Kevin Love’s Miami Real Estate Slam Dunk: Inside the NBA Star’s New Multimillion-Dollar Coconut Grove Home

Miami’s Coconut Grove neighborhood, known for its exclusivity and prestige, has recently welcomed a new high-profile resident: NBA All-Star and Miami Heat power forward, Kevin Love. His recent acquisition of a substantial property in this sought-after area marks yet another instance of NBA players investing in multimillion-dollar Miami homes, a growing trend in the world of professional basketball.

Kevin Love’s latest investment is a spec home located northeast of Main Highway, a location that boasts both prestige and prominence within Miami’s vibrant cityscape. This acquisition, facilitated through a trust, saw Love and his wife Kate secure a substantial $6.1 million mortgage from Morgan Stanley. Despite an asking price of nearly $10 million, the final deal was struck at $9.5 million.

The 6,400-square-foot mansion, completed in 2023 on a third-acre lot, is a testament to luxury and comfort. It features seven bedrooms and an equal number of bathrooms, ensuring ample space for Love, his family, and guests. Adding to the opulence is a wine cellar and a swimming pool, making this property a true symbol of luxury living. The home’s previous owners, a company led by Carlos Fontecilla and Justin Drexler, have passed on a piece of real estate that is nothing short of spectacular.

Since his NBA debut in 2008 with the Minnesota Timberwolves, Kevin Love has been a significant figure in basketball. His move to the Cleveland Cavaliers in 2014 and his recent transition to the Miami Heat, with a two-year, $7.9 million contract, highlight his impressive career. This property investment in Miami not only signifies a new chapter in his personal life but also strengthens his connection to the city and the Miami Heat.

The trend of NBA players investing in Miami real estate is not new. Tyler Herro and Victor Oladipo are among those who have recently acquired properties in the city. LeBron James, a former Miami Heat star, has also invested in the area, purchasing a unit at the Estates at Acqualina in Sunny Isles Beach for $9 million. Kevin Love’s recent investment underscores this growing trend, as Miami continues to attract basketball’s elite with its allure of luxury, lifestyle, and leisure.

Record Breaking Waterfront Mansion Sold in Coconut Grove for $106.9 Million

Adrienne Arsht, a local philanthropist, set a Miami-Dade County record when she sold her waterfront property in Coconut Grove for $106.9 million.

The sale of the home represents a 29% decrease from the property’s initial $150 million asking price and this sale marks the first residential sale to exceed the $100 million threshold.

The 2 two-story homes sit on 3031 and 3115 Brickell Avenue and are frequently referred to as South Florida’s “embassy,” due to the many U.S. and international officials frequenting the home.

There are a total of 12 bedrooms and 13 and a half bathrooms in the 25,000-square-foot home. The 4-acre property has 400 feet of water frontage, is close to Vizcaya Museum & Gardens, and overlooks Biscayne Bay. The main house, known as Indian Spring, was built by Arsht in 1999.

It has a dining room that seats more than 20 people, a six-car garage with an office and apartment upstairs, a pool, and a tennis court. Indian Spring was designed by Jose Gelabert-Navia, a former dean of the University of Miami School of Architecture. Villa Serena, the other house, was constructed in 1913.

The property was developed by William Jennings Bryan, a former U.S. Secretary of State and a 3x presidential candidate. Arsht restored the waterfront mansion and it is now registered in the National Register of Historic Places.

According to records, she purchased the property in two transactions, paying $4 million for the land on which the contemporary house was built in 1996 and then $12 million for the ancient home in 2007.

Arsht, a native of Delaware, made a name for herself in Miami’s financial world and as an arts patron. She gave the Adrienne Arsht Center for the Performing Arts a $30 million gift, earning it the moniker Adrienne Arsht Center for the Performing Arts in Miami’s Arts & Entertainment District. She has also served as TotalBank’s chair in the past.

The transaction surpasses the previous high in Miami-Dade, which was set this summer by the $93 million purchase of three homes in Golden Beach by the founder of the technology business InterSystems. Ragon intends to demolish the buildings and build a new house in their stead.

Hedge Fund Manager Purchases Coconut Grove Waterfront Mansion for $19 Million

Heath Freeman, the Managing Director for a New York-based hedge fund management company (Alden Global Capital), recently joined the Miami luxury real estate market craze. According to county records, Freeman purchased in the gated community of Camp Biscayne of Coconut Grove.

Freeman, also known as the “Hedge Fund Vampire,” received his name from his company’s aggressive and savvy business strategy. This strategy included buying companies, making aggressive budget cuts while laying off its employees.

These companies mainly included media outlets and many have criticized Freeman’s tactics. Alden recently purchased Tribune publishing, a parent company for the Chicago Tribune, and the Sun Sentinel in May for $633 million.

Freeman purchased the waterfront mansion located at 3503 Main Lodge Drive for $19 million while financing $12.4 million through Wells Fargo. The estate was originally built in 2004 and featured a 12 seat theater room, gym, game room, elevator, and an 8-car garage.

Over the years, the 6 bedrooms, 6 bathroom property received renovations and increased the size to 9,700 square feet. The estate features 1 acre packed with wonderful amenities including soaring windows, Italian Marble and hardwood flooring throughout, an expansive eat-in kitchen, library, and a full guest suite.

The bayfront estate also features a 200-foot boat dock, white sandy beach, 60-foot pool, with tropical foliage covering the property to create optimal privacy. The neighborhood itself features 18 homes in the private Camp Biscayne neighborhood. Camp Biscayne is located near Mr. C Miami, Two Park Grove, and Grove at Grand Bay.

The seller of the Camp Biscayne property, David Ivler President of a Miami-based drone manufacturer, purchased the home in 2004 for $1.5 million and later deeded it to his wife in 2007. The property was originally listed for $22 million in March 2021.

Other waterfront homes in Miami have also sold for elevated prices including Spencer Kupferman, CEO of PKWare, purchasing $12.75 million estate while the previous owner paid $3.6 million.

On Hibiscus Island, Andrew Mirmelli purchased a waterfront mansion for $21 million and re-listed it for $30 million. Gloria Estefan also sold their Star Island home for $35 million in July 2021 to rapper Diddy. Lea Black of the Real Housewives also sold her waterfront mansion on Star Island for $34 million.

Waterfront Mansion in Coconut Grove Breaks Record at $65 Million

A new record is in the books for Miami-Dade home sales. A waterfront spec mansion just sold for $65 million. Located in Coconut Grove, this home is the highest price sold residential home in Miami-Dade County history.

According to tax records, the property was traded for $50 million but multiple sources stated the home actually sold for $65 million which included the cost of completing construction on the home.

The home is located at 3488 Saint Gaudens Road and was sold by a company that is managed by Isaac Perez. According to the Real Deal and Tampa Bay Times, Isaac Perez is a longtime Key Biscayne resident who is an heir to a Venezuelan oil fortune.

The buyer is unknown but does have a Delaware LLC. Perez’s sister is also listed as the manager of the company.

The estate features 3 parcels totaling 4.3 acres with a pool deck, jacuzzi, boat dock, and outdoor entertaining space with a waterfall.

The lots were originally a part of a larger property that Perez purchased for $18 million in 2013. The 4th lot that a new mansion was built on was separated and sold a year ago for $6.2 million.

The transaction was financed with a $20 million loan from the Maxim Credit Group. This record sale passed the $50 million 2019 sale of the estate at 3 Indian Creek Island Road.

Related Group CEO Lists Coconut Grove Mansion for $33 Million

Related Group’s CEO Jorge Pérez, also known as the “Condo King,” recently listed his Miami home for $33 million. Located in Coconut Grove at 3323 Devon Court in Huges Cove, a gated community south of downtown Miami. Huges Cove features a total of 10 homes, each with custom architecture overlooking Biscayne Bay.

The Venetian-style mansion is sited on 0.92 acres with over 8,000 square feet of living space. With 6 bedrooms and 7 bathrooms, this unique home was built in 1996 as the family home of Pérez. The Venetian style is evident throughout with its beige travertine floors, light, and airy feel throughout, as well as classic touches of Italian artistry.

The property is truly a dream with resort amenities, including an infinity pool, spa, and gardens all on 482 feet of water frontage. The property also features exclusive water rights, a boat dock, and incredible views of Biscayne Bay.

According to tax records, Pérez originally purchased the home for $1.45 million in 1994. More recently, Pérez has sold his Apogee Beach penthouse for $6 million as well as the Related Group sold their Miami headquarters for $24 million.

The Related Group is a development company that started in Miami in 1979. Over the years, they have built iconic towers that have enhanced the Miami skyline. Related has built and managed over 100,000 condo towers. Their current projects include; They are currently working on 1400 Biscayne, District 225, and Baccarat Residences Miami.

If you or someone you know have an interest in purchasing any of the Related Group units, please contact Lucas Lechuga via email at lucas@miamicondoinvestments.com or by phone at (786)247-6332.