In 1981 a 2 acre Indian Creek Village home was priced at $775,000, $1.9 million today. Just last year Julio Iglesias, famous Latin singer and father of Enrique Iglesias, purchased it for $15.2 million, a $13.2 million takeaway.

Well worth it to Iglesias, who’s said “After a lifetime of traveling the world, I can say that Indian Creek is my favorite place on the planet.” Given the locale’s lush Miami Beach views, great harbor, central golf course, and relative seclusion, that’s easy to believe.

The 5,500 square ft home is spectacular, but temporary.  The Iglesias family plans to reside there while developing a 20,000 square ft Spanish hacienda on a neighboring 4 acre lot, which he’s owned for over three decades. The larger property used to host his 8 bed, 7 bath, 10,000 square ft home. However lovely, the former residence wasn’t suited for his family of seven: “The house was built for a couple. Suddenly I had five kids,” he explained.

For six years Iglesias tried selling the lavish structure, but resolved to keep it after no offers and markdowns totaling $8 million, from 2002’s $32 million to 2008’s $24 million. “We went down, down, down, and then I thought, you know, this is too cheap.”

Smart move, as the prime property is only expected to gain value.  Of course, Indian Creek Village residents and an army of contractors are glad the forever-young crooner is sticking around.