A Star Island estate that hit the market for $65 million four years ago is now under contract.
Rally Manufacturing founder Marco Iacovelli has been trying to sell the property at 46 Star Island Drive since late 2016. It was under contract last year to a different buyer, but that deal fell apart.
It’s on the market with Dora Puig of Luxe Living Realty.
The property was priced at $42 million last year, then up to $45 million in December, and in January of this year was reduced back down to $42 million. Realtor.com shows that it is currently under contract.
Star Island attracted interest from a handful of high-profile buyers last year, including Jennifer Lopez and Alex Rodriguez, and billionaire hedge fund manager Ken Griffin.
The 18,400-square-foot, 10-bedroom house was built in the early 1920s by Carl Fisher and features more than 40 rooms, 255 feet of frontage on Biscayne Bay, two private docks, a boat lift, an outdoor swimming pool and cabana.
Iacovelli’s business, Rally Manufacturing, is an auto accessories company based in Miami. Marco’s son, Christian Iacovelli, president and CEO of the company, recently paid $3.1 million for a Palm Island home, also in Miami Beach.
Marco Iacovelli’s Star Island estate comes with two separate staff living areas, with living rooms and kitchens. Property records show Iacovelli paid about $1.83 million for the 1.4-acre estate in 1987. It was originally developed as the Yacht Club, according to the listing.
Griffin has spent about $95 million on Star Island, including a $25 million deal in December.