Doronin’s $120 Million Mansion Sale Sets Miami Home-Price Record

According to Bloomberg, a record-breaking real estate transaction has taken place in Miami-Dade County, with a stunning waterfront estate on Star Island selling for $120 million. This sale marks the highest-ever recorded price for a single-family home in the area, surpassing a previous $107 million transaction in Coconut Grove.

The property, located at 26 Star Island Drive, was owned by billionaire developer Vlad Doronin, founder of OKO Group. Public records indicate that the buyer, Constellation Drive LLC, is linked to entrepreneur Michael Ferro’s Miami penthouse. Doronin had originally acquired the 2.5-acre estate in 2009, purchasing it from retired basketball star Shaquille O’Neal for $16 million, according to reports at the time.

Star Island, a private and exclusive enclave, has long been a preferred destination for high-profile residents, including celebrities, professional athletes, and business moguls. Over the years, the neighborhood has been home to well-known figures such as Jennifer Lopez, Alex Rodriguez, and Gloria and Emilio Estefan.

Luxury real estate in Miami continues to attract significant investment, with demand for high-end waterfront properties showing no signs of slowing down. According to appraiser Jonathan Miller, president of Miller Samuel Inc., there were seven residential sales across the U.S. in 2024 that exceeded the $100 million mark. Miami, in particular, has benefited from high-profile transactions, including deals involving Citadel CEO Ken Griffin and Amazon founder Jeff Bezos.

As the luxury housing market remains robust, Miami solidifies its position as a premier destination for ultra-high-net-worth individuals seeking prime real estate. With record-setting sales and an influx of elite buyers, the city’s high-end property market continues to thrive.

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Source: bloomberg.com