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The Real Deal Miami

Marco Iacovelli’s $65M Star Island mansion heads to the auction block

Waterfront property has more than 40 rooms
By Katherine Kallergis | December 21, 2017 06:25PM

46 Star Island Drive (Credit: Concierge Auctions, Public Domain Pictures)

Rally Manufacturing founder Marco Iacovelli’s Star Island mansion, listed last year for $65 million, is headed to the auction block — without a reserve.

Iacovelli, founder of the Miami-based auto-accessories company, is ready to offload his waterfront estate at 46 Star Island Drive in Miami Beach. It will be auctioned after a monthlong marketing period ending on Jan. 31, said Caitlin Keys of Concierge Auctions.

The auction route makes sense given that many luxury home sellers are having to slash their asking prices to move their properties off the market. This week, spec home developer Todd Michael Glaser finally sold a Miami Beach home he built in 2014 for $21.7 million — more than 41 percent off the original $37 million price tag.

“What I always like to stress is this is not a distressed sale,” Keys said of the Star Island property. “The seller wants to take control of the marketplace.”

The 18,400-square-foot, 10-bedroom house was built in 1924 by Indianapolis “Indy” 500 founder Carl Fisher and renovated this year. Concierge is selling the property along with Alexa Iacovelli and Mirce Curkoski of One Sotheby’s International Realty, who will receive a portion of the auction house’s 12 percent buyer’s premium.

The waterfront property has more than 40 rooms, including a 3,000-bottle wine cellar, 255 feet of frontage on Biscayne Bay, two private docks, a boat lift, an outdoor swimming pool and a cabana. Two separate staff-living areas, with living rooms and kitchens, are also part of the home.

Property records show Iacovelli paid about $1.83 million for the 1.4-acre estate in 1987. He said last year that he and his wife no longer need the space and are spending more time at their homes in the Bahamas and Canada.