Today's news revealed how other celebrities or business tycoons are making moves in the real estate world. After Byron Allen sold his full-sized condo, this time, Russian billionaire Vlad Doronin made a record by selling his Miami-area home. A reasonable sum of $120 million completed the transaction.
Russian Billionaire Set the Standard High
Vlad Doronin is a renowned Russian businessman, art collector, and real estate developer. He is famous for being the chairman and owner of Aman Resorts. His versatile personality is not going slow, as he is also a co-founder of the Moscow-based Capital Group.
Recently, the news mentioned that Vlad Doronin had sold his Star Island home. Interestingly, the $120 million deal set the standard high, as it experienced a record-breaking sale in the Miami-Dade County area.
Vlad Doronin also made his name in the news bulletin earlier. The incident dates back to 2024, when the billionaire purchased a five-story penthouse in the Aman building in New York City. At that time, Doronin spent $135 million and received an additional discount of $45 million.
Now that Vlad Doronin has sold it, the new owner/buyer is reportedly Michael Ferro, a healthcare technology entrepreneur. With this selling and buying, Miami Dade witnessed a record-breaking $107 million by billionaire Ken Griffin in 2022.
Star Island Home Legacy
According to the latest news, Vlad Doronin was not the property's first owner. Earlier, NBA star Shaquille O'Neal owned the Star Island home. The Russian billionaire purchased it from the player, paying him $16 million in 2009.
Teardown Expected
The home enjoys a prime location on Star Island, also famous for being one of Miami's costliest neighborhoods. However, resources revealed that the new owner intends to dismantle it and build something new.
Following the history, you will learn that the property was initially constructed in 1924. It was also reconstructed following significant additions in 1992. When the Russian billionaire bought it, his company made further changes/renovations in 2011.
When peeking inside the real estate, the Star Island home contains a luxurious living map and facilities. It includes eight bedrooms, three half-bathrooms, nine bathrooms, a private dock, a swimming pool, and a tennis court.
Star Island: Where Majority Celebrities Live
Star Island, an artificial island in Miami Beach, is famous for being the celebrity major hotspot. It includes only 30 properties, but popular celebrities wish to live here once in a lifetime. Gloria Estefan, Enrique Iglesias, and Jennifer Lopez have also called it home for quite a long time. Since 2023, Star Island has become the most expensive neighborhood in the United States.
In addition to the inhabitants of the entertainment and media world, reports show that many businesses are moving to artificial islands. The names in the row are Doronin's company, OKO Group, and other big companies such as Citadel, Santander, and Microsoft.
Miami is Thriving
Resources reveal that the luxury market of Miami Beach is booming. Many millionaires and billionaires are interested in investing in high-end real estate properties. Miami will eventually become a high-priority living location for wealthy buyers, halting the Florida housing market.