No minimum bid: Miami millionaire auctioning off his waterfront home

On February 14, Manuel Medina, a Miami millionaire will auction off his waterside mansion in one of Florida’s most exclusive gated communities, without a reserve price — meaning there is no minimum bidding price.

This waterfront estate is located in the exclusive the Gables Estates community in Coral Gables, Florida. The newly-built residence is situated on a lush, +1-acre lot offering 180 linear feet of deep-water frontage (able to accommodate yachts up to +/- 120 ft in length). With no fixed bridges, it has unrestricted access to the Biscayne Bay and the Atlantic Ocean!

The boat dock on the waterfront home
The boat dock on the waterfront home.

The owner, Manuel Medina, sold his Terremark data services company to Verizon in 2011 for $1.4 billion, according to The Real Deal. He also founded private equity firm Medina Capital, as well as cyber security firm Cyxtera. All companies with offices also in Coral Gables.

The live auction will take place on February 14 and the sale is expected to close 30 days later. But the first attempt to sell it in March 2018, was last listed for $17.9 million, according to the auction house, and did not find buyers.

Check out his neighborhood with direct access to the ocean
Check out his neighborhood with direct access to the ocean.

The area consistently makes headlines for its pricey real estate. Across the bay, for instance, Spanish singer and songwriter Julio Iglesias listed an empty, two-acre lot for $31.8 million. And a property at 41 Arvida Parkway, near Medina’s mansion, recently sold at auction this spring for only $25.5 million — less than half its $68 million listing price, according to reports.

The exclusive Gable Estates community has had more than 30 sales above $10 million in the past 15 years, according to Platinum Luxury Auctions.

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