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
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
Alex Rodriguez & Cameron Diaz House Hunt in Miami Beach
Yesterday afternoon, Alex Rodriguez and Cameron Diaz were spotted house hunting in Miami Beach. The Yankees All-Star and Hollywood actress viewed a 6 bedroom/5.5 bath waterfront home in Miami Beach. The home is currently on the market for $5.35M. Rumors of an imminent engagement of the two lovebirds have circulated the Internet for weeks. Some speculate that a marriage proposal will be made as soon as Valentine’s Day. The couple’s latest plan to purchase a home together certainly seems to suggest that the rumors hold water. Only one question now remains, will Cameron allow the two centaur portraits Alex has of himself to hang on the walls of their future home?
40 South Hibiscus Drive in Miami Beach
I’ve had my eye on 40 South Hibiscus Drive in Miami Beach for quite some time. It’s a modern, ultra-chic, waterfront luxury home on Hibiscus Island. The 8 bedroom/8 bath/2 half bath mansion was designed by international award winning architect Chad Oppenheim, well known for his work on Ten Museum Park which is located in Park West. The 8,000 square foot home resides on a 24,000 square foot lot with 120 feet of prime waterfront and a boat dock. 40 S Hibiscus Dr, completed earlier this year, comes equipped with 82 feet of pool spanning two sides of the property, a covered outdoor kitchen and BBQ area, Miele kitchen appliances, floor to ceiling impact-resistant windows and doors, Kreon low voltage lighting, a 80kW generator and a fully integrated Crestron electronics system that gives you full control of the home from anywhere in the world.
Yesterday, the asking price of the home was reduced by over $1M from $13,995,000 to $12,900,000. My prediction is that 40 S Hibiscus Dr will be the next $10M+ home in Miami Beach to go under contract and will do so by year’s end. Luxury real estate in Miami Beach is doing quite well and there’s no reason for this prime piece of real estate not to be scooped up soon.
Chris Bosh Buys Luxury Home on North Bay Road
Yesterday, the Miami Herald reported that Chris Bosh of the Miami Heat recently purchased a 7 bedroom/8 bath waterfront home on North Bay Road for $12.5M. Chris Bosh, along with LeBron James, joined the Miami Heat this past summer through free agency. Since that time, both basketball stars have been busy house hunting and it appears that Bosh has decided to acquire the 12,000 square foot home located at 6396 North Bay Road in Miami Beach. The waterfront home was built in 2009 and comes equipped with a gourmet kitchen, gym, elevator, Infinity-edge pool, boat dock and covered summer kitchen and BBQ area. The Miami Luxury Homes market is getting hot!
