R
ussian billionaire Vladislav Doronin has set a new record for Miami-Dade county with the $120 million sale of his Star Island estate, but its future is uncertain. The 8-bedroom, 9-bathroom home, once owned by Shaquille O'Neal, may be torn down due to its prime location on increasingly valuable land.

    Doronin purchased the property from O'Neal in 2009 for $16 million and renovated it in 2011 through his luxury development firm OKO Group. The estate features a private dock, tennis court, and pool, but its fate is now tied to the buyer's plans.

    The sale surpasses Miami-Dade's previous record holder, Ken Griffin's purchase of Adrienne Arsht's Miami mansion for $107 million in 2022. This transaction is part of a chain of recent record-setting sales across South Florida, where high-end properties are selling fast and often off-market.

    Billionaires are flocking to Miami, bringing their businesses with them. Doronin's OKO Group has opened an office tower in Brickell, attracting major global firms like Citadel and Microsoft. The luxury market is getting stronger and more competitive as South Florida transforms from a vacation spot into a popular home base.

    While the Florida housing market is experiencing a slowdown, ultra-luxe listings remain in high demand. This is not Doronin's first record-breaking sale; he also purchased a $135 million penthouse in New York City's Crown Building with a $45 million discount earlier this year.