In the world of high-end real estate, few transactions capture the imagination quite like the recent purchase of a stunning $13.6 million mansion in Coral Gables, Florida.
This remarkable property, now home to Andre Hakkak and Marissa Shipman, stands as a testament to the enduring allure of South Florida’s luxury market.
Let’s dive into the details of this extraordinary home and explore what it reveals about current trends in upscale real estate.
The Buyers: Andre Hakkak and Marissa Shipman
At the heart of this story are two successful entrepreneurs who’ve made their mark in very different industries. Andre Hakkak, co-founder and CEO of White Oak Global Advisors, has built a reputation as a savvy financier.
His firm specializes in providing innovative financing solutions to small and medium-sized enterprises, filling a crucial niche in the market.
Hakkak’s expertise in navigating complex financial landscapes has undoubtedly contributed to his personal success and ability to invest in such a prestigious property.
On the other side of this power couple is Marissa Shipman, the creative force behind theBalm Cosmetics. Shipman’s journey is a classic entrepreneurial tale – she started mixing cosmetics in her kitchen and built her brand into a global phenomenon.
TheBalm Cosmetics is known for its cheeky packaging and high-quality products, resonating with consumers who appreciate both style and substance.
The couple’s decision to purchase a home in Coral Gables is part of a larger trend of wealthy individuals relocating from high-tax states like California to more tax-friendly environments.
Florida, with its lack of state income tax, has become an increasingly attractive destination for CEOs, business magnates, and other high-net-worth individuals looking to optimize their financial situations.
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Details of the Coral Gables Mansion
The property that caught Hakkak and Shipman’s eye is nothing short of spectacular. Located at 8950 Arvida Drive in the prestigious Gables Estates neighborhood, this mansion is a modern masterpiece of luxury living.
Built in 2016, the home sprawls across nearly two acres of meticulously landscaped grounds, offering privacy and tranquility in the heart of one of Florida’s most desirable communities.
Let’s break down some of the key features that make this property stand out:
- Living Space: The mansion boasts an impressive 9,890 square feet of living area, providing ample room for both intimate family gatherings and large-scale entertaining.
- Bedrooms and Bathrooms: With six bedrooms, nine full bathrooms, and two half-bathrooms, the home can easily accommodate a large family or frequent guests.
- Architectural Highlights: A striking floating staircase serves as a central design element, marrying form and function in a visually stunning way.
- Garage: A six-car garage offers plenty of space for a luxury vehicle collection, a must-have for many high-net-worth individuals.
- Outdoor Living: The property features a summer kitchen, perfect for al fresco dining and entertaining in Florida’s year-round pleasant climate.
- Work and Play: A private office caters to the needs of busy executives like Hakkak, while a media room provides a space for relaxation and entertainment.
The home’s design seamlessly blends indoor and outdoor living spaces, a hallmark of luxury homes in warm climates.
Floor-to-ceiling windows likely offer panoramic views of the lush landscaping, while high-end finishes and smart home technology are almost certainly integrated throughout the property.
Historical and Financial Context
The journey of this Coral Gables mansion through the real estate market offers interesting insights into the luxury property sector.
Here’s a timeline of its recent history:
| Year | Event | Price |
| 2016 | Initial Sale | $12.54 million |
| 2018 | Listed for Sale | $17.5 million |
| 2024 | Purchased by Hakkak/Shipman | $13.6 million |
This trajectory tells a story of both appreciation and market realities. The initial sale price of $12.54 million in 2016 set a high bar for the property’s value. When it was listed again in 2018 for $17.5 million, it represented an ambitious ask that the market ultimately didn’t support.
The final purchase price of $13.6 million in 2024, while lower than the 2018 listing, still represents a significant premium over the 2016 sale price.
The transaction was facilitated by prominent real estate firms, with agents from One Sotheby’s International Realty and Modern World Realty playing key roles.
These high-profile agencies often specialize in luxury properties and have the networks necessary to connect wealthy buyers with exceptional homes.
The Gables Estates Neighborhood
Gables Estates is not just any neighborhood – it’s one of the most exclusive enclaves in South Florida.
Known for its stringent homeowners’ association regulations, Gables Estates maintains an atmosphere of pristine beauty and privacy that appeals to discerning buyers like Hakkak and Shipman.
Some key attributes of Gables Estates include:
- Exclusive Access: The neighborhood is gated and patrolled, offering residents a high level of security.
- Waterfront Living: Many homes in the area have access to private docks and waterways, though the Hakkak property is noted as non-waterfront.
- Lush Landscaping: Strict regulations ensure that the neighborhood maintains its lush, tropical aesthetic.
- Notable Residents: While discretion is paramount, the area is known to be home to various CEOs, celebrities, and business magnates.
The Gables Estates Homeowners’ Association plays a crucial role in maintaining the neighborhood’s prestigious status.
Their regulations cover everything from architectural designs to landscaping, ensuring that each property contributes to the overall aesthetic and value of the community.
Market Trends and Buyer Motivations
The purchase of this Coral Gables mansion by Andre Hakkak and Marissa Shipman is emblematic of broader trends in the luxury real estate market, particularly the migration of wealthy individuals from high-tax states to more tax-friendly environments. Florida, and especially South Florida, has been a prime beneficiary of this trend.
Several factors are driving this migration:
- Tax Efficiency: Florida’s lack of state income tax is a significant draw for high-earners from states like California, where top marginal rates can exceed 13%.
- Quality of Life: South Florida offers a desirable climate, cultural amenities, and a luxury lifestyle that appeals to wealthy individuals.
- Business-Friendly Environment: Florida’s pro-business policies are attractive to entrepreneurs and executives.
- Real Estate Investment Potential: Many see Florida’s luxury real estate market as having room for appreciation, especially compared to saturated markets in other parts of the country.
The COVID-19 pandemic has accelerated these trends, with remote work making it easier for executives and business owners to relocate without disrupting their professional lives.
The luxury real estate market in South Florida has seen robust activity as a result, with properties like the Hakkak mansion commanding premium prices.
Implications and Closing Thoughts
The purchase of this $13.6 million mansion by Andre Hakkak and Marissa Shipman is more than just a notable real estate transaction – it’s a bellwether for the luxury market in Coral Gables and South Florida as a whole.
As more high-net-worth individuals seek out tax-friendly jurisdictions with attractive lifestyles, we can expect continued interest in premium properties like this one.
For Coral Gables, the influx of wealthy residents like Hakkak and Shipman could have several implications:
- Increased demand for luxury services and amenities
- Potential for further appreciation of high-end real estate
- Possible changes to the community’s demographic makeup
- Enhanced reputation as a destination for successful entrepreneurs and executives
As we look to the future, the Andre Hakkak house in Coral Gables stands as a symbol of the ongoing evolution of luxury real estate markets.
It represents not just a significant investment in brick and mortar, but a broader shift in how and where America’s wealthy choose to live and work.
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Conclusion
In conclusion, the $13.6 million mansion now owned by Andre Hakkak and Marissa Shipman is more than just a home – it’s a reflection of changing dynamics in wealth, taxation, and lifestyle preferences across the United States.
As Coral Gables continues to attract high-profile residents, it solidifies its position as one of the most desirable addresses in the country, promising an interesting future for this storied Florida community.