46 star island drive owner

Once listed for $65 million, a historic 1920s estate on Miami’s Star Island sold Monday for $39 million, according to the Multiple Listing Service.

The 10-bedroom, 12-bathroom Mediterrean-style villa is on the northernmost end of Star Island and offers more than 250 feet of water frontage, plus a private dock and a boat lift.

The home has been on and off the market since 2016, when it was listed for $65 million. After failing to sell at auction in early 2018, the price was slashed to $48 million later that year. It was most recently listed for $42 million.

Alexa Eve Iacovelli and Dora Puig of the Dora Puig Team at Luxe Living Realty had the listing. The seller was Ms. Iacovelli’s father, Marco Iacovelli, founder of Miami-based Rally Manufacturing, an automotive accessories company.

“The market in Miami is on fire now, so this was the perfect time,” Ms. Iacovelli said.

Built in 1924 and fully renovated in 2016, the home has 40 rooms spread out across nearly 20,000 square feet, according to the listing. Those include a double-height great room, a chef’s kitchen, a wet bar, three offices, a gym, a 3,000-bottle wine cellar and a billiards room.

The primary bedroom suite has a balcony, seating area, dressing room, and a marble bathroom with a shower, dual vanities and soaking tub.

Outside, there are several decks and terraces, a loggia that acts as an outdoor dining room, an entertaining deck on the Biscayne Bay, a pool with fountains and a cabana. The 1.4-acre property is landscaped with lawns and mature palm trees.

“The outdoor area is my favorite place,” Ms. Iacovelli said. “We used to have parties every weekend with 80 or 100 people.”

The estate was once part of the Star Island Yacht Club, she noted, and the island has always attracted high-profile residents, she explained. Musicians Sean “Diddy” Combs, Gloria Estefan and Vanilla Ice, as well as former NBA player and commentator Shaquille O’Neal, have all owned homes there.

Before the Covid-19 pandemic, the island had lost some of the luster it enjoyed in the 1990s, but now a wave of buyers seeking lower taxes and more open space in South Florida has reignited the island’s star power, according to The Wall Street Journal.

Performer Jennifer Lopez and former New York Yankees star Alex Rodriguez bought a 10-bedroom mansion there for $32.5 million last summer, and hedge-fund billionaire Ken Griffin purchased an empty lot on the island around the same time, The Wall Street Journal reported.

Mr. Iacovelli purchased the property and historic home for $1.8 million in 1987, according to public records. He was not immediately available for comment.

Jill Hertzberg of Coldwell Banker Realty represented the buyer, who could not be identified because records of the deal have not yet been made public. Ms. Hertzberg did not immediately return requests for comment.

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Miami Beach, FL 33139

1. Miami-Dade County
2. T 54S, R 42E, S 4

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Property Details

This property is classified as Residential (Single Family).

The lot is 61301 square feet, the land value of which is assessed at .

There are 4 buildings on the property. This property has 1 residential units.

It was built in 1923.

This property is valued at .

The legal description of this lot is: "STAR ISLAND CORR PL PB 31-60".

Flood Data

This property is completely within the AE Zone (within floodplain).

The base flood elevation for this flood zone is 10.0 feet.

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This information is sourced from the FEMA National Flood Hazard Layer. See our full disclamer.

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Source: Florida Division of Elections

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Adjacent Properties

Number of Rooms: 4Types of Rooms: Bedroom, Master Bathroom, Dining Room, Living RoomWet Bar

Number of Bedrooms: 10Number of Bathrooms: 12Number of Bathrooms (full): 10Number of Bathrooms (half): 2

Living Area: 18356 Square Feet

Utilities: Underground UtilitiesAppliances: Dishwasher, Dryer, Ice Maker, Microwave, Gas Range, Refrigerator, Self Cleaning Oven, Wall Oven, WasherDishwasherDryerLaundry: Utility Room/LaundryMicrowaveRefrigeratorWasher

Heating: Central,Electric,Fireplace(s)Has CoolingAir Conditioning: Central Air,Electric,ZonedHas Heating

Has a Fireplace

Gas: Natural Gas

Window: Clear Impact Glass, Blinds, Drapes, High Impact WindowsDoor: High Impact DoorsFlooring: Marble, Wood

Entry Location: First Floor Entry, FoyerFloors: Marble, Wood

Has a ViewView: Bay, Water

Security: Smoke Detector(s)

Marco Iacovelli, the founder of Rally Manufacturing, is listing his Star Island mansion for $65 million – marking the priciest home on the market in Miami-Dade County. 

Iacovelli’s home, at 46 Star Island Drive, is sandwiched between one of Lennar Corp. founder and CEO Stuart Miller’s properties and Phillip and Patricia Frost’s estate.

The 18,400-square-foot, 10-bedroom house was built in the early 1920s and extensively renovated since then, according to the Wall Street Journal. It will hit the market for about $3,530 per square foot with listing agents Mirce Curkoski and Albert Justo of One Sotheby’s International Realty. The owner’s daughter, Alexa Iacovelli, is also listing the mansion.

The family’s business, Rally Manufacturing, is an auto accessories company based in Miami.

A penthouse unit at Faena House ($55 million) and Casa Bahia in Coconut Grove ($50 million) follow Iacovelli’s home in terms of most expensive listings in Miami-Dade.

The waterfront property has more than 40 rooms, 255 feet of frontage on Biscayne Bay, two private docks, a boat lift, an outdoor swimming pool and cabana. Two separate staff living areas, with living rooms and kitchens, are also part of the home, which comes in handy for the full-time staff of five needed to maintain the property, the owner told the newspaper.

Property records show Iacovelli paid about $1.83 million for the 1.4-acre estate in 1987. Iacovelli said he and his wife no longer need the space and are spending more time at their homes in the Bahamas and Canada.

The exclusive island has been home to celebrities like Sean “Diddy” Combs, Gloria and Emilio Estefan, Don Johnson, Rosie O’Donnell and Shaquille O’Neal. The Estefans have 1 Star Island Drive on the market for $37 million.

Stuart Miller, who heads one of the biggest homebuilders in the U.S., is building himself a two-story mega mansion with underground parking, a lagoon, guest houses and more at 11 Star Island. He also owns 22 Star Island. [WSJ]– Katherine Kallergis