As one of the latest listings to hit the Miami Beach luxury real estate market, this sleek and sexy residence situated directly on Biscayne Bay was once owned by Lenny Kravitz. Furthering the claim that celebrity appeal can increase the value of a home, the 5,735 square foot estate in the gated community of Biscayne Point was bought by the Grammy Award Winner and interior designer in 1997 for just $725,000. Today, the luxury waterfront home is commanding a listing price of $7.995 million.
Listing agent Julian Cohen of Coldwell Banker told Mansion Global that the rocker’s ties to the home, in addition to his popularity in the world of interior design, has brought a lot of attention from potential buyers. “People think, ‘I just need to get inside and see it,’” Cohen said.
While the name alone brings interested on-lookers, Kravitz’s appeal extends beyond his music and into the world of design. His company, Kravitz Design, was involved in a number of projects in Miami, including the Paramount Bay Condos in Edgewater, as well as the former Florida Room at Delano, the art deco hotel in Miami’s South Beach.
The current owners of the Biscayne Point property, who purchased the home from Kravitz in 2009 for $2.45M, kept most of the finishes selected by Kravitz.
The home is situated on a 12,150 sq ft lot with a driveway that features hand-placed squares of artificial grass that never have to be watered, mowed or treated. Calcatta marble is used throughout and windows in the 3,500-square-foot living room offer sparkling views of Biscayne Bay.
In the Miami real estate market, there are currently a number of celebrity homes up for sale. Pharrell Williams recently listed his Miami Penthouse for $10.99 million. Fashion designer Calvin Klein’s estate on North Bay Road is on the market for $16 million, and rapper Lil Wayne has listed his La Gorce Island mansion, complete with rooftop skate park, for $18 million.
And while celebrity status may help get people in the door, it doesn’t necessarily guarantee a buyer. The home has to have a certain allure; combine a unique appeal and celebrity status with a waterfront location and the chances of a quick sale are sure to go up. In Miami, waterfront homes sell for about 60% more on-average than non-waterfront homes.
View the full listing here.