at EWM Realty International. This, Zoller said, may explain why car magnate Alan Potamkin has divided the 3.6-acre Coral Gables property on which his custom-built home currently sits into two lots: one with the house, and a second 1.5-acre parcel suitable for building a new home.

$49 million New asking price for the mansion, down from $67 million

“You never know if there’s a person coming behind you that has the same taste and wants the same features as you. The more you customize, the more you narrow your aftermarket opportunities,” said Zoller, who is not involved with the sale.

Dividing large parcels of land with the option to buy an adjacent lot separately, as Potamkin did, opens up options for buyers and is a common practice.

The Jills listed the 20,862-square-foot home, located at 1 Casuarina Concourse in Gables Estates, with the option to buy the adjacent 66,000-square-foot lot last week. The house is now priced at $49 million, down from $67 million in May 2015 when the Coldwell Banker duo, Jill Eber and Jill Hertzberg, first listed it. Coldwell Banker could not confirm the price of the new lot.

Since splitting the land, Potamkin has been approached by two potential buyers, Hertzberg said. But he is holding out.

“He still doesn’t want to sell the lot until he sells the [house] … He’s being prudent,” she said.

After 16 years of living on the estate with his family, Potamkin is looking to downsize, the Jills said. He has already purchased a condo, though the Jills would not say where, revealing only that it’s located in a brand-new luxury development by the beach.

As for the fate of Potamkin’s dream home?

“It’s going to take a very unique buyer with almost identical desires that Mr. Potamkin had in 2000,” Zoller said.

It’s likely that buyers would just prefer to start from scratch: buy the house, tear it down, build a new one — to his or her own taste.

“With all its bells and whistles, they were built for someone else,” Zoller said. “And the next person to come along is probably going to want something a little different.”

Follow Debora Lima on Twitter @dtdlima.