Jennifer Lopez’s former villa on Miami Beach’s North Bay Road has finally sold after literally years and years on the market. Since 2010 the house, which was first listed for $29 million, flopped around with price increases and decreases, re-listings, and even a period on the rental market. After all that gesticulating, the house has finally sold to music producer Phil Collins for $33 million, and not so far off from the original price. To think at one point the price had climbed to an even $40 million.
The 12,152 square foot historic mediterranean revival house was built in 1929, with a rotunda and 150 year-old reclaimed hardwood, but has been well-updated. A master-suite with a terrace, gym, office, and closet was carved out of three former bedrooms. Oh, there’s a theater, wine cellar, 6,000 gallon koi pond, and 200 feet of water frontage.
Mark J. Gainor, former CEO of Adams Respiratory Therapeutics, and wife Elyse Gainor sold the 12,153-square-foot mansion at 5800 North Bay Road to Collins, who has sold more than 100 million albums worldwide between his solo career and his time as the singer of Genesis. Collins is frequently seen at fundraisers in Miami.
Nelson Gonzalez, of EWM Realty/Christie’s International Real Estate, represented the seller in the deal. Collins was represented by Mathieu Rochette of Barclay’s Real Estate Group.
Gainor purchased the home along the Intracoastal Waterway from pop star Jennifer Lopez for $13.9 million in 2005.
Collins’ new neighbor is Bee Gees star Barry Gibb.
“This property has long been a standout in the marketplace…and a sale of this magnitude – surpassing the 30-million-dollar threshold – further demonstrates the draw of Miami Beach to interested buyers from across the United States and around the world,” said Gonzalez.
H/T: Curbed Miami
