Roy and Lea Black’s Star Island mansion is back on the market with the price cut to $16.5 million — and it’s being offered as a possible teardown.
Oren Alexander of Douglas Elliman is now co-listing the waterfront estate at 45 Star Island Drive in Miami Beach with the previous listing agent, Lourdes Alatriste of One Sotheby’s International Realty. Alatriste had the listing for $16.995 million before the home was taken off the market in mid-October.
The 10,636-square-foot house, built in 1981, sits on a 1.07 acre or 46,429-square-foot lot, property records show. It has 193 feet of water frontage, according to the listing.
“It presents many opportunities,” Alexander said. “It has an existing house, so you can keep the existing house and renovate; or if you like, you can take it down and start from scratch.”
The price equates to $1,551 per square foot for the home or $355 per square foot for the land.
Alexander said they intended to build their “dream home” there, and had rented the existing home in the meantime. But they decided not to move to the property, and are instead remaining in their current home. Property records show they own a house at 832 South Greenway Drive in Coral Gables, and maintain their homestead exemption there.
“It had to do with the buyers having a change of heart, change of plans,” Alexander said. Architectural designs by Ralph Choeff for a new home can be included in the sale, he said.
The property is next to Shay Kostiner’s 44 Star Island, which was just listed for $24 million. Kostiner has scored approvals for a new 27,000-square-foot mansion on a 1.1-acre lot, and the plans are included in the sale price.
“If someone wanted to have a large piece of property, they could have the potential to buy them both,” Alexander said.
Star Island, among the ritziest enclaves of Miami Beach, is home to entertainers Gloria and Emilio Estefan, Lennar CEO Stuart Miller, billionaire Phillip Frost and his wife Patricia, Sean “Diddy” Combs; the “Boob God” Leonard Hochstein and his wife, Lisa, of the Real Housewives of Miami — who have torn down their home and are constructing a new mansion.
“We’re very confident in the current market for this type of product,” Alexander said, “because there are very few large lots, and this is where we are seeing demand from ultra-high net worth individuals.”