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Moroccan palace of Miami developer asks $13M

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Owned by developer Masoud Shojaee

515 Casuarina Concourse in Coral Gables
via Audrey Ross

This unique Moroccan estate in Coral Gables owned by Miami developer Masoud Shojaee has resurfaced for $12.9 million ($1,036 per square foot), down nearly 20 percent off its original $15.9 million ask last fall.

At 12,492 square feet and located off Casuarina Concourse, it’s among the seven biggest homes for sale in the affluent neighborhood. It has eight bedrooms, 10 bathrooms and offers multiple pavilions providing excellent outdoor entertaining areas. Also included is a tennis court pavilion hidden behind manicured hedges and a billiard room with a bar.

Shojaee founded Shoma Group in 1988. Among their recent projects are Eleven on Lenox, a luxury townhome development in Miami Beach and CityPlace Doral, a massive mixed-use development in collaboration with The Related Group that encompasses 250,000 square feet of retail and restaurant space along with 700 rentals (tour here).

The home was built in 2003 and the property was acquired a few years before that, in October 2000, for $1.56 million, according to public records.