Oil Recycling Mogul Sells $55M Waterfront Mansion in Gables Estates
Steven Lempera's bet on Gables Estates pays off as he finds a buyer for his waterfront mansion, making a tidy profit.
Oil recycling mogul Steven Lempera's decision to purchase a waterfront mansion in Gables Estates has proven to be a smart investment. After purchasing the property for $25.5 million at auction in 2019, Lempera has found a buyer for his mansion, with an asking price of $54.9 million. This pending sale is one of 16 contracts signed in the past week, according to the latest Eklund-Gomes report.
The report, which tracks listings of homes and condos asking $4 million and up in Miami-Dade County, reveals that Lempera's property spent a short time on the market before being snatched up by a buyer. This sale serves as a testament to the high demand for luxury properties in the area.
Lempera's success in selling his mansion can be attributed to his savvy business moves. In 2018, he sold his company to waste management giant GFL Environmental, allowing him to focus on his real estate investments.
While some may criticize Lempera for profiting off the sale of his mansion, it's important to remember that real estate is a business and Lempera simply made a smart investment. As they say, "buy low, sell high."
It will be interesting to see what Lempera's next move in the real estate market will be, but for now, he can sit back and enjoy his impressive profit from the sale of his Gables Estates mansion.