Australian billionaire Michael Dorrell sold a waterfront estate in Coral Gables for $35 million, according to records from Mar. 10. The sale comes after Dorrell purchased a private island in Palm Beach for $150 million.
The transaction involved Dorrell’s Hautacam LLC selling the 1.7-acre property at 235 Solano Prado to spec developer Alex Pirez in an off-market deal. The estate is located within the gated Old Cutler Bay community and features a home built in 1987 that spans nearly 8,000 square feet, along with a pool, tennis court, and dock.
Dorrell is the co-founder and CEO of Stonepeak, an investment firm focused on infrastructure projects such as water desalination plants, gas pipelines, and data centers. Forbes estimates his net worth at $8.5 billion. In 2024, he bought Tarpon Island in Palm Beach for $150 million—a record price for lakefront homes in the area.
Records show Dorrell acquired the Solano Prado estate for $34 million in 2022. In May, he filed plans to redevelop the property with Coastal Homes, which is part of Coastal Construction’s luxury single-family home division.
Alex Pirez leads Mocca Group, a development firm active in Coral Gables. 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. John Ruiz listed his compound there for $175 million earlier this year—the highest asking price currently on the market in Miami-Dade County. Former Yankees shortstop Derek Jeter also sold his Coral Gables home this February for $13.2 million.
