Miami Heat's president, Pat Riley, sold his former Coral Gables estate for $16.8 million is hard to impress last March, and the new owner is planning to demolish the whole place down and begin construction, according to the Miami Herald.
Riley's beautiful former 12,856-square-foot Mediterranean mansion in the gated Gables Estates Club came complete with a wine cellar, media room, library, and amazing pool but that will all soon be gone.
The buyer, listed only as 180 Arvida LCC on county records, bought the palatial estate in April, according to the report.
"Most people would move in and be perfectly happy, but clients are looking for perfection - really good stuff," said Jorge Uribe, a senior vice president at One Sotheby's International Realty, who wasn't involved but sold an even bigger trophy property last year: a $39.4 million estate at 14 Indian Creek Dr., in Indian Creek Village, dubbed "Miami's Billionaire Bunker" by Forbes magazine.
"The trend in the last several years is a demand for very high-quality product. People are looking for really good locations, really good materials, and they're willing to pay for it," Uribe said.
The mansion was originally built in 1991 and Riley purchased the home in 1996 for $6.3 million, just after he began coaching the Miami Heat's.
