The Weeknd buys Coral Gables mansion for $54.9 million in record deal

One real estate deal that made headlines in the South Florida market illustrates how celebrity capital is reshaping the landscape.

Pop music icon The Weeknd — whose real name is Abel Tesfaye — is in contract to buy a $54.9 million waterfront property in the exclusive Coral Gables neighborhood.

“I think it brings excitement to the community. It’s like we have someone who brings us hype,” Compass agent Maurice Boschetti told Fox News Digital. “But I think my customers specifically, and I know a lot of people in Coral Gables, I think they’re more excited about the purchase price than they are about being The Weeknd.”

The eight-bedroom, nine-bathroom and several half-bathrooms mansion sits on 1.5 acres within a V-shaped peninsula. Realtor.com reported. It also comes with an expansive berth large enough to accommodate a 200-foot megayacht.

The Florida neighborhood unseats Beverly Hills in California as the most expensive community in America

Listing data indicates the 19,000-square-foot home is currently pending sale, but does not specify which offer the owner has accepted. Realtor.com reports that the property has bounced on and off the market in the past five years, before a final listing price in June 2025 of $54.9 million.

“What happens when someone like The Weeknd or any famous celebrity buys a house in the community, everyone automatically says, ‘Well, why did he buy in Gable Estates or why did he buy in Coral Gables?’” said Boschetti, who represents the listing of homes on the street that is near The Weeknd.

“When you drive up, you see these beautiful acres… everything looks new, everything looks great, and it gives you a great presence when you join this community,” he added. “The best schools are in this area as well. You’re really close to Coconut Grove, so you have great food… I think the lifestyle is not very fast paced.” Like Miami Beach “Being more family-oriented and relaxed in the Gables is what attracts 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 balconies, an open-plan great room, a marble-paneled kitchen, a unique primary suite, and plenty of spaces for relaxation—including a wet bar, media center, and private gym.

ONE Sotheby’s International Realty agents Eddie Martinez and Roland Ortiz represented the seller, while the transaction represents the most expensive residential sale in Coral Gables history. A modern mansion that previously held that title sold for $29.5 million.

“In Gables Estates, you already have Derek Jeter, you have Pharrell, so you have high-profile owners… I don’t know if that changes the prices (at nearby listings), per se, but it changes the perception of Coral Gables.”

The Weeknd’s new home purchase comes as Gables Estates — a gated area within Coral Gables — topped Zillow’s list of the most expensive neighborhoods in the country, based on home value data from the past 12 months.

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Seven of the ten most expensive neighborhoods are in the Sunshine State, while the remaining three are in California.

“This is a long-term trend, not just a passing blip,” Fernando de Nunez y Lugones, CEO and co-founder of Coral Gables-based Vertical Developments, previously told Fox News Digital. “I remember reading last year that Coral Gables had actually beaten Beverly Hills, which makes sense. Buyers and businesses are moving here because of the lifestyle, taxes and overall environment. South Florida is increasingly becoming known as the Wall Street South, and Coral Gables is characterized by its walkability, amenities and culture. Markets may fluctuate, but the appeal of space, security and community remains “Powerful.”

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