Former residence of University of Miami presidents asks $39.99 million

A home in the city of Coral Gables Florida near Miami has recently been listed for $39.99 million. Built in the 1960s, the estate has a long history including an extended stint as the official residence for the president of the University of Miami.

The home was donated to the University of Miami in 1974, after which it housed the school’s presidents for nearly four decades. In 2012, it was purchased from the university by the current owners for $9 million.

The home sits on 4 and a half acres of land lush with oak and palm trees. There is a main residence with eight bedrooms as well as a separate guest house. Between them, the property has about 9,000 square feet of living space.

The city of Coral Gables is already a fairly well to do city, but the home is part of a highly exclusive gated community, Gables Estates Club. The members only community provides for full-time security patrols, among other benefits, but also comes with a non-refundable fee of $100,000 just to apply.

During the University of Miami’s ownership of the property, the home’s most famous resident was perhaps Donna Shalala, a former U.S. Representative as well as the Secretary of Health and Human Services under Bill Clinton. She used the large estate to host gatherings of as many as 3,000 University of Miami students.

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