Russian Billionaire Sets Record with $120 Million Sale in Miami-Dade County

A recent sale of an estate in Miami’s prestigious Star Island has made headlines after it fetched a staggering $120 million, setting a new record for Miami-Dade County. The estate, previously owned by retired NBA star Shaquille O’Neal, has been purchased by Russian billionaire Vladislav Doronin. However, this magnificent property may soon face demolition, as speculations suggest it could be a teardown purchase.

Key Details About the Sale

• Record-Breaking Price: The $120 million sale marks a significant leap from the previous record, which stood at $107 million for Ken Griffin’s Miami mansion.
• Lifestyle Amenities: The estate boasts:
  • 8 bedrooms
  • 9 bathrooms
  • 3 half-bathrooms
  • Private dock
  • Tennis court
  • Swimming pool

Background on the Estate

Originally sold for $16 million in 2009, Doronin purchased the luxury home and later made extensive renovations in 2011. The property includes parts dating back to 1924, while the majority of the structure was developed in 1992. According to reports by the South Florida Business Journal, the rare corner lot offers a prime location on the sought-after Star Island.

Overview of Star Island

Star Island is famed for its exclusivity and celebrity residents. This man-made island features only around 30 properties, making it one of the country’s most expensive neighborhoods. Notable past residents include:

• Gloria Estefan
• Jennifer Lopez
• Enrique Iglesias

Future of the Property

Despite its lavish features, sources suggest the new owner is contemplating tearing down the estate. Given the increasing value of land on Star Island, this decision aligns with a trend of high-profile buyers and developers seeking to build custom luxury homes.

Insight into the Buyer

The sale was reported to be facilitated by an LLC connected with health technology entrepreneur Michael Ferro. Doronin, the founder of OKO Group and Aman Resorts, continues to be a significant player in luxury real estate. His focus on high-end developments reflects a broader trend in which ultra-wealthy individuals are moving to Florida, drawn by its appealing business environment and lifestyle.

The Miami Luxury Market

• Billionaire Migration: The influx of billionaires and international companies has transformed South Florida’s luxury market, with properties often selling off-market and at record prices.

Developer Insights

“Miami has become a stronghold for many top-tier firms,” says Darin Tansey of Douglas Elliman. “Major companies are not just entering the market; they’re committing significant space to establish a presence in the region.”

• Commencing Operations: Doronin’s OKO Group recently opened the 830 Brickell office tower, attracting high-profile tenants like Citadel, Microsoft, and Santander.

Market Trends and Future Prospects

While the broader Florida housing market has stabilizing trends, the luxury segment continues to thrive. The ongoing interest in premium listings showcases the robust nature of South Florida’s real estate.

Conclusion

The $120 million sale on Star Island underscores the escalating demand for luxury properties in Miami. As wealthy individuals remain attracted to the area’s charm and competitive advantages, the landscape of high-end real estate continues to evolve dramatically.

For more information about Florida’s luxury real estate market, explore resources from Florida Realtors and Zillow.