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Miami Beach Home on La Gorce Island Sells for $8.8M

At just over 62 percent of the initial ask

A waterfront residence facing north on La Gorce Island just sold for $8.8 million after originally listing for $14.4 million last summer — 61 percent of the initial asking price.

Purchased for $6.5 million in 2011, the home was renovated in 2012, per The Real Deal:

Records show the property was built in 1961, yet the estate underwent a total renovation that was completed in 2012, Jill Hertzberg of the Jills told The Real Deal.

"They gutted the kitchen, the bathrooms, reconfigured the home," Hertzberg said. "They did everything possible."

The 6,190-square-foot residence has five bedrooms and 6.5 bathrooms, described in the listing as a "modern tropical oasis." It features exotic palm trees, wood ceilings, marble floors, and a contemporary style.

Out back, there’s a beautiful pool area with permanent seating constructed in shallow water adjacent to the pool, along with a gazebo, dock, and 104 feet of waterfront.