Lea Black of ‘Real Housewives’ lists $37.5m Star Island home as a teardown 

“Basically next door, you have a home that’s being built that is going to be about $100 million,” says listing agent Saddy Abaunza Delgado, with ONE Sotheby’s International Realty. “I love the fact there is going to be a $100 million home next to us, which is just going to add a lot of value.”

Black’s home sits on a 1.07-acre lot on desirable Star Island.

“The profile of a buyer on Star is somebody special,” Delgado says. “Whoever wants Star—wants to be on Star, and there’s no option other than Star.”

It’s the only home currently for sale on the exclusive island, and it’s bounced on and off for the market over the past few years. The price has fluctuated from $26.9 million in 2021 to $28.9 million in 2022 to the current ask.

Delgado says a comparable lot with less water frontage recently sold for $33 million, and another sale in the area was $67 million—data that was used to help price this property.

“What is happening on Star Island is crazy,” Delgado says. “It’s probably the most unique location in all of Miami.”

Lea and her husband, Roy Black, bought the house in 2011 and have used it as an investment rental property.

“Not only do we have comparables to justify the price, but there is no inventory,” Delgado says. Black is “very motivated to sell now. She’s very firm on her price, and she knows the market. We are right on the ball, with the price with the recent sales and all of the craziness that is happening on Star Island.”

The question is, will someone come in and buy the property just for the land value, or will they want the house on top of it?

“Most people are looking at it for the property, so that’s why we have it as land value and as a residential property for sale,” Delgado explains, estimating that roughly half of potential buyers likely would keep the structure. “It’s got really high ceilings, but it needs a gut job. We priced it as a land value deal. The house would be gravy at this point.”

The 8,500-square-foot, Mediterranean-style home was built in 1981 and has seven bedrooms and eight bathrooms. A guesthouse offers two bedrooms and a bathroom.

“If somebody didn’t want to start from scratch, and from an architectural point of view, this house has great bones,” Delgado says. “But if you’re paying that kind of money, most people would want to probably either completely gut it or tear it down.”

The pool is newer, and the lot offers 180-feet of water frontage.

“The lot is a pie shape; and it opens up where it needs to, which is the waterfront, which is where the value is,” Delgado says. “That’s very special to this property.”

A 60-foot, deep-water dock can hold most any type of boat. And because there are no bridges, ocean access is a breeze for watercraft.

Residents of the island are a who’s who of wealth. Hedge fund manager Kenneth Griffin, rapper Rick Ross, singer Gloria Estefan, and many others have homes on the island. Lisa Hochstein, another “Real Housewives of Miami” cast member, was living on the island, but Page Six and other media reports indicate she moved out a few months ago.

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“It’s a very billionaire-style home area,” Delgado says. “This is the address to have in Miami. A lot of people are coming to Miami. We just need one buyer.”

A version of this story was published on Realtor.com, a real estate and rentals site. In addition to homes for sale, you can find rentals like Scottsdale apartments, Austin apartments, Tampa apartments and more.