Jorge M. Pérez, chairman and CEO of the Related Group, will donate the $33 million he received from the sale of his longtime Coconut Grove residence to the Miami Foundation, the Miami Herald reports.

The largest gift the foundation has ever received will be used to support Pérez's passions, which include arts and culture, education, and social justice. The 10,000-square-foot waterfront estate, known as "Villa Cristina," was listed in July. The foundation has not determined how it will allocate the funds from the sale.

Pérez, who served on the Miami Foundation board from 1991 to 1996, established the Jorge M. Pérez Family Foundation at the foundation in 2015. He previously donated $40 million to establish the Pérez Art Museum Miami and has provided funding for COVID-19 and Surfside relief programs.

"It is our honor and privilege to support the Miami Foundation, an organization which has long shared our commitment to building a more prosperous and resilient Miami," said Pérez, who joined the Giving Pledge in 2012. "Our entire family looks forward to seeing how this gift will benefit individuals, families, and businesses across the region, and, hopefully, how it inspires others to seize the moment and help build a better future for the city."