Music industry couple, Emilio and wife Gloria Estefan have taken advance of the recent real estate spike in Miami. The two purchased their Miami Beach waterfront home for $1.48 million in 1993, and the couple just sold the same home for the asking price of $35 million.
Nearly 30 years later, the couple has cashed in over $33 million. According to the listing, the recent sale was on July 23, 2021, following over a year on the market. The property was built in 1940, although has undergone renovations and remodeling since.
Located on 1 Star Island Drive, the 6 bedroom, 10 bathroom estate features stunning views of Biscayne Bay and Downtown Miami. As you pull through the home’s gates, you are greeted by the beautiful white estate and a three-car garage. In addition, the property also features a large separated guest house. While the breathtaking backyard includes a large, in-ground pool, private dock and 240 feet of waterfront.
The couple had been putting the home both on and off the market for the last few years. Initially, the house was listed for $40 million in 2017 and later $32 million in 2019. With the influx of individuals moving to South Florida, the real estate market has seen massive growth and this sale is no different.
The Estefan’s were represented by well known Miami brokerage team, Coldwell Banker Realty’s Jills Zeder Group, and the buyer remains undisclosed.