Lea Black, one of the stars of "Real Housewives of Miami," has listed her mansion on the exclusive Star Island with an asking price of $37 million. Only the property's buyer will decide what will be done with the property, but the listing agent Saddy Abaunza Delgado of ONE Sotheby's International Realty is describing it as a teardown, citing its potential for much higher value in the future.
Delgado told Realtor that the fact that the home is right next door to an active construction site where another mansion is being built is actually a plus rather than a minus in this particular case:
"Basically next door, you have a home that's being built that is going to be about $100 million…I love the fact there is going to be a $100 million home next to us, which is just going to add a lot of value."
The mansion itself sprawls across 8,500 square feet on a 1.07-acre lot, with seven bedrooms and eight bathrooms, but Delgado calls the house "gravy" for any potential buyer due to its need of significant upgrades at minimum. As she explains:
"If somebody didn't want to start from scratch, and from an architectural point of view, this house has great bones…But if you're paying that kind of money, most people would want to probably either completely gut it or tear it down."
The waterfront location is the key feature of this property, as well as the scarcity of available lots on the exclusive Star Island, where it's reportedly the only home currently available for sale. And whoever does end up buying will have plenty of notable neighbors on Star Island, including hedge fund billionaire Ken Griffin, Rick Ross, and Gloria Estefan. Black's fellow "Real Housewifes of Miami" alum Lisa Hochstein also once lived on the island, but has reportedly moved away. You can take a look at what the house looks like now in the video below, from the ONE Sotheby's International Realty YouTube channel:
