Sadly, the majority (if not all) of the $10.5 million listing price of this class-act of a 1970s ranch style house in the rarified enclave of the Gables Estates is probably the value of the land alone. One and a third acres of direct bay access "on a wide canal unencumbered by bridges" almost anywhere east of Old Cutler Road does not come cheap, and somebody could easily put up a palazzo twice as large on this site. Built in 1972, the house (which is already over 9,000 square feet) has a huge living room with a recessed tray ceiling, one of those cool pools that goes under the house's eves a little bit, a tricked-out wet bar, and a library with an almost-overpowering amount rich wood paneling. Just look at that floor! There's a tennis court too. Anybody know who the architect was?
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