Singer Julio Iglesias buys Indian Creek home for $15.2 million

By Alexander Britell and Katherine Clarke | April 03, 2012 09:45AM

Indian Creek Island and Julio Iglesias

Singer Julio Iglesias has paid $15.2 million for a home adjacent to the empty tract he owns on Indian Creek Island in an off-market transaction, The Real Deal has learned.

Sources say Iglesias intends to demolish the property, which is located at 7 Indian Creek Drive, to build a new home. 

It had been owned by Baltimore developer Paul Frederick Obrecht, who died in November.

Obrecht paid just $775,000 for the property in 1981, according to the Miami Dade County Property Appraiser’s office.

The Obrecht family could not be reached for comment at its office in Timonium, Md., and nor could Iglesias through a spokesperson.

The six-bedroom, five-bathroom, 5,504-square-foot home had an assessed value of $7.73 million last year, according to the Miami-Dade County Property Appraiser’s office.

Iglesias’ manse at 5 Indian Creek Drive was listed for $28 million in 2006, among the most expensive homes in the United States at the time.

After failing to sell it, the singer demolished the property in 2008. It remains a vacant lot.