Lennar CEO Stuart Miller landed a $40.5 million loan for his residential property at 22 Star Island, according to Miami-Dade County records.
Bank of America was the lender, records show.
At a Miami Beach Design Review Board in April, Miller received unanimous approval to build a new two-story mansion and relocate a Mediterranean-style building to another part of the property to make room for the new building.
Miller had previously sought to demolish his 7,000-square foot home that was once part of the Star Island Yacht Club in the early 1920s, owned by Colonel Edward Howland Robinson Green, according to a report written by Planning Director Thomas Mooney. Those plans caused an uproar among preservationists, including the Beach-based Miami Design Preservation League.
Miller paid $7.5 million for the 1.35-acre property in February 2012, according to Miami-Dade property records.