Estate on Miami’s Star Island Once Asking $90 Million Relists With a $13 Million Price Cut

A two-house property spanning nearly an acre on celebrity-studded Star Island in Miami Beach has been relisted for $77 million, down from $90 million when it first hit the market in January.

At $77 million, “it would be the highest-recorded sale for Miami Beach,” said listing agent Alyssa Morgan, who recently launched her new real estate company, The Inside Network, in partnership with the San Francisco-based tech platform Side. 

In December, hedge funder Ken Griffin set the current record when he closed on a $75 million deal to buy a Star Island home that had been listed for $80 million, according to The Wall Street Journal.

The gated Star Island, which is accessible by causeway from South Beach, “in itself is a very special island,” Ms. Morgan said. “There are only waterfront homes on the island, which is arguably one of the most desirable areas in Miami Beach.”

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The home’s open water views face east, she said. “On the east side of the island you have the clean ocean water coming in and the eastern ocean breezes. It’s a lot cooler than the western side.”

A series of major deals since the pandemic have returned the exclusive barrier island to its 1990s heyday. Over the years, high-profile Star Island residents have included Emilio and Gloria Estefan, Shaquille O’Neal, Rosie O’Donnell and Don Johnson, according to published reports. 

This property, which was relisted last week, offers an interesting mix of house styles—the island’s first residence, a 1924 Mediterranean-revival style home designed by the prominent Miami architect Walter DeGarmo, and a new modern glass mansion that went up in 2019.

The estate offers a full plate of amenities, including 100 feet of water frontage on Biscayne Bay, a large wraparound pool and spa, a chef’s kitchen with De Giulio appliances and five cooking methods, a 1,400-bottle wine room, a waterfront gym, a cold plunge pool, an office cabana, a spa with a massage room and hair salon, a dock with a boatlift, an elevator and an expansive rooftop lounge. There is a six-car garage for the new house and a two-car garage for the old one.

The owner, dental products entrepreneur John Jansheski, bought the DeGarmo house in 2011. In 2014, he had the home physically moved about 150 feet south to make room for the new 17,000-square-foot mansion designed by the South Africa-based architectural firm SAOTA. Combined, the two homes offer 11 bedrooms, 12 bathrooms and three half-baths, according to the listing.

Mr. Jansheski, who was not immediately available for comment, also renovated the 6,000-square-foot 1924 house, giving it a completely new interior and systems and reconfiguring it from six bedrooms to three, with a New York loft-style primary suite on the second floor.

The property was first listed in January with Ms. Morgan, who was then with ONE Sotheby’s International Realty, and taken off the market three months later, she said.

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“We had multiple offers, but he was not motivated to sell,” said Ms. Morgan, who is Mr. Jansheski’s former wife. “They had to be at full asking.”

“Given the market, we did a lot of research and looked at the price per square foot of comparable properties and came up with $77 million,” she said.

The ground floor of the new house features a floating staircase, an elevator to the rooftop, the wine display, a bar, a formal living room, an entertainment room, a dining room, a second living room, the chef’s kitchen and an en-suite bedroom, she said.

There are five bedrooms on the second floor, Ms. Morgan said. “All of the guest bedrooms are extremely large, with big closets and full bathrooms.” 

The primary bedroom suite offers dual bathrooms and walk-in closets, and a terrace, she said.

The estate is “super private,” she added. “When you go by the property by boat you can’t see in, but you have good water views from the house.”