NBA Legend Pat Riley's $16.8 Million Florida Home To Be Demolished

Pat Riley home
Pat Riley home

What's with people taking perfectly good mega-mansions and tearing them down just to build a new one in its place? We first heard of the hound dog who plans to demolish Elvis Presley's former home in Beverly Hills. Now, the buyer of NBA legend Pat Riley's waterfront behemoth of a home in Coral Gables, Fla., is planning to tear it down, The Miami Herald reported.

Pat Riley, NBA coach
Pat Riley, NBA coach

The buyer, listed as 180 Arvida LLC, snapped up Riley's 12,856-square-foot Mediterranean-style estate for a staggering $16.8 million last year. The home's grounds are mesmerizing, with a gorgeous pool, waterfalls and an aqua bar on a prime piece of land jutting into Biscayne Bay. The home also has a library, wine cellar and giant home theater. But as it turns out, none of that matters to the buyer. According to the Herald, the buyer was just after the 2-acre bayfront lot and plans to build an even larger home there.

Riley, widely regarded as one of the greatest NBA coaches of all time, sure had great taste in homes -- and he could afford it, too. He was named NBA Coach of the Year three times, one for each for his runs with the Los Angeles Lakers, New York Knicks and Miami Heat. Currently, he's the team president of the Heat. That earns a guy some serious bankroll.

We'll be sad to see the beautiful estate go, but, alas, it's just a sign of the times. Many developers have an "out with the old, in with the new" mentality. "Most people would move in and be perfectly happy, but clients are looking for perfection -- really good stuff," Sotheby's International Realty rep Jorge Uribe told the Herald. "The trend in the last several years is a demand for very high-quality product. People are looking for really good locations, really good materials, and they're willing to pay for it."

Find homes for sale in Coral Gables, Fla., or search listings in your area.

See also:
Allen Iverson Foreclosure: See the Atlanta Home Ex-NBA Star Lost

Brooklyn Nets' Deron Williams Buys Penthouse

Miami Heat's Chris Bosh Rents in Pacific Palisades for How Much?!

More on AOL Real Estate:
Find out how to
calculate mortgage payments.
Find foreclosures in your area.
See celebrity real estate.
Find homes for rent in your area.

Follow us on Twitter at @AOLRealEstate or connect with AOL Real Estate on Facebook.