Real estate developer Don Peebles and his wife, Katrina, are downsizing after selling their 2.87-acre estate in Coral Gables for $13 million.
Sitting on Old Cutler Road, the house has 10 bedrooms, 12 bathrooms and two half-bathrooms. Casa Arboles, or the House of Trees, has 88 oak trees, a movie theater, guest house, limestone pool deck, pool, two tennis courts and two home offices. The undisclosed buyer paid an additional $500,000 for the home’s furnishings.
The home’s listing agents — Jill Eber and Judy Zeder of the Coldwell Banker affiliate Jills Zeder Group — declined to share the identity of the buyer.
Peebles and his wife will maintain a unit at The Bath Club Residences in Miami Beach and a house in Wellington in Palm Beach County. Peebles developed The Bath Club Residences in 2005 and owns The Bath Club. He and his wife recently reopened the club after an $8 million renovation.
Peebles, the founder, chairman and CEO of the New York-based real estate development firm Peebles Corp., listed the house in December for nearly $15 million. The house sold at 15% below the listing price.
Peebles is credited with ending a three-year Black tourism boycott of Miami-Dade County that began in 1990, after he acquired South Beach’s Royal Palm Crowne Plaza Resort in a subsidized redevelopment deal with Miami Beach. He sold the building to The Falor Co. for nearly $128 million in 2005.
Casa Arboles had previously been listed in 2017 for $12.9 million. Peebles told the Miami Herald in December that he and his wife wanted to sell after their kids left the nest.
He and his wife bought Casa Arboles in 2004 for $5.45 million and raised their son and daughter at the estate. In 2011, Peebles moved to New York for business and the couple have since split their time between the Big Apple and Wellington in Palm Beach County.
Peebles, who sat on President Bill Clinton’s national finance committee, hosted Clinton in 2008 for a fundraiser for the Democratic congressional races.
Luxury single-family homes — those priced over $1 million — are on fire since July. A migration of executives relocating to Miami from the Northeast and the West Coast is sustaining demand.