It’s back to the drawing board for singer Gloria Estefan and her husband Emilio in their attempt to sell their second home on Miami Beach’s swanky Star Island.
The Miami Sound’s power couple have had the property at 1 Star Island on the market for $40 million since February 2015, but at that price, it has failed to generate the interest of the few buyers worldwide who can afford it.
So, the singer of “Conga” and “Words Get in The Way” and her producer husband briefly de-listed the property, according to records. Then they put it back on the market last week for $37 million.
And even at a $3 million discount, the musical spouses stand to make a killing: They snagged the corner lot property on the gated island in 1993 for a now-paltry $1.8 million.
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The 6,500-square-foot house, by the way, was built in 1940 but was renovated by the Estefans several times. It’s got seven bedrooms and nine bathrooms in the main crib plus a guest house, and until last year the property was rented out for $30,000-a-month.
According to the Miami-Dade County Property Appraiser’s office, the property’s assessed for just south of $11 million.
Jill Eber, the Realtor with the listing since last year, said she advised the Estefans to lower the price to attract a larger pool of potential buyers.
“It’s a very special property and the only property currently for sale on Star Island,” she said. “It has 240 feet of water-frontage.”
The Estefans live down the street at 39 Star Island and in a sprawling beach house just north of Vero Beach.