One headline-making real estate deal in the South Florida market is illustrating just how celebrity capital is reshaping the landscape.
Pop music icon The Weeknd – whose real name is Abel Tesfaye – is under contract to purchase a $54.9 million waterfront property in the exclusive Coral Gables neighborhood.
“I think it brings an excitement to the community. It’s like, okay, wow, we have somebody that brings us a buzz,” Compass agent Maurice Boschetti told Fox News Digital. “But I think my clients specifically, and I know a lot of people in Coral Gables, I think they’re more excited about the purchase price than it being The Weeknd.”
The eight-bedroom, nine-bathroom and several half-bathroom mansion sits on 1.5 acres within a V-shaped peninsula, Realtor.com reported. It also comes with an expansive dock large enough to fit a 200-foot megayacht.
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Listing data indicates that the 19,000-square-foot home is currently pending sale, but did not specify what offer the owner accepted. Realtor.com notes that the property has bounced on and off the market in the last five years, before the final listing price in June 2025 for $54.9 million.
“What happens when somebody like The Weeknd or any famous celebrity buys a house in the community, everyone automatically goes, ‘Okay, why did he buy in Gable Estates or why did he buy in Coral Gables?’” Boschetti, who represents a home listing just down the street from The Weeknd, said.
“When you drive in, you see these beautiful acres … everything feels new, everything feels grand, and it gives you a great presence when you join that community,” he added. “The best schools are in this area as well. You’re really close to Coconut Grove, so you have great dining … I think that lifestyle of not being so fast-paced like Miami Beach and being more family-oriented and relaxing in the Gables is what’s drawing people here.”
The home at 41 Arvida Parkway embodies classic South Florida luxury: panoramic views of Biscayne Bay, the Miami skyline and Atlantic Ocean sunrises, lush lawns, outdoor terraces, an open-concept great room, marble-paneled kitchen, one-of-a-kind primary suite and plenty of spaces for lounging — including a wet bar, media center and private gym.
ONE Sotheby’s International Realty agents Eddy Martinez and Roland Ortiz represented the seller, while the deal would mark the most expensive residential sale in Coral Gables history. A modern mansion sold for $29.5 million had previously held the title.
“In Gables Estates you already have Derek Jeter, you have Pharrell, so you have high-profile owners … I don’t know if it changes the pricing [in nearby listings], per se, but it does change the perception of Coral Gables.”
The Weeknd’s new home purchase comes just as Gables Estates — a gated enclave within Coral Gables — recently topped Zillow’s list of the nation’s most expensive neighborhoods, based on home-value data from the past 12 months.
Seven of the 10 priciest neighborhoods are located in the Sunshine State, while the remaining three are in California.
“This is a long-term trend, not a blip,” Coral Gables-based CEO and co-founder of Vertical Developments, Fernando de Nunez y Lugones, previously told Fox News Digital. “I remember reading last year that Coral Gables actually beat Beverly Hills, and it makes sense. Buyers and businesses are relocating here for lifestyle, taxes and the overall environment. South Florida is increasingly becoming known as Wall Street South, and Coral Gables stands out for its walkability, amenities and culture. Markets may fluctuate, but the appeal of space, security and community remains strong.”
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