What's with people taking perfectly good mega-mansions and tearing them down just to build a new one in its place? We first heard of the hound dog who plans to demolish Elvis Presley's former home in Beverly Hills. Now, the buyer of NBA legend Pat Riley's waterfront behemoth of a home in Coral Gables, Fla., is planning to tear it down, The Miami Herald reported.
The buyer, listed as 180 Arvida LLC, snapped up Riley's 12,856-square-foot Mediterranean-style estate for a staggering $16.8 million last year. The home's grounds are mesmerizing, with a gorgeous pool, waterfalls and an aqua bar on a prime piece of land jutting into Biscayne Bay. The home also has a library, wine cellar and giant home theater. But as it turns out, none of that matters to the buyer. According to the Herald, the buyer was just after the 2-acre bayfront lot and plans to build an even larger home there.
Riley, widely regarded as one of the greatest NBA coaches of all time, sure had great taste in homes -- and he could afford it, too. He was named NBA Coach of the Year three times, one for each for his runs with the Los Angeles Lakers, New York Knicks and Miami Heat. Currently, he's the team president of the Heat. That earns a guy some serious bankroll.
We'll be sad to see the beautiful estate go, but, alas, it's just a sign of the times. Many developers have an "out with the old, in with the new" mentality. "Most people would move in and be perfectly happy, but clients are looking for perfection -- really good stuff," Sotheby's International Realty rep Jorge Uribe told the Herald. "The trend in the last several years is a demand for very high-quality product. People are looking for really good locations, really good materials, and they're willing to pay for it."
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