Quevedo Family Acquires Waterfront Property In Coral Gables For $27.5M

A waterfront property in Gables Estates, Coral Gables, has been sold for $27.5 million. The property, located at 550 Arvida Parkway, sits on a 1-acre lot. The single-family home spans 6,300 square feet with a price per square foot of $4,365.

Summary of Transaction Details

• Property Type: Single Family
• Sale Price: $27,500,000
• Address: 550 Arvida Parkway
• Market: Coral Gables
• Square Footage: 6,300

The buyer of the property is the Quevedo family, represented by Margarita Quevedo and Michael Quevedo from University Health Care. The seller is John Ruiz, a trial attorney and University of Miami Hurricanes booster. The buyer's representative in the deal is Pete Riveiro from The Firm Realty Group. Alex Pirez and Diana Gutierrez from Mocca Realty represent the seller.

John Ruiz purchased the property six months prior for $22 million, making a 25% profit on the sale. The Quevedo family, who sold University Health Care to Cano Health in 2021, intends to demolish the existing house and construct an 11,500-square-foot estate designed by architect Cesar Molina. Demolition is expected to commence within the next two to three months.