Roy and Lea Black relist Star Island manse, cut price to $16.5M

Home sits on a 1.07-acre lot with 193 feet of water frontage

Nov.November 14, 2016 04:15 PM

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.

Prominent criminal defense attorney Roy Black and his wife Lea, a star of the former Real Housewives of Miami, paid $7.1 million for the home in 2011, records show.

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.”

Related Articles

Alan Faena and his home at 4731 Pine Tree Drive (Credit: Wikipedia, The Alexander Group)

Alan Faena lists waterfront Miami Beach home for $16.5M

WATCH: Miami brokers speak out on bucking the buyer’s market

WATCH: Miami brokers speak out on bucking the buyer’s market

Sea level rise video

WATCH: Developers and brokers weigh in on Miami sea level rise

From left: e.b. Solomont, Ron Shuffield, Mike Pappas, Oren Alexander and Phil Gutman

Unrealistic pricing bogs down Miami luxury condo market: TRD Showcase & Forum

401 Ocean Boulevard, Ben Ashkenazy, Oren Alexander

Billionaire Ben Ashkenazy lists oceanfront lot in Golden Beach

2125 Lake Avenue (Credit: Realtor)

Chicago buyer pays $19M for Sunset Islands mansion

The Real Deal South Florida’s spring issue is now available to all subscribers

The Real Deal South Florida’s spring issue is now available to all subscribers

Indian Creek mansion sells for $50M, marking new Miami record

Indian Creek mansion sells for $50M, marking new Miami record