A Coral Gables lot directly behind Alan Potamkin's house, sold and closed this week for $10,650,000. The lot measures more than 2.5 acres and is lined by the waterway leading directly into Biscayne Bay. Last month there were rumors that LeBron James, the newest addition to the NBA's Miami Heat, was trying to buy the Potamkin home, but when the Miami Herald finally spoke to Mr. Potamkin, he denied that there were any ongoing negotiations for the purchase of his mansion.
The Potamkin property was listed for $49.5 million, and remained on the market for sale for more than a year, before the listing expired, with no buyers anywhere in sight. The hefty asking price chased away any would-be buyers.
The vacant lot behind Potamkin's estate was listed for $15,700,000, and sold for a 32% discount. Although the location of the property can be said to be one of the best in Coral Gables, it pales compared to Potamkin's property, because it faces the canal and has no view to speak of.
The seller lost money on the deal. The lot was purchased in 2003 for $10,500,000, and although it just sold for $150,000 more than that, carrying costs, and commissions forced the seller to take a loss. The property remained on the market for sale for 2 years and 3 months, before finally closing on August 16.
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