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Gables Estates Property Hits Market At Nearly $50 Million

One of the largest lots in one of the wealthiest neighborhoods in Miami-Dade County is now for sale for a cool $49.9 million. Located at 21 Causarina Concourse in Gables Estates, the 4.5 acres with 630 feet of water frontage last traded for $1.8 million in 1980, when it was purchased by Dempsey Realty NV, a Netherlands Antilles shell company.

The sprawling estate features a 9,963-square-foot mansion with 9 bedrooms, 11 bathrooms and 2 half-bathrooms completed in 1958, according to Miami-Dade property records. The main residence has 450 feet of direct bay frontage with expansive views of the Key Biscayne, South Beach and the Downtown Miami skylines. Other features include a 180-foot-seawall for boats, a tennis court and two boat lifts.

For an additional $8.5 million, Dempsey Realty will also throw in an abutting waterfront vacant 1.25 acre parcel that when combined would total more than 5.5 acres, making it the largest privately owned property in all of Gables Estates, according to the listing. The agent is Liz Hogan of Compass.

If the property sells at or near the asking price, it would represent the biggest sale in Gables Estate since a 3.01 acre lot with a 10,220-square-foot mansion traded for $23 million in July. That property was on the market for 123 days before it sold, according to multiple listing service data.

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