Royal Caribbean Chairman Lists Coral Gables Mansion for $42M

Key Points

• Richard Fain, Chairman of Royal Caribbean Group, has listed his 10,840 sq ft Coral Gables mansion for $42 million.

• The 7-bedroom, 8-bathroom estate at 700 Arvida Parkway features waterfrontage and a private dock.

• Fain plans to move into a luxury rental at Regency Parc, an 18-story development by Codina Partners.

• The move reflects a trend among affluent homeowners opting for high-end rentals to avoid the burdens of home maintenance.​

Transitioning from Estate to Luxury Rental

According to South Florida Business Journal, after residing in their Coral Gables mansion since 1989, Richard Fain and his wife Colleen have decided to list their expansive property for $42 million. The estate, built in 1969 and renovated in 1990, sits on a 2.21-acre lot in the prestigious Gables Estates neighborhood. It boasts seven bedrooms, eight bathrooms, a pool, and a dock with a boat lift, all with waterfrontage on a lagoon leading to Biscayne Bay.​

Embracing the Regency Parc Lifestyle

The Fains have signed a long-term lease at Regency Parc, a luxury rental building under construction at 2601 Salzedo Street in Coral Gables. Developed by Codina Partners, the 18-story building will feature 122 units, including expansive full-floor residences. Amenities include a resort-style pool, fitness center, library, theater room, and more.​

A Broader Trend Among Affluent Homeowners

Fain's decision mirrors a growing trend among wealthy individuals seeking the convenience of luxury rentals. Developments like Regency Parc cater to this demographic by offering spacious units, high-end amenities, and the ease of maintenance-free living.​

Codina Partners, the developer behind Regency Parc, secured a $115 million construction loan from Goldman Sachs to bring this vision to life. The building is designed to appeal to those looking to "right-size" without compromising on luxury.​

Down-Sizing Trend

Richard Fain's move from a sprawling estate to a high-end rental underscores a preference shift among affluent homeowners. As developments like Regency Parc rise to meet this demand, the landscape of luxury living in Coral Gables continues to evolve.​