I
n a stunning real estate whirlwind, Patricia Toscano, an Irish-Italian restaurateur with roots in Cork's Ristorante Rossini, snapped up a waterfront Coral Gables teardown on April 1st for $3 million. Just three days later, she flipped the property to Sunrise Drive Real Estate Holdings, a Florida LLC managed by attorney Greg Herskowitz, for a staggering $15.8 million.

    This lightning-fast transaction resulted in an astonishing $12.8 million increase in value over the brief 72-hour period the home was in Toscano's name. The true buyer remains unknown, adding to the intrigue of this high-stakes deal. Mary Jochem with Slesnick and Jochem had the listing, while Judy Zeder with the Jills Zeder Group at Coldwell Banker Realty brought the buyer.

    The property, situated on a 0.4-acre plot, boasts four bedrooms, three bathrooms, and a pool within its 4,200-square-foot footprint. Built in 1965, it has undergone significant appreciation since Jeffrey Scott Gerson's trust purchased it for $850,000 in 1992. The asking price of $17.9 million when listed in August underscores the property's value as a prime development opportunity.

    Coral Gables' waterfront market is red-hot, with recent sales including a teardown in Gables Estates fetching $17.3 million and a 1-acre lot selling to Goya Foods scion Francisco R. Unanue for $18.5 million. Even more impressive was the July sale of a San Francisco-based lending firm CEO's waterfront mansion for $27.5 million, highlighting the area's allure for high-end buyers.