The Piano Man Sells MB Mansion for $1 Million Less than Asking Price
Aug 21, 2013 August 21, 2013
Grammy-winning musician Billy Joel has sold his bayside, Miami Beach home for $13.75 million; $1 million shy of his initial asking price of $14.75 million. The nearly 9,000 square foot waterfront mansion was purchased by Joel in 2006 for $13.5 million. Located on La Gorce Island, the seven-bedroom, 8.5 bathroom residence shares space with homes previously owned by celebrities such as Cher, Shakira, and Lil’ Wayne.
Joel historically purchases, and occasionally flips, high-dollar real estate from property he bought in Central Island, N.Y. for $22 million, to a West Village, N.Y. apartment he bought in 2005 for $5.9 million (and subsequently sold for $11.65 million in 2011). As recently as 2007, Joel purchased two beach homes in the Hamptons for his then-wife Katie Lee. His current sale was an all-cash deal that netted the artists a relatively meagre $25,000.
The house, which also includes a vast outdoor kitchen, wine cellar, infinity pool, tiled courtyard, and second-floor balconies, was put on the market in May 2012 and was eventually purchased by Diego Della Valle, a majority shareholder in Saks Fifth Avenue. Built in 2004, the mansion, which faces 165 feet of Biscayne Bay waterfront, served as Billy Joel’s residence for six years before the sale.