In the prestigious neighborhood of Coral Gables, Florida, a significant real estate transaction has occurred. This underscores the area’s appeal to America’s wealthiest individuals. Andre Hakkak, co-founder and CEO of White Oak Global Advisors, and his wife Marissa Shipman, founder and CEO of theBalm Cosmetics, have acquired a magnificent mansion for $13.6 million. This purchase exemplifies the growing trend of affluent Californians relocating to states with more favorable tax conditions, like Florida.
Meet the Buyers: Andre Hakkak and Marissa Shipman
Andre Hakkak is a prominent figure in the finance industry, leading White Oak Global Advisors, which specializes in providing custom financing solutions to small and middle-market businesses. His wife, Marissa Shipman, is equally accomplished. She founded theBalm Cosmetics, a beauty brand that began in her kitchen and has since achieved global success. Their decision to invest in Coral Gables aligns with a strategic move, likely influenced by Florida’s lack of state income tax, a stark contrast to California’s high tax rates.
Inside the Coral Gables Mansion
Located at 8950 Arvida Drive, this mansion offers an expansive 9,890 square feet of living space on nearly two acres of land. Built-in 2016, the residence boasts modern architectural design and luxurious features. With six bedrooms, nine full bathrooms, and two half-bathrooms, the home is ideal for hosting large gatherings. The property includes a floating staircase, a six-car garage, and a summer kitchen, perfect for enjoying Florida’s sunny climate. Additional amenities like a media room and a private office make this house a perfect blend of relaxation and functionality.
Historical and Financial Insights
The history of this property is noteworthy for its rapid value appreciation. Initially purchased for $12.54 million in 2016, it was listed at $17.5 million in 2018, though it didn’t sell at that price. The final sale price of $13.6 million represents a substantial investment in one of the most coveted non-waterfront properties in Coral Gables. This high-profile transaction was managed by agents from One Sotheby’s International Realty and Modern World Realty.
The Gables Estates Community
Gables Estates, where the mansion sits, boasts exclusivity and stringent homeowners’ association regulations, ensuring a private and pristine community. This neighborhood is one of South Florida’s most desirable addresses, attracting CEOs and business magnates who value discretion and luxury. Its beautifully landscaped surroundings and secure environment make it an attractive option for high-net-worth individuals.
Trends and Motivations in the Real Estate Market
The migration of wealthy individuals and families from high-tax states like California to Florida has become increasingly common. This trend arises from the desire for tax efficiency and a lower cost of living. High earners are particularly motivated to relocate to maximize their financial well-being. The purchase by Hakkak and Shipman highlights this ongoing trend, showcasing Florida’s luxury real estate market as a prime destination for affluent transplants.
Implications and Future Outlook
Final Thoughts
In summary, the purchase of this Coral Gables mansion by Andre Hakkak and Marissa Shipman not only reflects their personal achievements but also highlights broader socio-economic trends. This property will likely remain a symbol of luxury and the qualities that make Coral Gables a magnet for those seeking the finest in residential living.
Conclusion
The purchase of the Coral Gables mansion by Andre Hakkak and Marissa Shipman shows their success and strategic decision-making. It reflects a broader trend of affluent individuals moving to tax-favorable states like Florida. This luxurious property, with its modern design and extensive amenities, highlights Coral Gables as a premier destination for high-net-worth individuals seeking privacy and opulence.
As wealthy residents flock to Florida, the real estate market in upscale communities like Gables Estates will thrive. This promises a vibrant and dynamic future for these exclusive neighborhoods. This transaction underscores the allure of Coral Gables and highlights the shifting economic and demographic landscape in the United States. The property stands as a beacon of luxury living.
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