Lenny Kravitz’s former Miami Beach home sells for 34% below asking

Miami Beach developer Stephen Muss was asking $25M

Lenny Kravitz’s former Miami Beach mansion just sold for $16.5 million — a 34 percent discount off the original $25 million price tag, The Real Deal has learned.

Miami Beach developer Stephen Muss sold the nearly 12,000-square-foot, two-story, six-bedroom estate at 1800 West 25th Street. Muss is the previous owner of the Fontainebleau Hotel Miami Beach.

Coldwell Banker’s The Jills team represented Muss, and Nelson Gonzalez of EWM Realty International represented the buyer, who he declined to name.

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Once the asking price was reduced to $19.5 million, the Mediterranean-style property started garnering attention, Gonzalez said. The sizable discount is in line with other recent multimillion-dollar home sales in Miami-Dade County, as luxury home sellers are issuing increasingly substantial price reductions to move their properties.  Earlier this month, a waterfront spec home at 3114 North Bay Road sold for $16.5 million, a nearly 30 percent discount off the $23 million asking price in 2016.

Kravitz’s former home sits on a 25,000-square-foot lot on Sunset Island II with 125 feet of frontage on Biscayne Bay, a private beach, saltwater pool, Jacuzzi, cabana and private dock. The Miami Beach estate includes a movie theater, meditation garden, gym, elevator and guest house.

Kravitz paid nearly $9 million for the home in 2001, property records show. He sold it to Muss in 2005 for $14.5 million.