$47M Sale of 3 Indian Creek Drive Shatters Previous Record Set in March

Records were made to be broken.  Sometimes, however, records are shattered.  The recent sale of 3 Indian Creek Island for $47M shatters the previous record-breaking sale for single-family homes in Miami-Dade County set earlier this year by 22%.  Edward Lampert, Sears Holdings Corp.’s chairman and hedge fund billionaire, purchased a waterfront estate, also located on Indian Creek Island, in March for $38.4M.

3 Indian Creek Drive is paradise-living at its finest.  The 30,000 square foot, waterfront home is situated on an 80,000 square foot lot and has 10 bedrooms, 10 full baths, 4 half baths, a 100-foot resort-style pool, a full catering kitchen, certified greenhouse, rooftop lawn and Jacuzzi, panic room, wine cellar, servant room, chromotherapy spa and massage room, library, elevator and a 7-limo-sized car garage.

Al Capone’s Former Palm Island House Hits the Market for $9.95M

There is no sure thing but death and taxes – so the saying goes.  As it turned out in the end, the two certainties brought about the demise of legendary American gangster, Al Capone – a person who at one time seemed untouchable.  When nothing else would stick, the U.S. government finally nabbed the Chicago kingpin on tax evasion charges.  He was later tried in court and sentenced to federal prison.  Many people erroneously believe that Capone spent his final days locked-up behind bars .  The truth, however, is that the mobster was paroled on November 16, 1939 and returned to his home on Palm Island in Miami Beach, Florida where he ultimately died from a series of health issues.

Al Capone purchased the Palm Island estate in 1928 – three years before his prison conviction – for $40,000.  He used the waterfront home as an escape from Chicago when the authorities started breathing down his neck.  Over the years, the property has had many owners.  The current owner acquired the estate in November 2011 for $5.65M and since that time has fully restored it.  Yesterday, the Palm Island waterfront mansion hit the market once again with an asking price of $9.95M. That’s gangsta!

Miami Beach Mansion Bequeathed to Pet Chihuahua Sells For $8.4M

Gail Posner, daughter of billionaire business magnate Victor Posner, made national headlines in 2010 when it was discovered that her Miami Beach mansion was bequeathed to her pet Chihuahua Conchita and two of her other dogs along with a $3M trust fund.  According to her will, the dogs were to be taken care of by her staff which was to receive a grand total of $27M upon her death.  Conchita, who was considered to be the “world’s most pampered dog” by Gail’s own accord, had her own bedroom and bathroom in the waterfront mansion, a $15,000 Cartier necklace and weekly spa treatments.  Posner’s son Bret Carr was left only $1M. To no one’s surprise, Carr quickly contested the will. The hotly debated Miami Beach home sold last Friday for $8.4M.  The 7 bedroom, 8 bath, 2 half bath waterfront estate had 9,700 interior square feet and featured a center courtyard, elevator, 2 fireplaces, enormous master suite, separate gym and staff quarters resting on 156 square feet of waterfront.  According to public records, Gail Posner purchased the luxury home for $8.3M in September 2005.  No word on where Conchita and the other two poochies will now reside.

Billy Joel’s Miami Beach Mansion on the Market for $14.75M

According to several sources, Billy Joel listed for sale his Miami Beach mansion this past Monday for $14.75M.  The 8,881 square foot home offers 7 bedrooms, 8.5 baths, a luxurious bar with wine cellar, gourmet chef kitchen, a formal living and dining room, outdoor summer kitchen and expansive views of Biscayne Bay with over 150 feet of waterfront.  The Mediterranean-style estate resides on La Gorce Island, an exclusive neighborhood that has seen its fair share of celebrity-residents such as Shakira and Lil Wayne.

Joel purchased the property in 2006 for $13.5M, according to public record.  Below are the photos of his former palatial pad.

Ricky Martin Sells Miami Beach Home; Jay-Z and Beyonce Possible Buyers

Pop singer Ricky Martin has sold his Miami Beach luxury home for $10.6M, as reported this morning by The Miami Herald. The 9,491 square foot waterfront mansion features 7 bedrooms, adjoining guest quarters, 8 full baths, 2 half baths, a fully wired media room, Jacuzzi, pool and elevator.  The Mediterranean home resides on 150 feet of waterfrontage along the prominent, star-studded neighborhood of North Bay Road.

The property was purchased by Ricky Martin for $10M in May 2005. No definitive word on who the buyer might be, but the Herald article states that Jay-Z and Beyonce took a long, hard look at the home in December.

Exceptional North Bay Road homes currently on the market include:

• 3114 N Bay Rd – asking $17.95M
• 2040 N Bay Rd – asking $16.5M
• 2156 N Bay Rd – asking $8.95M

Pat Riley Sells Miami Mansion for $16.75M

Pat Riley, president of the Miami Heat, and his wife, Christine, have sold their waterfront mansion located at 180 Arvida Parkway in the posh subdivision of Coral Gables called Gables Estates for $16.75M.  The 5 bedroom/8 bath estate sits on approximately 2 acres with 900 linear feet of watefrontage.  The sales price represents a discount of over 25% from its $23M asking price.  Pat and Christine Riley purchased the home for $6.3M in 1996.  The couple will likely now reside in their penthouse at Apogee South Beach.

For other star-studded real estate in Miami and Miami Beach, be sure to check out our collection of Miami luxury homes in areas such as Star Island, Fisher Island, Gables Estates, North Bay Road, and more.

Miami Luxury Real Estate Prices Post 3rd Largest Percentage Increase in the World in 2011

The luxury real estate market in Miami had a remarkable year in 2011 and now, thanks to an annual report released by real estate consultants Knight Frank, we know how it compared to other international markets.  The Wealth Report 2012 showed that Miami luxury real estate prices in 2011 increased 19.1 percent from the year before.  The increase was the third largest when compared to other international luxury real estate markets, well ahead of London and Vancouver. Luxury properties in Miami are finally on the radar of the world’s elite!

New Luxury Listing of the Day

A beautiful 6 bedroom/7 bath waterfront home at 943 N Venetian Drive on the Venetian Islands hit the market earlier today.  The asking price is $14.9M for the 9,255 square foot home which sits on a 47,250 square foot lot with 175 feet of water-frontage.

Nestled behind 15ft grandiose wooden gates is a perfectly manicured Mediterranean estate on a rare 47,250 sqft bayfront lot on N.Venetian Dr. This 6BR/7BA home was meticulously renovated by Peter Galo in 2004. Renovated for easy living with open spaces for formal/informal living. Great for entertaining with dining/living and family rooms flowing to the picturesque backyard overlooking 175ft on Biscayne Bay.

27 Star Island Drive (Casa Di Paolo) Hits the Market for $21M

It may not be particularly noteworthy when a Star Island home hits the market for $20M+.  After all, there are currently two Star Island homes with asking prices of $35M.  What does make this new listing particularly noteworthy, however, is that 27 Star Island Drive, also known as Casa Di Paolo, was purchased last May for $10.75M.  The home was relisted earlier today with an asking price of $21M.  The listing makes no mention of any upgrades or additions made to the home since last May and the pictures included with the listing are the exact same which accompanied the listing last year.

Here’s an excerpt from a blog post I wrote about the sale of 27 Star Island Drive last year:

The 12 bedroom/13.5 bath mansion resides on a 40,000 square foot lot and has 15,000 square feet of living space, a bayfront swimming pool and a boat dock with 100 feet of water frontage. The property sold in 300 days at a 17 percent discount from its initial asking price of $12.95M. The estate was previously purchased in 1999 for $5.9M.

There’s no denying that the luxury real estate market in Miami is hot right now.  In fact, several major publications such as The Wall Street Journal, Forbes and Huffington Post reported last week about an Indian Creek home that was recently placed under contract for $40M by Sears Holdings Corp.’s chairman and hedge fund billionaire, Edward Lampert.  But just how hot is the luxury real estate market in Miami? How much has the luxury real estate market improved over the past year?  27 Star Island Drive may help to shed some light on these questions if and when it sells.  I’ll be sure to keep an eye on it and report any property status updates