Jack Michael Arrington, founder and former managing editor of startup news website TechCrunch, purchased a Coral Gables mansion for $16 million, according to a source familiar with the deal.

The price is a record for the Old Cutler Bay neighborhood.

Daniel J. Hughes, a co-founder of Pennsylvania-based retail property brokerage Metro Commercial, and his wife, Beth A. Hughes, sold the 7,518-square-foot home at 9375 Balada St. The price equated to $2,128 per square foot.

The home last traded for $10.41 million in 2018, so it had a nice increase in value amid a surge in luxury home sales in South Florida.

Designed by architect Cesar Molina, the home was built on the 22,329-square-foot site along a canal leading to Biscayne Bay in 2015. It features six bedrooms, 7.5 bathrooms, a summer kitchen, a home office, a gym, a pool, a fire pit, a summer kitchen, a wine cellar, a wet bar, and a dock.

The home was listed by Jessica Adams of One Sotheby’s International Realty while the buyer was represented by Matthew Elliot and Victor Olaniel of Engel & Volkers.

This continues the trend of wealthy Californians buying homes in South Florida. Arrington founded TechCrunch in 2005 to cover internet startups and venture capital news. It was later acquired by AOL. He has been a tech investor himself, co-founding CrunchFund for venture capital investments and then Arrington XRP Capital, a hedge fund focused on cryptocurrency.