Another Star has departed Star Island. Amidst speculation of financial woes surrounding a cancellation of television show, O’Donnell listed her incredible Star Island home on the market for $19.5 million last year. This past week, O’Donnell sold the home for $12.657 million. While this may sound like a considerable drop in price, O’Donnell will still make a substantial profit on the property since she purchased it in 1999 for $6.75 million. It was built in 1923 and since it has been in O’Donnell’s care has been completely updated with the most exquisite updates and furnushings. Her neighbors include, Gloria Estefan, Shaquille O’neal, and Sean Combs.
While there is still no shortage of celebrities on Star Island, this year a number of celebrities are selling off their Miami Beach mansions at a substantial profit to international and cash buyers. Matt Damon, A-Rod, and Bill Joel have sold so far in 2013, and one of the leading reasons is simply that the real estate market in luxury is in high demand and the inventory is extremely limited. Prices have gone up more than 20% in most of the luxury market in Miami Beach, in some areas by more. There are simply not that many markets where homes of this caliber are found and celebrities notice that it is a good time to sell, and make substantial gains. If you are looking to sell an island home in Miami, contact us today for a complimentary market analysis.