At $430,000, a house on lovely Star Island in Miami Beach may be a steal in today's downtrodden real estate market. But the joint's not for sale. It's for rent, at $430K a month. An indication, perhaps, that all is not lost in one of the country's hardest hit housing markets.
Built in 1996, the 12,000-square-foot property is the most expensive rental property in the tri-county South Florida region, according to Condo Vultures Realty, a Bal Harbour-based brokerage. The 11-bedroom, 12-bath mansion stands on a 40,000-square-foot lot that fronts Biscayne Bay and has great views of the Greater Downtown Miami skyline and the cruise ships that dock at the Port of Miami.
The oval-shaped Star Island was created by Carl Fisher, the co-founder of Miami Beach. Built in 1922 of re-claimed sand dredged up by the Army Corps of Engineers, it has 35 home sites. It is connected to the MacArthur Causeway and the rest of Miami Beach by Bridge Road.
There's no word on who owns the rental house, but over the years, numerous celebrities have lived on the island. The list of Star's "who’s who's" includes Shaquille O'Neal, Gloria Estefan, Madonna, Alex Rodriquez, P. Diddy, Sylvester Stallone and Don Johnson.
