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M Villa on Miami Beach’s Star Island Is the Week’s Most Expensive New Listing

A luxury estate on Miami Beach’s Star Island is this week’s most expensive new listing on realtor.com®. The price tag for the lavish spread? A cool $40 million.

The mansion has bounced on and off the market over the past few years, but reappeared this week with a new, lower price. The 1.5-acre spread bills itself as the “most prime location on Star Island.” 

Rally Manufacturing founder Marco R. Iacovelli picked up the property in 1987 for $1.83 million, according to the Real Deal.

The home first came on the market in 2016 for a whopping $65 million, then it went up for auction in 2017. In 2018 it was listed for $42 million.

Iacovelli, who has other properties outside the area, has said he and his wife no longer need the space, the Real Deal reported.

Originally built by Carl Fisher in 1924, the Venetian-style villa was completely renovated in 2017. Modern touches were added throughout, while the historic architecture was restored in the mansion’s formal spaces.

According to the listing, the acreage was originally developed as a yacht club on this artificial island. The walled and gated estate comes with 255 feet of waterfront.

The redesigned 18,356-square-foot oasis now offers multiple areas for relaxed entertaining, as well as a modern kitchen with a breakfast bar. The home includes staff quarters, garage, and covered parking area.

There are 10 bedrooms and 10.5 baths, along with a two-story living room with a double staircase, a formal dining room, wine room, gym, and lounge with bar, game area, and media area.

Outdoors, the lush landscape boasts patios, a dock, pool, and cabana. The plentiful outdoor space and covered dining area allow for all kinds of entertaining, from formal events to relaxed pool parties.

Dora Puig of Luxe Living Realty holds the listing.

The post $40M Villa on Miami Beach’s Star Island Is the Week’s Most Expensive New Listing appeared first on Real Estate News & Insights | realtor.com®.

Source: Real Estate News and Advice – realtor.com » Real Estate News