Iacovelli finds a buyer for his Star Island mansion once asking $65M

It was listed for $65M in late 2016

Miami /
Feb.February 24, 2021 05:30 PM
46 Star Island Drive (Google Maps)

46 Star Island Drive (Google Maps)

A Star Island estate that hit the market for $65 million four years ago is now under contract.

Rally Manufacturing founder Marco Iacovelli has been trying to sell the property at 46 Star Island Drive since late 2016. It was under contract last year to a different buyer, but that deal fell apart.

It’s on the market with Dora Puig of Luxe Living Realty.

The property was priced at $42 million last year, then up to $45 million in December, and in January of this year was reduced back down to $42 million. Realtor.com shows that it is currently under contract.

Star Island attracted interest from a handful of high-profile buyers last year, including Jennifer Lopez and Alex Rodriguez, and billionaire hedge fund manager Ken Griffin.

The 18,400-square-foot, 10-bedroom house was built in the early 1920s by Carl Fisher and features more than 40 rooms, 255 feet of frontage on Biscayne Bay, two private docks, a boat lift, an outdoor swimming pool and cabana.

Iacovelli’s business, Rally Manufacturing, is an auto accessories company based in Miami. Marco’s son, Christian Iacovelli, president and CEO of the company, recently paid $3.1 million for a Palm Island home, also in Miami Beach.

Marco Iacovelli’s Star Island estate comes with two separate staff living areas, with living rooms and kitchens. Property records show Iacovelli paid about $1.83 million for the 1.4-acre estate in 1987. It was originally developed as the Yacht Club, according to the listing.

Griffin has spent about $95 million on Star Island, including a $25 million deal in December.






    Related Articles

    arrow_forward_ios
    Daren Metropoulos and 7815 Atlantic Way (Douglas Elliman, iStock)
    Playboy Mansion owner pays $18M for oceanfront Miami Beach home: sources
    Playboy Mansion owner pays $18M for oceanfront Miami Beach home: sources
    Maggie Cordish and Palazzo Della Luna (David x Prutting/Patrick McMullan/Getty)
    Maggie Cordish, former White House adviser, pays $7M for Fisher Island condo
    Maggie Cordish, former White House adviser, pays $7M for Fisher Island condo
    Miami-Dade condo sales map and Arte by Antonio Citterio (Google Maps)
    Miami condo sales drop in early April
    Miami condo sales drop in early April
    Ronny Finvarb with a rendering of 1790 Alton Road (GEK Architecture)
    Ronny Finvarb plans boutique hotel on Alton Road site in Miami Beach
    Ronny Finvarb plans boutique hotel on Alton Road site in Miami Beach
    The home will be developed by Andres Isaias-led Andian Group and Alejandro Diaz Bazan of Coldwell Banker’s The Jills Zeder Group. (Bazan, Jills Zeder)
    Eastern Real Estate co-founder pays $18M for waterfront North Bay Road home
    Eastern Real Estate co-founder pays $18M for waterfront North Bay Road home
    Tommy Mottola and Thalía with an aerial view of 31 La Gorce Circle (Getty)
    Hedge funder flips Miami Beach teardown to Tommy Mottola and Thalía
    Hedge funder flips Miami Beach teardown to Tommy Mottola and Thalía
    7-Eleven at 6348 Collins Avenue in Miami Beach (Google Maps, iStock)
    Fill ‘er up: Power Petroleum buys Miami Beach 7-Eleven with gas station for $11M
    Fill ‘er up: Power Petroleum buys Miami Beach 7-Eleven with gas station for $11M
    Don and Katrina Peebles with their recently purchased Bath Club unit. (Getty, ONE Sotheby’s International Realty)
    Don Peebles buys unit at the Bath Club, finds buyer for Coral Gables estate
    Don Peebles buys unit at the Bath Club, finds buyer for Coral Gables estate
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...