Australian billionaire Michael Dorrell sold a waterfront estate in Coral Gables for $35 million, according to records from Mar. 10. The property, located at 235 Solano Prado, was purchased by spec developer Alex Pirez in an off-market transaction.
The sale comes after Dorrell bought Tarpon Island, a private island in Palm Beach, for $150 million in 2024. That purchase set a price record for lakefront homes in Palm Beach. Dorrell is the co-founder and CEO of Stonepeak, an investment firm that focuses on infrastructure projects such as water desalination plants, gas pipelines, and data centers. Forbes lists his net worth at $8.5 billion.
Dorrell acquired the Solano Prado estate for $34 million in 2022. The property is situated within the gated Old Cutler Bay community and spans 1.7 acres. In May, he filed redevelopment plans with Coastal Homes, which is the luxury single-family home division of contractor Coastal Construction. The existing house was built in 1987 and covers nearly 8,000 square feet; it also features a pool, tennis court, and dock.
Alex Pirez leads Mocca Group, a development firm active in Coral Gables’ luxury real estate market. Last year he sold a waterfront mansion in nearby Gables Estates for $55 million—a record price for that community.
Coral Gables has seen increased interest from ultraluxury buyers recently. In October, musician the Weeknd purchased a waterfront mansion in Gables Estates for $50 million. Earlier this year, John Ruiz listed his compound there for $175 million—the highest asking price currently on the Miami-Dade County market—while former Yankees shortstop Derek Jeter sold his Coral Gables home for $13.2 million.
