Miami’s luxury real estate market has hit a new milestone with the record-breaking sale of a waterfront Star Island estate. Billionaire developer Vlad Doronin has sold his 2.5-acre Miami Beach property for a staggering $120 million, making it the most expensive single-family home transaction in Miami-Dade County history.
A Landmark Sale
Doronin’s Garden Islands International LLC transferred ownership of 26 Star Island Drive to Constellation Drive LLC, a Delaware entity linked to businessman Michael Ferro. Ferro, the founder of private equity firm Merrick Ventures, has an address listed at the ultra-luxurious One Thousand Museum in downtown Miami. His firm, established in 2007, has made significant investment strides, including the $292 million sale of Click Commerce. Ferro also held a leadership role as the non-executive chairman of Tribune Publishing.
Doronin initially acquired the 22,000-square-foot estate in 2009 for $16 million from former NBA star Shaquille O’Neal. The sprawling property boasts six bedrooms, seven bathrooms, a pool, a tennis court, and a private dock, making it a true trophy estate on one of Miami’s most exclusive islands.
Star Island: A Haven for the Ultra-Wealthy
Star Island is synonymous with luxury and exclusivity, home to some of Miami’s most high-profile residents. Billionaire hedge fund manager Ken Griffin has spent nearly $150 million assembling property on the island. Other notable homeowners include music legends Gloria and Emilio Estefan, billionaire philanthropists Phillip and Patricia Frost, rapper Rick Ross, and LoanDepot founder Anthony Hsieh. Even embattled music mogul Sean “Diddy” Combs owns two properties on the island.
Breaking Records in Miami’s Red-Hot Market
Doronin’s record-setting sale surpasses Ken Griffin’s nearly $107 million purchase of Adrienne Arsht’s former estate in 2022. This sale is yet another testament to Miami’s booming luxury market, where trophy properties continue to fetch unprecedented prices.
Beyond Star Island, Miami’s record-breaking trend continues. Earlier this year, Fatos Rosenberg sold a 1.7-acre property at 4445 Sabal Palm Road for just over $85 million, setting the highest-ever sale in Miami’s Bay Point neighborhood. Meanwhile, spec home developer Todd Michael Glaser is under contract to acquire a 2.3-acre waterfront estate on North Bay Road for $105 million. The sellers, Sonny and Suzanne Kahn of Crescent Heights, are poised to set a new benchmark for this exclusive stretch of Miami Beach.
Doronin’s Real Estate Empire
Though he has exited Star Island, Doronin remains a dominant force in Miami’s luxury development scene. As the founder and chairman of Miami-based OKO Group, he has been instrumental in shaping the city’s high-end real estate landscape. OKO Group recently completed the 830 Brickell office tower in partnership with Cain International and is currently developing Una Residences in Brickell and Aman Miami Beach Residences in the Faena District. Additionally, Doronin owns Aman Resorts, a prestigious Swiss-based luxury hotel group known for its ultra-exclusive properties worldwide.
Conclusion
Doronin’s $120 million sale is a defining moment for Miami’s luxury real estate market, reinforcing the city’s status as a prime destination for ultra-high-net-worth individuals. With Star Island continuing to attract elite buyers and Miami’s trophy properties shattering records, the city’s real estate boom shows no signs of slowing down.