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For the couple who has everything, adding a spectacular piece of real estate to a burgeoning portfolio is par for the course.
The A-listers Jennifer Lopez and Alex Rodriguez are reportedly in the process of acquiring a $40 million waterfront property on the celeb-studded Star Island in Miami Beach.
If a TMZ report is accurate, the couple have snagged a mansion that’s so luxurious, it topped our weekly look at the country’s most expensive homes when it landed on the market in April. It’s currently listed in “pending” sale status.
Let’s take another peek at this starry spread.
The residence
Built in 2003, the estate last changed hands in 2011 for $25.5 million. At that time, it was one of the highest-priced sales ever in Miami Beach. The owner proceeded to renovate and expand the home to make it even grander.
Perhaps that’s what attracted the power couple. Or not. It could be that home-flipping is their new pastime. Stay tuned.
Spanning almost 15,000 square feet, the abode offers 10 bedrooms, 10 bathrooms, and two half-baths. Luxe amenities include an elevator, wine room, library or den, wet bar, and patios and terraces galore with Miami skyline and Biscayne Bay views.
Inside, the living room opens to a formal dining room. The layout boasts an industrial-style kitchen and a great room that opens to the pool area.
On the second floor, a “principal suite” includes a sitting room, office, and two large terraces. The en suite bath features an onyx and glass steam shower, spa tub, and walk-in closet.
Outdoor highlights include a jaw-dropping pool with hot tub, cabana, covered bar, and a private, 100-foot ipe wood deck with Atlantic Ocean access. Jill Eber with Coldwell Banker Realty holds the listing.
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So why Star Island?
A little history: Built in 1922 by the Army Corps of Engineers, the man-made speck of land just off Miami Beach was initially owned by Carl Fisher, a founder of the area.
Access to the oval-shaped island is by a single road. The guard-gated, exclusive enclave has just under three dozen extremely expensive homes.
A prominent piece of Star Island property that was once the Miami Yacht Club was built by Fisher in 1923. That Mediterranean-style villa has been on and off the market for a few years.
It ranked as our most expensive home four years ago, when it landed on the market for $65 million. After a price drop to $39,950,000 earlier this year, it’s currently in contingent sale status.
Star Island was developed with, well, stars in mind.
“It’s for the famous and the wealthy,” says Miami broker Alex Shay, who has held a listing on the island before. He noted that the island’s central locale is a big draw.
“It’s for people who want to have quick and easy access to Miami Beach, South Beach and the airport, and the best restaurants in the South Beach area.”
He told us that Indian Creek Island, north of Miami, has amenities Star Island lacks, like its own police force and golf course, but is farther away from the action.
Stars of Star Island
The island lives up to its name. The waterfront properties have been owned by high-rollers and megawatt celebrities, such as Shaquille O’Neal, Sean Combs, and Rosie O’Donnell. J-Lo can now borrow a cup of sugar from neighbors Gloria Estefan and her husband, Emilio.
The Estefans live in one compound on the island, and have a second property on the island they’ve been trying to unload for years. It first went on the market in 2015 for $40 million and is now available for $27.9 million.
The hit-making couple, who live just down the road, had purchased the place for Emilio’s mother. After her death, they rented out the property on a monthly basis before deciding to sell it.
“Real Housewives of Miami” star Lisa Hochstein and her plastic surgeon husband, Leonard, own a place on the island. The Russian oligarch Vladislav Doronin picked up Shaq’s former pad over a decade ago, and completely gutted it before rebuilding. The pharmaceutical billionaire Phillip Frost also owns a huge stretch of lots on the island.
Housing history
As for Lopez and Rodriguez, the power couple are no strangers to high-end real estate. They’ve already taken turns in their various upscale homes in Bel-Air, the Hamptons, and Coral Gables.
The duo recently flipped a Malibu beachfront abode they bought from actor Jeremy Piven for $6.6 million, selling it for $8 million. The two also bought and quickly sold off a luxury condo in a high-rise in Manhattan’s Billionaires’ Row.
If they did buy this waterfront parcel, it’s unclear if they’re just playing the real estate odds, or if they actually fell for the area and want to spend time in South Florida seclusion.
Pablo Alfaro of Douglas Elliman can think of a few reasons the high-profile pair would seek refuge here.
“What’s nice about Star Island is the very large lots. There’s a lot of privacy between neighbors,” he says. The home they’re closing on sits on nearly an acre of land.
Besides the privacy, the views from the island are also a huge selling point.
“They’ve got the classic, iconic view of Miami,” says Alfaro. And the island, he says, with its limited supply of huge (and very expensive!) homes, “has some cachet. They’re all big estates. You don’t feel like your neighbors are listening to you.”
Nowadays, maintaining physical distance is great for stars who prize privacy, health, and safety during the pandemic. Apparently, some well-heeled buyers have agreed, snapping up properties both on the island, and in the Miami area.
“I think people are reconfiguring their living spaces, the meaning of home,” Alfaro says. “The high end [of real estate] in Miami is busy.”
The post Why Did J. Lo and A-Rod Pick a $40M Mansion on Star Island? Is It Only for Stars? appeared first on Real Estate News & Insights | realtor.com®.
source https://www.realtor.com/news/celebrity-real-estate/jennifer-lopez-and-alex-rodriguez-reportedly-buy-40m-star-island-estate/
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