Marco Iacovelli lists Star Island mansion for $65M

Marco Iacovelli, the founder of Rally Manufacturing, is listing his Star Island mansion for $65 million – marking the priciest home on the market in Miami-Dade County. 

Iacovelli’s home, at 46 Star Island Drive, is sandwiched between one of Lennar Corp. founder and CEO Stuart Miller’s properties and Phillip and Patricia Frost’s estate.

The 18,400-square-foot, 10-bedroom house was built in the early 1920s and extensively renovated since then, according to the Wall Street Journal. It will hit the market for about $3,530 per square foot with listing agents Mirce Curkoski and Albert Justo of One Sotheby’s International Realty. The owner’s daughter, Alexa Iacovelli, is also listing the mansion.

The family’s business, Rally Manufacturing, is an auto accessories company based in Miami.

A penthouse unit at Faena House ($55 million) and Casa Bahia in Coconut Grove ($50 million) follow Iacovelli’s home in terms of most expensive listings in Miami-Dade.

The waterfront property has more than 40 rooms, 255 feet of frontage on Biscayne Bay, two private docks, a boat lift, an outdoor swimming pool and cabana. Two separate staff living areas, with living rooms and kitchens, are also part of the home, which comes in handy for the full-time staff of five needed to maintain the property, the owner told the newspaper.

Property records show Iacovelli paid about $1.83 million for the 1.4-acre estate in 1987. Iacovelli said he and his wife no longer need the space and are spending more time at their homes in the Bahamas and Canada.

The exclusive island has been home to celebrities like Sean “Diddy” Combs, Gloria and Emilio Estefan, Don Johnson, Rosie O’Donnell and Shaquille O’Neal. The Estefans have 1 Star Island Drive on the market for $37 million.

Stuart Miller, who heads one of the biggest homebuilders in the U.S., is building himself a two-story mega mansion with underground parking, a lagoon, guest houses and more at 11 Star Island. He also owns 22 Star Island. [WSJ] – Katherine Kallergis