In a notable real estate transaction, Australian supermodel and entrepreneur Elle Macpherson has sold her luxurious Coral Gables mansion for $18.5 million, marking a significant return on her initial investment. The sale, while impressive, falls short of her original ambitious asking price of $29 million when the property was first listed two years ago.
The Property
The estate, located at 9550 Journeys End Road, boasts an impressive 8,935 square feet of living space. The property features:
- Six bedrooms
- Six and a half bathrooms
- A spacious 1.7-acre lot
- A pool
- Home office
- Gym
- Chef’s kitchen
- Lavish primary suite
While not directly on the waterfront, the property includes a coveted boat slip at the exclusive Journey’s End Marina, adding significant value for nautical enthusiasts.
The Transaction
The buyer, identified in property records as Bumda Trust, is a discreet entity managed by an attorney, reflecting the high-profile nature of the sale.
Investment Success
Macpherson originally purchased the property in 2018 for $8.1 million, following her divorce from developer Jeffrey Soffer. The recent sale at $18.5 million represents a remarkable 128% increase in value over just five years, showcasing Macpherson’s savvy in real estate investment.
Market Insights
The sale price, while substantial, indicates a cooling in the ultra-luxury real estate market from its peak. The final figure of $18.5 million is significantly lower than the initial $29 million asking price, and even below the most recent list price of $22 million.
This transaction underscores the ongoing appeal of Coral Gables real estate to high-net-worth individuals and investors, even as the market adjusts to changing economic conditions.