A Star Island Mansion Just Sold For $75 Million – Setting New Miami Record – And It’s a Teardown!

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When you’re a billionaire and you reside in Miami, there’s a good likelihood you reside on Star Island.

Star Island is an 84-acre man-made island proper in the course of Biscayne Bay. The island was constructed by the Military Corps of Engineers in 1922 by dredging sand within the close by waterways to make the bay deeper for industrial vessels. Right this moment the island options roughly 30 mansions. The AVERAGE worth for a residence on Star Island is $29.6 million based on Zillow.

Celebrities who at present personal, or who’ve beforehand owned Star Island mansions embody:

  • Diddy
  • Gloria Estefan
  • Rosie O’Donnell
  • Shaquille O’Neal
  • Don Johnson

Diddy first turned a Star Island resident in 2003. In September of this yr he paid $35 million for the property next door. The sellers had been Gloria Estefan and her husband Emilio. The Estefans proceed to personal a $30 million property on the opposite aspect of the house they bought to Diddy.

When you’re considering – “hey, do not Birdman and Lil Wayne personal properties on Star Island?” Nope. You are considering of Palm Island, a separate island a few hundred yards away. Additionally, Birdman bought his home on Palm Island in the course of 2020 for $11 million. That will sound spectacular, however less than year later the buyer listed it for $34 million after making some primary beauty upgrades 🙂

However again to Star Island.

In 1987 a physician named Modesto Mora purchased an undeveloped two acre slice of Star Island that has 200 ft of water frontage wanting instantly out onto Miami’s skyline within the distance. Cuban-born Modesto earned a fortune, alongside together with his brothers, proudly owning and working hospitals in Florida. They based the now-closed Pan American Hospital in 1963. It was the primary hospital to adapt to the world’s rising Cuban inhabitants. Modesto and his brothers ultimately owned two different hospitals, yet one more in Miami and one in Fort Laudredale. Additionally they operated an annual convention for Cuban-American medical doctors.

Success introduced wealth to Modesto and his spouse Lourdes Sanjenis, who was additionally a physician. That is how Modesto and Lourdes got here to accumulate the 2 acre lot positioned at #8 Star Island Drive. The value they paid in 1987?

$1.4 million

That was the identical as round 46 kilos of cocaine, which was the popular type of fee in 1987 Miami.

In 1993 the medical doctors accomplished building on a 17,000 sq.-foot mansion on the property. The house options 9 bedrooms and 11 loos. You’ll be able to park a giant yacht out entrance on the personal dock. Verify the property out on this video from Berkshire Hathaway:

Modesto Mora died in 2013.

With Miami (and Florida at giant) actual property costs sky rocketing, Lourdes determined to place the property available on the market in August of this yr. She simply discovered a purchaser. The value that purchaser is paying?

$75 million

That units the document for most costly residence that is ever bought in Miami-Dade County. The earlier document was $65 million, which somebody paid in July 2021 for a waterfront mansion constructed on spec in close by Coconut Grove.

No phrase but on the id of the customer, however get this – In accordance with Lourdes herself, the property is probably going A TEARDOWN. Apparently 30-ish years of waterfront dwelling will not be good for bones of a mansion and the brand new purchaser will probably want to begin from scratch. So in essence, the customer simply paid $75 million for the grime and can ultimately have to spend tens of hundreds of thousands extra setting up a new mansion. Beautiful.

And whereas $75 million could also be an ungodly amount of cash to spend on one residence, it is not even within the prime 10 of most-costly properties bought within the US in 2021. By our depend it is roughly #14, proper behind the $78 million Maui property that Jeff Bezos acquired last month.


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