1923 Star Island home with a modern flair
$48 million listing has more than 40 rooms, 3,000-bottle wine cellar
The asking price of a 20,000-square-foot mansion on prestigious Star Island in Miami Beachwas recently slashed by $17 million— but, at $48 million, it’s still among the most expensive singlefamily homes listed for sale in Miami-Dade County, according to the real estate firm that holds the listing.
The two-story home, at 46 Star Island Drive, was built in 1923 by entrepreneur and real-estate developer Carl Fisher, but it has been renovated several times through the years, most recently in 2017. It has more than 40 rooms, including 10 bedrooms, 10 full and two half bathrooms. Located on a 1.4-acre lot on the tip of Star Island, the property has 255 feet of frontage on Biscayne Bay. Other features include soaring ceilings, a ballroom-sized living room, three offices, a home theater, fitness room, staff quarters and a wine cellar that holds 3,000 bottles.
“It’s a very unique home,” said Mirce Curkoski, a real estate agent withONESotheby’s International Realty, who co-listed the property along with agents Alexa Iacovelli and Albert Justo. “It’s almost like selling a piece of art.”
The propertywas originally listed for $65 million, but the pricewas
reduced to $48 million on May 24. “The seller’s motivation has increased for personal reasons, and we agreed to reduce the price drastically to create urgency for several buyers that we are currently working with and to have a few others come to the negotiating table,” Curkoski said.
Public records indicate that the property is currently owned by Marco R. Iacovelli, who purchased it in December 1987 for $1.825 million. Iacovelli is the founder of Rally Manufacturing Inc., an automotiveaccessories manufacturer in Miami.
Star Island is a gated island in Biscayne Bay between Miami and Miami Beach. It’s located south of the Venetian Islands and in close proximity to Palm and Hibiscus islands. Living up to its name, Star Island is popularwith celebritiesand high-profile business executives. Current homeowners include entertainers Gloria and Emilio Estefan, Lennar Corp. Executive Chairman Stuart Miller and pharmaceutical entrepreneur Phillip Frost and wife Patricia.
“Star Island is the best location Miami Beach has to offer,” Curkoski said. “And we consider this to be the best lot on Star Island, because it’s positioned on the tip of the island and has unobstructed views from sunrise to sunset.”