Palm Island estate in Miami Beach sells at a loss

The 30,000-square-foot estate at 130 Palm Avenue in Miami Beach has sold for $8.6 million, according to Miami-Dade County records.

The six-bedroom, eight-bathroom and one half-bath home features 100 feet of water frontage, an elevator, maid’s quarters, a movie theater and a gas-heated pool. It last sold for $10.6 million in February 2013.

Star Finance LLC sold the property to 177 Realty Corp., a company managed by Gary and Linda Glasser.

The 7,940-square-foot waterfront home also includes a new boat lift for up to 32,000 pounds, according to the listing. It was on the market for $15 million last year.

Palm Island is home to a number of multimillionaires. Al Capone’s former mansion, at 93 Palm, is getting a facelift and new life as a production, filming and photo shoot venue, TRD previously reported. Earlier this year, 10 Palm Avenue was listed for a whopping $39 million. Former Amazon.com executive and hospitality CEO Christian Jagodzinski owns the property.