A 10-bedroom, 12-bathroom mansion in Miami Beach is back on the market after a $17 million price cut.
The 20,000-square-foot home on Star Island was recently relisted at $48 million, after arriving on the market in the fall of 2016 at $65 million. It was offered without reserve by Concierge Auctions in January, but didn’t find a buyer. Now the listing is back with Alexa Iacovelli and Mirce Curkoski, both of ONE Sotheby’s International Realty. They were not immediately available for comment.
Built in 1924, the home was fully renovated in 2016, according to the listing. Original features like the great room’s vaulted ceiling were restored, while areas like the kitchen—which now has commercial-grade appliances, island and breakfast bar—were modernized. The home’s bathrooms and closets were also expanded, according to Mansion Global’s December article on the home.
The property is on the tip of Star Island and has more than 250 feet of water frontage, offering panoramic views, according to the listing, which returned on May 23. There’s also a private dock and a boat lift.
The home is currently owned by Ms. Iacovelli’s father, Marco Iacovelli, who bought it for $1.8 million in 1987, according to public records. Mr. Iacovelli is the founder of Rally Manufacturing, an automotive accessories company. He was not immediately available for comment.
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Among its 40 rooms are a game room and lounge with a wet bar, three offices, a 3,000-bottle wine cellar and a home gym. There’s also an entertaining deck on the water, a pool surrounded by fountains and a cabana.
Star Island is also home to celebrities like Sean "Diddy" Combs and Gloria Estefan, according to The Wall Street Journal.