More than five years after initially listing a property, the Estefans got on their feet and made a sale happen.
And the buyer appears to be a celebrity, property records indicate.
Gloria and Emilio Estefan sold their Star Island “guest house,” a nearly 8,000-square-foot estate at 1 Star Island Drive, to an LLC managed by Tri Star Sports & Entertainment Group in West Hollywood. The property traded for its most recent asking price of $35 million.
The six-bedroom, eight-and-a-half-bathroom house is at the entrance to Star Island and immediately adjacent to Sean “Diddy” Combs’ mansion. The rapper and entrepreneur owns his home through an LLC that is managed by Tarik Brooks, president of Combs Enterprises.
The buyer of the Estefans’ home is also managed by Brooks, as well as by Margaret Stephens, controller at Tri Star. The entity financed the purchase with a $20.7 million loan from Bank of America.
Tri Star’s clients have included Jennifer Lopez, Combs, Britney Spears and Steven Tyler. The firm is led by founder and CEO Lou Taylor.
The Estefans first listed the property, called Nena’s Villa, in 2015 for $40 million. The music power couple lives in the waterfront mansion nearby at 39 Star Island Drive.
The bayfront home at 1 Star Island sits on a 1.3-acre lot with 240 feet of water frontage, a pool and spa, and a dock. It features a two-story home and a separate guest house.
Jill Eber with Coldwell Banker’s The Jills Zeder Group represented the Estefans. Todd Nordstrom of Compass represented the buyer. Both sides declined to comment.
Star Island is experiencing a surge in sales and leasing activity that started last summer.
Earlier this year, nutrition power couple Roger and Sloan Barnett purchased the estate at 46 Star Island Drive for $38 million.