A modern waterfront home in Miami Beach is one of the latest listings to test the value of celebrity cachet when it comes to finding a buyer.
Musician Lenny Kravitz once owned this 5,735-square-foot house in the gated community of Biscayne Point. He sold it to the current owners for $2.45 million in 2009, according to property records. The house was listed in March for $7.995 million.
Listing agent Julian Cohen of Coldwell Banker says the rocker’s ties to the home, in addition to his popularity in the world of interior design, has brought a lot of attention from potential buyers. “People think, ‘I just need to get inside and see it,’” Cohen said.
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Kravitz’s appeal extends beyond his music. His company, Kravitz Design, was involved in a number of projects in Miami, including the Paramount Bay condominiums in Edgewater, as well as the former Florida Room at Delano, the art deco hotel in South Beach.
Kravitz Design declined to comment for this article. In a press release in 2011, Lenny Kravitz described his vision for Paramount Bay as integrating “the natural beauty and energy of Miami into a look that is as functional as it is inspirational.”
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The Miami market sees a fair number of listings with celebrity connections.
Fashion designer Calvin Klein’s estate on North Bay Road is currently on the market for $16 million. Rapper Lil Wayne has put his La Gorce Island mansion, which boasts a rooftop skate park, on the market for $18 million.
These estates, like many celebrity homes in the Miami area, share one prized characteristic: waterfront access. And waterfront properties command a premium in Miami, selling for about 60% more on average than non-waterfront homes, according to Jonathan Miller, president and CEO of property appraisal and consulting firm Miller Samuel.
But while a celebrity connection may bring potential buyers to the front door, it doesn’t always guarantee a sale.
“Once you open the door, there’s got to be some substance there,” said luxury broker Jill Hertzberg of the Coldwell Banker team the Jills. Hertzberg has had a number of Miami-area listings with celebrity connections, including an estate on Sunset Island that also belonged to Kravitz. It sold for about $14.5 million in 2005. (Hertzberg is not involved in the Biscayne Point listing.)
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The owners of the Biscayne Point property kept most of the finishes selected by Kravitz, including the Calacatta marble used throughout the home. Windows in the 3,500-square-foot living room offer views of Biscayne Bay. “His taste is very refined and you can see that throughout the property,” said Cohen.
Kravitz bought the estate for $725,000 in 1997, according to property records.
Owners Richard and Nancy Crowell told Mansion Global they are selling the house because they’d like to downsize.
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