After Being Marketed for $90 Million, An Estate On Miami’s Star Island Sells For Only $57 Million

A waterfront estate in Miami Beach, Florida, comprising two distinctive residences—a century-old Mediterranean Revival home and a modern glassy mansion—has been sold for $57 million, as confirmed by the buyer’s representative. This final sale price is notably lower than the initial $90 million sought by the seller, dental-products entrepreneur John Jansheski, when the property was first listed in January 2022. Situated on the prestigious Star Island enclave, the approximately 40,000-square-foot lot has intermittently been on and off the market, most recently re-listed in August for $68 million, according to Zillow.

John Jansheski did not immediately respond to a request for comment, and his real estate agent, Dina Goldentayer of Douglas Elliman, opted not to provide a statement. Chad Carroll of Compass, the buyers’ agent, refrained from disclosing the purchaser’s identity but mentioned that the client had been eyeing the property for an extended period. “We’ve been pursuing it for quite some time,” he stated. “Finally, we arrived at a price we felt comfortable with, and our patience paid off.”

Carroll further revealed that the buyer intends to renovate the interiors of the newer residence and “take the house to the next level.” The original home on the property, designed by architect Walter DeGarmo, was acquired by Jansheski in 2011 for $10.75 million. In 2014, he invested hundreds of thousands of dollars to relocate it approximately 150 feet to accommodate the construction of the new house, as reported by The Wall Street Journal last year. Designed by the South Africa-based architecture firm SAOTA, the modern residence boasts amenities like a hair salon, a wine room with space for around 1,400 bottles, a spacious wraparound pool, and a spa complete with a massage room. Additionally, there’s a separate gym, an “office cabana,” and a dock with a boat lift.

Together, the two homes encompass approximately 23,000 square feet and house approximately 10 bedrooms, as per the listing. The estate stands out for its juxtaposition of old and new architectural styles. Notably, a property purchased by hedge-funder Ken Griffin in nearby Coconut Grove also included an older home built in 1913 for three-time presidential candidate and former U.S. Secretary of State William Jennings Bryan. Griffin is currently exploring the possibility of relocating this historic home to a different site.

While the pace of real estate transactions in Miami has slowed, trophy homes continue to exchange hands at unprecedented prices. In June, Amazon’s Jeff Bezos quietly concluded a deal for a waterfront residence in Miami’s Indian Creek Village for $68 million. Griffin also acquired a residence on Star Island for $75 million the previous year. The fact that the Jansheski property sold at a discounted price “indicates that there are opportunities available,” remarked Carroll. However, he emphasized, “this is still a significant transaction.”

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