Lennar’s executive chairman Stuart Miller paid $33 million for the former estate of ex-South Beach developer Thomas Kramer, sources told The Real Deal.
The 1.84-acre property at 4 and 5 Star Island Drive, is next to two other properties he owns on the exclusive Miami Beach Island. Property records show the home builder also owns 6, 7, 10, 11, 12 and 22 Star Island Drive.
Verena von Mitschke-Collande and Claudia Miller-Otto sold the homes at 4 and 5 Star Island Drive, which hit the market earlier this year with Douglas Elliman agent Brett Harris for $40 million. Harris could not be reached for comment, and Elliman declined to comment.
Kramer, who was known for throwing parties at the Star Island estate, developed properties in the South-of-Fifth neighborhood of Miami Beach. In January, von Mitschke-Collande and Miller-Otto, who were entangled in litigation with Kramer, submitted the winning $40 million bid for the Star Island properties. Both are the daughters of the late Siegfried Otto, who financed Kramer’s purchases of the Miami Beach homes.
Miller received a 17.5 percent discount off the asking price. The properties include 17,000 square feet of living space, 13 bathrooms and 12 bathrooms, a movie theater, a 10,000-bottle wine cellar, a pool, gym and guest homes.
A handful of Star Island properties are on the market, including the home of the late Lennar Corp. founder and Stuart Miller’s father, Leonard Miller and his late wife Susan Miller at 23 Star Island. The Jills of Coldwell Banker have that property listed for $39 million, down from $49 million last year.
Stuart Miller, who stepped down as chairman and CEO of Lennar earlier this year, is now executive chairman of the company, the biggest home builder in the country.
About a year ago, he received approval from a Miami Beach board to build a mansion at 10, 11 and 12 Star Island. Those plans call for a two-story estate with underground parking, a waterfall and lagoon, guest houses and more.
His 22 Star Island includes a 1931 mansion that Miller in 2016 moved elsewhere on the 1.4-acre plot. There, he’s building a modern, two-story mansion.
Domo Architecture + Design is designing Miller’s three Star Island projects, at 6 Star Island; 10, 11 and 12 Star Island; and 22 Star Island.
The Miami Herald first reported the sale of 4 and 5 Star Island.