Though Julio Iglesias has shaved millions off the asking price of his Miami-area house over the years, it still hasn't sold. So this month, after two earlier discounts, the singer dropped the price another $1 million, to $28 million. The four-acre, eight-bedroom waterfront property first went on the market for $32 million in late 2002.
If the home gets its asking price, it would still eclipse the record paid for a single-family home in the Miami area -- $27.5 million, set in 1999 when Sylvester Stallone sold his property. Mr. Iglesias's 10,350-square-foot house sits in Indian Creek Village, an exclusive enclave with about 55 residents sandwiched between the Atlantic Ocean and Florida's Intra-coastal Waterway. (The municipality has its own police force and boat patrol for security.) The property comes with about 400 feet of Waterway frontage, two pools and two wine vaults that can hold as many as 7,000 bottles.
Mr. Iglesias, 62 years old, bought the home in 1980 and spent several years renovating it, adding natural thatch roofing to the main house and large verandas that face the grounds. A purchase price couldn't be determined. Mr. Iglesias, who owns homes in the Dominican Republic and his native Spain, declined to comment. Jill Eber and Jill Hertzberg of Coldwell Banker Real Estate have the listing.
After years of sustained growth, Miami-area real estate is showing signs of cooling. The median price for a single-family home there slipped to $366,300 in October from $371,200 a month earlier, according to the Florida Association of Realtors. The pace of sales slowed 41 in October, to 511 deals, from a month earlier, the group says.
