Star Island mansion hits market for $65 million

A 10-bedroom mansion on the northern tip of Star Island is being listed for $65 million, according to The Wall Street Journal.

The 18,356-square-foot home at 46 Star Island Dr. belongs to Marco Iacovelli, the owner of Miami-based auto parts-maker Rally Manufacturing. He paid $1.825 million for the property in 1987, Miami-Dade County records show.

The home was built in 1920s but has been extensively renovated, according to the Journal. Amenities include 255 feet of land on Biscayne Bay and two private boat docks. It is the most expensive single-family home for sale in Miami-Dade County, according to listing firm One Sotheby’s International Realty.

Iacovelli is trying to sell as Miami’s luxury real estate market grinds to a halt. Sales for single-family homes in Miami Beach fell 27 percent year-over-year in the third quarter of 2016, according to a report from brokerage Douglas Elliman.

NICHOLAS NEHAMAS

This story was originally published November 1, 2016 at 4:17 PM with the headline "Star Island mansion hits market for $65 million."