Lennar Corp. chairman Stuart Miller sold a lot on Miami Beach’s Star Island for $17.5 million, The Real Deal has learned.
Miller sold 10 Star Island Drive to Star West Property LLC, a Florida company managed by Melody Young of Woodland Hills, California. The deal for the 40,000-square-foot deal closed on Thursday, according to sources.
The Lennar executive owns 4, 5, 6, 11, 12 and 22 Star Island Drive, most recently paying $33 million for the former estate of ex-South Beach developer Thomas Kramer at 4 and 5 Star Island Drive. Earlier this year, his family sold the home of late Lennar founder Leonard Miller and his wife Susan Miller at 23 Star Island Drive for $25 million.
In the off-market sale of 10 Star Island Drive, Stuart Miller was represented by his son, David Miller of Berkshire Hathaway HomeServices EWM Realty. Alejandro Diaz Bazan of One Sotheby’s International Realty represented the buyer.
David Miller declined to comment on the deal and Bazan declined to identify the buyer. Young is a partner at Geibelson, Young & Bacon in California, and it is unclear who the true buyer is.
Records show that a land trust managed by attorney Brian Bilzin — which is controlled by Stuart Miller — paid $27 million for the three lots at 10, 11 and 12 Star Island Drive in 2006. Each lot has about 100 feet of water frontage.
The properties at 11 and 12 Star Island are also available for sale off-market, according to a promotional video. The property at 22 Star Island — where the Lennar executive famously moved the 1931 home to the side of the lot in order to build a massive mansion — is reportedly being marketed as a whisper listing for $67.5 million, according to brokers.
The sprawling estate features underground parking, a lagoon with a waterfall, a library, chef’s kitchen, billiard and game room, wine room, motor court, gym and more. Domo Architecture + Design designed house, which takes up three Star Island lots, and Todd Glaser built the property.
A number of properties on Star Island have been sitting on the market and received price reductions, including Gloria and Emilio Estefan’s guest home at 1 Star Island Drive, and Shay Kostiner’s lot at 44 Star Island Drive.