Audio By Carbonatix
Keep Miami New Times Free
We’re $1,500 away from our spring campaign goal!
We’re aiming to raise $10,000 by April 26. Your support ensures New Times can continue watching out for you and our community. No paywall. Always accessible. Daily online and weekly in print.
Jennifer Lopez sold her Miami Beach mansion for $13.9 million back in 2005. The new owners originally put the La Gorce Island home on the market for $29 million in 2010. It didn’t sell, so now they’ve changed the price. A discount? No. It’s now listed for $40 million. All of this should give you an idea of just how crazy the high-end Miami Beach real estate market is right now.
According to The Wall Street Journal, Mark Gainor, a health care entrepreneur, and his wife bought the home from Lopez in 2005. The couple immediately put $11 million worth of renovations into the home, and after five years put it back on the market at $28 million. Now the price has risen 40 percent to the $40 million mark. The realtor says the price increase represents rising property values in the area.
Indeed, the most expensive home in Miami-Dade history, an Indian Creek pad, sold earlier this month for a reported $47 million. At the very least, the upped asking price gets the property in the headlines and perhaps generates some interest.
So what would a cool $40 mil get you? Well, the home was originally built in 1929. It boasts seven bedrooms, 200 feet of waterfront, hardwood floors re-purposed from 150-year-old hardwood, a 6,000-gallon koi pond, and, of course, a giant closet befitting a J. Lo-like diva. The home also comes completely furnished.
Follow Miami New Times on Facebook and Twitter @MiamiNewTimes.
