Singer Julio Iglesias has paid $15.2 million for a home adjacent to the empty tract he owns on Indian Creek Island in an off-market transaction.
Iglesias intends to demolish the property, which is located at 7 Indian Creek Drive, to build a new home.
It had been owned by Baltimore developer Paul Frederick Obrecht, who died in November.
Obrecht paid just $775,000 for the property in 1981, according to the Miami Dade County Property Appraiser’s office.
The six-bedroom, five-bathroom, 5,504-square-foot home had an assessed value of $7.73 million last year, according to the Miami-Dade County Property Appraiser’s office.
Iglesias’ manse at 5 Indian Creek Drive was listed for $28 million in 2006, among the most expensive homes in the United States at the time.
After failing to sell it, the singer demolished the property in 2008. It remains a vacant lot. I had been to a party at this tropical oasis of a home (think Hawaiian resort style) and it was a shame to see it be bulldozed but it didn't have all the grandness required these days of properties in that price range.