Venezuelan Banker Buys Mansion in Coral Gables for Nearly $8 Million

ONI-MUSHA Real Estate Venezuelan Banker Buys Mansion in Coral Gables for Nearly $8 Million

Real Estate

Venezuelan Banker Buys Mansion in Coral Gables for Nearly $8 Million

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The former president of the Venezuelan bank Banesco, Miguel Ángel Marcano, appears to have found a new home in South Florida: a Coral Gables mansion with seven bedrooms, seven bathrooms, an elevator, infinity pool and a spectacular view of Biscayne Bay.

Miami-Dade County records show the property was bought July 19 by MAM Group Real Estate LLC for $7.75 million. The company was registered in Florida June 23 — 26 days before the purchase — and its only listed official is the Venezuelan banker.

Marcano was president of the private Banesco from December 2013 until April of this year. He is currently a member of the bank’s board of directors.

The Venezuelan banker bought it at a discount.

The 7,786-square-foot mansion was priced at $9.2 million when it went on sale after construction was completed in February 2016. Its price kept dropping.

“We tested the market, did price reductions,” Douglas Elliman agent Hilda Jacobson told The Real Deal. “Last year was not a remarkable year for luxury.”

The website said the land was bought by specialty home developer Chad Loweth for $2.4 million in 2013. Loweth is currently developing two properties in Cutler Bay.

The home bought by Marcano is in an exclusive gated community in the Old Cutler section of Coral Gables. It has granite and wood floors, a wine cellar, bar and boat dock. The main bedroom has a fireplace and private balcony with a view of the pool and Biscayne Bay.

Banesco’s web page says Marcano earned a business administration degree at the Andres Bello Catholic University in Caracas and a master’s degree at the University of Miami.

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