Miami Beach’s exclusive Star Island has emerged as the leader among the most expensive neighborhoods in the United States, leading Port Royal in Naples, FL and Beverly Hill’s Beverly Hills Gateway and Trousdale Estates, according to sales data from Zillow Group Inc. The average home sale on the ritzy island in 2022 traded for $40.2 million, up $16.7 million and 71% from 2019 when the average home sale on the island was $23.5 million.
Over the past several years hedge fund heavyweight Ken Griffin, founder Citadel, has purchased an assemblage of five properties on the island for a combined $170 million. Griffin made a splash when he acquired 8 Star Island Drive, a teardown built in 1993 on 1.8-acres, for $75 million. The sale set record for single-family home sales in Miami-Dade County at the time, a record Griffin is no stranger breaking. Griffin has also acquired the adjacent 10 Star Island for $25 million and 11 and 12 Star Island Drive in an off-market deal for roughly $37 million and 13 Star Island for $32.5 million. He also owned 14 Star Island which he purchased for $24 million in 2020 and sold to ex-New York Yankee and real estate investor Alex Rodriguez for $18.5 million in a reported swap for 13 Star Island.
The bridge onto Star Island
Source: ProfileMiamiRe.com
