A newly built Coral Gables, Florida home has changed hands for the second time in just over a year, netting a $4.5 million profit in the process.
Thomas Peck and Jill Barnes sold the nearly 10,000-square-foot home on Old Cutler Road for $21.5 million in December, Mansion Global has learned, which is 26% higher than the $17 million they paid for it in 2024.
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The seven-bedroom mansion, completed in 2023, is on a 1.14-acre lot in the gated Snapper Creek Lakes community. It was designed by the previous owner, Giorgio Balli of the Miami-based architecture firm Balli Group. The home features floor-to-ceiling glass, pitched steel black roofs of different volumes and a cantilevered glass-walled terrace.
The home is built around a pool deck that connects to a covered patio under the terrace, which then leads indoors via large sliding doors. Other architectural touches include a wood-paneled overhang over the main entryway and a matching concrete overhang that envelopes the standalone three-car garage.
The buyers, an international couple with a young child, were looking for at least an acre of land, a gated community and new construction, said Kristy Gugunava with the Chad Carroll Group, who represented them. “In Coral Gables, that combination is extraordinarily rare,” she said.
Ultimately, the deciding factor for them was the floor plan, which offers a natural flow, spaces for daily life and entertaining and a private primary room within its own wing, Gugunava said.
The buyers could not be identified further.
The home is on a dry lot, but residents of Snapper Creek Lakes have a private marina with direct access to Biscayne Bay, according to the listing with Evelyn Carrero of Aria Luxe Realty.
Balli had purchased the lot in 2020 for $1.8 million before selling it to Peck and Barnes in July 2024, according to property records. The California-based sellers initially listed it in August 2025 for $25 million and it was last asking $22.5 million when it went into contract in mid-December. The deal closed Monday, according to court records.
Peck, former president of flooring company Custom Building Products, has bought and sold a number of properties, including an oceanfront home in Laguna Beach, which sold for over $20 million in 2021. He also built a Tuscan-style megavilla—complete with imported terracotta, painted medieval ceilings and a bell tower—in Irvine, California, which was briefly on the market for $45 million in 2024.