In a landmark transaction that underscores Miami’s escalating luxury real estate market, billionaire developer Vlad Doronin has sold his expansive Star Island estate for a record-breaking $120 million. This sale not only sets a new benchmark for single-family homes in Miami-Dade County but also highlights the allure of Miami Beach’s exclusive enclaves.
A Record-Breaking Transaction
The property, located at 26 Star Island Drive, spans approximately 2.5 acres and boasts a 22,000-square-foot mansion with six bedrooms and seven bathrooms. Doronin, renowned for his global real estate ventures and ownership of Aman Resorts, acquired the estate in 2009 for $16 million from former NBA star Shaquille O’Neal. The recent sale to Constellation Drive LLC, a Delaware entity led by businessman Michael Ferro, marks a significant return on investment and sets a new high for Miami-Dade’s luxury home sales.
Star Island: Miami’s Elite Address
Star Island, a man-made sanctuary in Biscayne Bay, has long been synonymous with luxury and exclusivity. Home to celebrities and billionaires alike, the island offers unparalleled privacy and opulent waterfront properties. Doronin’s estate, with its expansive grounds, pool, tennis court, and private dock, epitomizes the grandeur associated with this coveted locale.
Michael Ferro: The New Owner
The buyer, Michael Ferro, is a prominent figure in the tech and media industries. As the founder of Merrick Ventures, a private equity firm, and former chairman of Tribune Publishing, Ferro’s acquisition of the Star Island estate adds to his portfolio of high-profile investments.
Implications for Miami’s Luxury Market
This transaction reflects the robust demand for ultra-luxury properties in Miami. The city’s favorable tax environment, coupled with its vibrant culture and climate, continues to attract affluent buyers. Doronin’s record-setting sale is a testament to Miami’s standing as a global luxury real estate hub.
About Vlad Doronin
Beyond this notable sale, Vlad Doronin’s influence in Miami’s real estate landscape is profound. His OKO Group has been instrumental in shaping the city’s skyline, with projects like the 830 Brickell office tower and the upcoming Aman Residences in the Faena District. Doronin’s commitment to architectural excellence and luxury living continues to redefine Miami’s urban experience.
In conclusion, the sale of 26 Star Island Drive not only sets a new record but also reinforces Miami’s position as a premier destination for luxury real estate investments. As the city evolves, transactions like these highlight the enduring appeal and growth potential of its high-end property market.
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