Star Island Spec Mansion Sells For $49.5 Million In Off-Market Deal

22 Star Island has sold for $49.5 million in an off-market deal after making waves through the Miami real estate community with its whisper price of $65 million. The buyer has requested to remain unnamed. The 17,000 SF spec mansion sits on the northern tip of Miami Beach’s Star Island, an exclusive enclave off of MacArthur Causeway on Biscayne Bay. Designed by DOMO Architecture + Design with interiors by Dunagan Diverio Design Group, the home features 7 bedrooms and 9 bathrooms in the modern main house and an additional 2 bedrooms in a 6,000 SF guest house which was originally part of the neighboring historic 1931-era 46 Star Island and moved by the developers to the other side of the 22 Star Island property.

22 Star Island offers the finest finishes throughout and an open floor-plan for unobstructed views of Biscayne Bay. The home features a grand entryway, movie theater, balconies which are convertible to pools off of every bedroom, a massive master-suite with its own private pool, a rooftop terrace with elevator access, two kitchens, gym and bar with wine coolers and refrigeration throughout the room. The 1.7 acre estate home also features a massive pool with cabana, private dock and two Jaume Plensa statues overlooking Biscayne Bay.

22 Star Island was developed by luxury homebuilder Todd Michael Glaser. The property was owned by Stuart Miller and David Miller and David Solomon of Berkshire Hathaway HomeServices EWM Realty were involved in the development, marketing and sale of the property.

22 Star Island was revealed in February of this year over Super Bowl LIV weekend hosted in Miami when the home hosted the philanthropic Big Game Big Give fundraiser. The event featured Jamie Foxx, Michael Bay, Aaron Paul, Bryan Cranston, Ray Lewis and Jim Brown, amongst others. Big Game Big Give has raised more than $10 million for worthwhile causes around the world.

Lennar Locks Down $44.8 Million Construction Loan For Wynwood Green

Lennar has locked down a $44.8 million construction loan for Wynwood Green, an 11-story, 189-unit residential rental apartment building which will also feature 17,000 SF of commercial space and 324 parking spaces. The loan was provided by Santander Bank. Wynwood Green will be located on a 1.26 acre site which was the former site of the popular food-truck and bar station at Wynwood Yard, 48, 56, 64, 70, 82, 90 and 98 NW 29th St. and 63 NW 28th street. Initial designs are by architecture firm Dorsky + Yue International. The site of Wynwood Green was sold to Lennar by David Lombardi of Lombardi Properties, who was one of the pioneers in the emergence of Wynwood.

The Miami-based publicly traded Lennar Corporation (LEN) is known as one of the largest homebuilders in the United States, but also retains ownership interests in 53 apartment communities. Wynwood Green would also be their first multifamily project within the city of Miami. Lennar Corporation is run by Executive Chairman Stuart Miller, whose father Leonard Miller was one of the founders in 1956. In 2019 Lennar was ranked 154th on the Fortune 500 and the company operates in 21 states.

Lennar to Sell Rialto to Stone Point Capital for $340 Million

Miami-based Lennar Corporation announced last week that it will sell its investment and asset management division, Rialto, to private equity firm Stone Point Capital. This move may be part of Lennar’s strategy to focus solely on homebuilding.

Rialto was created by Lennar after the recession to purchase distressed assets, but buying opportunities have been scarce as real estate prices have risen.

The company had communicated it was looking to sell off the division for months, which the Wall Street Journal reported in October. In the third quarter Rialto reported $49.5 million in revenue, less than one percent of Lennar’s total revenue.

Lennar said it will still retain one segment of Rialto — its Rialto Mortgage Finance business, which it expects to incorporate into its Financial Services business at the beginning of the 2019 fiscal year. Lennar will also retain interests in various Rialto funds, as well as investments in other legacy Rialto assets.

 Lennar reported earnings of $453.2 million in the third quarter or $1.37 per share. The homebuilding industry has struggled amongst rising supply and labor costs, which are placing pressure on its margins. Lennar, reported strong profitability, and earlier this year acquired CalAtlantic to become the largest homebuilder in the country, in a deal worth $9.3 billion.

By Katya Demina

Lennar Executive Chairman Stuart Miller Expands Star Island Holdings After Acquiring Thomas Kramer's Former Estate 5 Star Island For $33 Million

Lennar Executive Chairman Stuart Miller has acquired Thomas Kramer's former 4 and 5 Star Island Drive for $33 million. The 1.84-acre property is adjacent to two other lots that Miller owns on the exclusive island, 6 and 7 Star Island Drive. In total they now own 4, 5, 6, 7, 10, 11, 12 and 22 Star Island Drive. 4 and 5 Star Island Drive were listed with Brett Harris of Douglas Elliman for $40 million. DOMO Architecture + Design is currently designing Miller's three current Star Island projects which are 6 Star Island, 10, 11, 12 Star Island and 22 Star Island. 

In August 2017 PROFILEmiami reported that Verena von Mitschke-Collande and Claudia Miller-Otto had won 4 and 5 Star Island from Thomas Kramer via court-ordered auction. Kramer, a German born, Miami-based real estate developer and South Beach icon who played an integral role in the redevelopment of South Beach, including the iconic Portofino Tower, before he lost a $90 million settlement in Swiss Courts in 2003 in a legal battle that has continued to play out for decades. 

Known as 5 Star, the eccentric estate is an elaborate party mansion that spans 17,000 SF of living area complete with 13 bedrooms, 12 full bathrooms over the entire 2 acre gated property which offers spectacular views of Biscayne Bay, PortMiami and Downtown Miami. The main house is a 3 bedroom 4 bathroom party manse filled with exotic and eccentric design throughout. The home was custom tailored complete with stripper poles on the dining room table, a 10,000 bottle wine cellar, movie theater, Crestron system, spa, gym, a lavish master-suite complete with a stone-lined master-bath, a balcony with an outdoor tub overlooking Biscayne Bay, a 14 car garage, and is rumored to have even have a missile silo built in. 

Outside features a large driveway and motor-court in the front while out back offers views of the Miami Skyline, a party ready pool, outdoor lounges with summer kitchen, and 200' of waterfront docking for a yacht. The property also features multiple guest houses and separate private office space.

Photos via Douglas Elliman

Stuart Miller Steps Down As CEO Of Lennar, America's Largest Home Builder, To Become Executive Chairman

Lennar has undergone a major shake-up at the management level as longtime CEO Stuart Miller has stepped down as CEO, to be replaced by Rick Beckwitt, and will resume his role with the company as Executive Chairman. Lennar, a publicly traded company as LEN (NYSE), is the United State's largest home builder and is headquartered in Miami. The announcement was made Thursday April 12, 2018. In his new role as Executive Chairman Miller will continue to be involved in the company's strategic direction and operations. 

Other shake-ups include Jon Jaffe, current Chief Operating Officer, has been elected to be Lennar's new President and will continue to serve his role as COO. Chief Financial Officer Bruce Gross will assume a new role as CEO of Lennar Financial Services, and Treasurer Diane Bessette will transition to the role of CFO.

Lennar was co-founded by Miller's father, Leonard, in the 1950's. Miller, 60, has worked for Lennar for over 35 years and served as CEO for over 21 years.

Incoming CEO Rick Beckwitt has worked for Lennar for over 12 years and became President in 2011. He helped guide the company through the financial crisis which wiped out many in the real estate sector and has overseen major deals including the acquisition of CalAtlantic.

Lennar currently has over 250,000 homesites and 1,300 communities and is spread across 21 states and 49 different markets. In February 2018 Lennar acquired CalAtlantic in a $9.3 billion deal.