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One headline-making actual property deal within the South Florida market is illustrating simply how movie star capital is reshaping the panorama.
Pop music icon The Weeknd – whose actual identify is Abel Tesfaye – is below contract to buy a $54.9 million waterfront property within the unique Coral Gables neighborhood.
“I feel it brings an pleasure to the group. It is like, okay, wow, we’ve someone that brings us a buzz,” Compass agent Maurice Boschetti informed Fox Information Digital. “However I feel my shoppers particularly, and I do know lots of people in Coral Gables, I feel they’re extra excited in regards to the buy value than it being The Weeknd.”
The eight-bedroom, nine-bathroom and several other half-bathroom mansion sits on 1.5 acres inside a V-shaped peninsula, Realtor.com reported. It additionally comes with an expansive dock massive sufficient to suit a 200-foot megayacht.
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Itemizing information signifies that the 19,000-square-foot house is at the moment pending sale, however didn’t specify what supply the proprietor accepted. Realtor.com notes that the property has bounced on and off the market within the final 5 years, earlier than the ultimate itemizing value in June 2025 for $54.9 million.
The Weeknd is reportedly in contract for a $54.9 million waterfront mansion within the unique Gables Estates group. (Getty Photographs/J. Eddy Martínez and Roland Ortiz, ONE Sotheby’s Worldwide Realty and Lux Hunters / Getty Photographs)
“What occurs when someone like The Weeknd or any well-known movie star buys a home locally, everybody routinely goes, ‘Okay, why did he purchase in Gable Estates or why did he purchase in Coral Gables?’” Boschetti, who represents a house itemizing simply down the road from The Weeknd, mentioned.
“Once you drive in, you see these lovely acres … every thing feels new, every thing feels grand, and it provides you a terrific presence if you be a part of that group,” he added. “The perfect colleges are on this space as nicely. You are actually near Coconut Grove, so you could have nice eating … I feel that way of life of not being so fast-paced like Miami Seaside and being extra family-oriented and enjoyable within the Gables is what’s drawing individuals right here.”
The house at 41 Arvida Parkway embodies basic South Florida luxurious: panoramic views of Biscayne Bay, the Miami skyline and Atlantic Ocean sunrises, lush lawns, out of doors terraces, an open-concept nice room, marble-paneled kitchen, one-of-a-kind major suite and loads of areas for lounging — together with a moist bar, media middle and personal fitness center.
Upon getting into The Weeknd’s Coral Gables residence, you are greeted by a grand staircase. | FOXBusiness
ONE Sotheby’s Worldwide Realty brokers Eddy Martinez and Roland Ortiz represented the vendor, whereas the deal would mark the costliest residential sale in Coral Gables historical past. A contemporary mansion bought for $29.5 million had beforehand held the title.
“In Gables Estates you have already got Derek Jeter, you could have Pharrell, so you could have high-profile house owners … I do not know if it adjustments the pricing [in nearby listings], per se, however it does change the notion of Coral Gables.”
The Weeknd’s new residence buy comes simply as Gables Estates — a gated enclave inside Coral Gables — lately topped Zillow’s record of the nation’s most costly neighborhoods, based mostly on home-value information from the previous 12 months.
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Seven of the ten priciest neighborhoods are positioned within the Sunshine State, whereas the remaining three are in California.
“It is a long-term pattern, not a blip,” Coral Gables-based CEO and co-founder of Vertical Developments, Fernando de Nunez y Lugones, beforehand informed Fox Information Digital. “I keep in mind studying final yr that Coral Gables truly beat Beverly Hills, and it is sensible. Consumers and companies are relocating right here for way of life, taxes and the general atmosphere. South Florida is more and more turning into often known as Wall Road South, and Coral Gables stands out for its walkability, facilities and tradition. Markets could fluctuate, however the enchantment of house, safety and group stays sturdy.”
