Star Island residents Roni and Sam Jacobson flipped their waterfront home for $21 million, about nine months after paying $12 million for the property.
The Jacobsons, real estate investors and philanthropists, sold the house at 34 Star Island Drive to a Florida entity managed by title attorney Philip Gross. They sold the house for 75 percent more than they paid.
The couple acquired the two-story, nearly 6,500-square-foot home in July for $12 million, with plans to renovate and expand the house. They lived on Star Island before. In 2014, the Jacobsons sold their home at 31 Star Island Drive to Wayne and Wendy Holman for $18.8 million.
Stacy Robins of the Stacy Robins Companies, who represented the Jacobsons in the July purchase, confirmed the off-market sale, which Robins brokered as well.
Spec home developer Todd Michael Glaser was hired by the Jacobsons to handle the renovation. Glaser said he’ll complete the renovation for the new owners in about two months.
Flips have become more common in Miami Beach and other luxury waterfront areas of South Florida, as the inventory of available homes continues to fall.
On Star Island, nutrition power couple Roger and Sloan Barnett recently purchased 46 Star Island Drive for $38 million, The Real Deal revealed.
The guard-gated island is between Palm and Hibiscus islands and mainland Miami Beach, accessible by boat and the MacArthur Causeway.
Billionaire hedge fund manager Ken Griffin has spent $95 million on properties on Star Island. Most recently, an entity linked to the Citadel founder paid $25 million for 10 Star Island Drive.