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.

Real Estate Porn – “I know It When I See It”

The phrase, “I know it when I see it”, was made famous in the 1964 landmark case of Jacobellis v. Ohio. It was used to describe Supreme Court Justice Potter Stewart’s threshold test for pornography.  It occurred to me recently that the same threshold test should be applied to determine what does and does not constitute true real estate porn – a modern term to describe almost dreamy, remarkably extravagant real estate which provides visual satisfaction to those who view it online.  I had heard the term and knew its meaning but never felt that I had ever truly witnessed it for myself – that is until I saw Penthouse 2 at Continuum South Beach.  Everything else I had seen in the past was just a tease by comparison; a 1960s titty mag at best.

PH2 at Continuum South Beach is a palace in the sky worthy of only the most elite members of society – crème de la crème.  The majestic, 4-story penthouse offers unparalleled views and a timeless decor that can only be found in storybook novels.  When it comes to condo living in South Florida, it doesn’t get any better than PH2 at Continuum South Beach.  The 6 bedroom/7.5 bath residence offers over 11,000 square feet of interior space, over 6,000 square feet of terrace, a rooftop pool, a private in-unit elevator and staff quarters.  Also included is another 1,200 square feet of separate guest suites, a lofted beachfront cabana and 10 parking spaces.

The price to live like the exalted king of South Florida? $35M large.  The hefty property taxes and condo association fees are a mere afterthought for those with the means to afford such splendor.  Life is too short not to have the finest that money can buy.

PH2 is located in the South Tower of Continuum South Beach – the only privately gated resort development in South Beach – at 100 South Pointe Drive, Miami Beach, FL 33139.  Amenities at Continuum South Beach include: resort-style pools, lap pool, full service beach club, 13,000 square foot world-class spa and fitness center, restaurant, 3 clay tennis courts, tennis pro shop, 24-hour security, full service concierge and valet parking.

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

Penthouse A at Apogee South Beach Hits the Market for $25M

Penthouse A at Apogee South Beach is back on the market for a cool $25M, exactly 365 day after selling last April for $11.5M.  Judging by the pictures, it does not appear that any upgrades were made to the unit prior to putting it back on the market.  The 6 bedroom/7.5 bath penthouse condo has an astounding 6,853 square feet of interior, 22-foot ceilings, over 11,000 square feet of terrace, a private rooftop pool, a summer kitchen and panoramic views of the Atlantic Ocean, Biscayne Bay and the city.

Apogee South Beach is a 67-unit ultra-luxury condominium located in the South of Fifth neighborhood of South Beach.  The development includes only three penthouse residences, one of which is currently owned by Miami Heat president, Patrick Riley.

Penthouse A is now the third highest priced condo currently on the market in South of Fifth.  At this time, two separate condos (PH-2 and unit 3603) at Continuum South Beach South Tower are listed for a whopping $35M each.

40 S Hibiscus Sells For $9.35M

Earlier this afternoon, the ultra-modern, waterfront home located at 40 South Hibiscus Drive in Miami Beach sold for $9.35M, or $1,169 per square foot.  The 8,000 square foot mansion has 8 bedrooms, 8 baths, 2 half baths and resides on a 24,000 square foot lot with 120 feet of prime waterfront and a boat dock.  The luxury home sold in 329 days at roughly a 33 percent discount from its initial asking price of $13,995,000.  For more information and pictures regarding the luxury home located at 40 South Hibiscus Drive, refer to the piece I wrote about it in October 2010.

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.