The University of Miami has sold its’ Presidents Home in Coral Gables to a New York buyer for $9 million. The 4.5 acre home, built in 1965, has hosted freshmen every fall for a bbq as well as world leaders and politicians for over a decade. This waterfront estate is truly stunning and the location could not be better, in the coveted Gables Estates. UM President Donna Shalala will move into a home being built in Pinecrest during the Fall Semester.
The new home has an interesting past as well. UM philanthropist Frank Smathers donated this land in Pinecrest and it was formerly used to house his Arabian horses. Currently, it is protected and maintained by the Fairchild Tropical Botanical Gardens, due to its lush plants and mango population, which is one of the most diverse in the world. 1/3 of the land has been developed exclusively for staff at the University. Shalala’s new home will be on less land, however will be no less grand at over 9,000 square feet with private elevator in a modern style. Decorated with the help of Phillis Taylor, who also decorated the prior estate, it will be modern yet traditional. The community does boast a community center, tennis courts, and pools. There is no word on the value of the new home, but we will keep you abreast of this information!