One of Miami Beach’s most expensive homes is headed to auction on Jan. 31.
The 10-bedroom, 12-bathroom mansion on Star Island was listed in the fall of 2016 for $65 million. After more than a year on the market, it will now be offered without reserve by Concierge Auctions.
Built in 1924 and fully renovated in 2017, the 20,000-square-foot home "blends two worlds," said Caitlin Keys of Concierge. "It’s rich in history, but also has everything people are looking for in a home now."
The Mediterranean-style abode has more than 40 rooms and was built for Carl Fisher (1874-1939), an entrepreneur in the fledgling automobile industry and one of the early developers of Miami Beach. Decades later, in 1987, the founder of automotive accessories company Rally Manufacturing, Marco Iacovelli, bought the home for $1.8 million, according to public records.
Mr. Iacovelli and his family used the Star Island home as their primary residence, but his four children are grown and they "no longer need the space," he said in a statement.
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"It has been a wonderful experience, a wonderful place to live," according to Mr. Iacovelli. "It is an important and historic home in Star Island…[and] the ideal place to live." The home was originally listed by his daughter, Alexa Iacovelli, and Mirce Curkoski, both of ONE Sotheby's International Realty.
Located at the far end of the island, the home has more than 250 feet of water frontage, with a private dock and plenty of space for watercraft. In fact, when they were younger, the Iacovelli children would often be picked up by their friends in boats rather than cars, according to Ms. Keys.
Cars can access the home as well, of course, and there’s room for six under the carport. But there’s an added level of quiet and privacy because the main road is on the other side of the island, Ms. Keys said.
In 2016, the familybeganan extensive but careful renovation of the mansion. They preserved many of the historic elements, such as the home’s intricate vaulted ceiling in the main living area of the house. That includes the great room and the second level overlooking it, plus the double-sided staircase.
"The amazing ceiling just unites the entire building," Ms. Keys said. Some of the original flooring and other finishes also remain.
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The fluidity of the home was always there, as well, with many rooms leading to covered terraces. "You can open everything up," she said.
But buyers today want "modern, modern, modern," Ms. Keys said. To that end, the kitchen has been entirely redone with commercial-grade appliances and a neolith-topped island with seating. Neolith, sintered porcelain slabs from Italy, is something Ms. Keys is seeing more and more of in luxury kitchens, she said.
The master suite also got a makeover, with expanded closets and bathrooms. It now features a private balcony with water views, a sitting area, a soaking tub and a custom dressing room.
"They wanted to bring it up to today’s standards," Ms. Keys said. In terms of closet space, "what was sufficient in 1924 and the late 1980s isn’t quite big enough now," she laughed.
Other amenities include a large entertaining deck on the water, a game room and lounge with a wet bar, three offices, wine cellar, home gym, a pool with fountains, a cabana and a boat lift.
Star Island, which is just a few minutes from South Beach, provides sweeping views of Miami, Miami Beach and the Intracoastal Waterway, plus it’s just a few minutes to South Beach or the area’s airports. It’s also home to a few celebrities, including Sean "Diddy" Combs and Gloria Estefan, according to The Wall Street Journal.