Miami Beach luxury homes are slow to sell these days, but yesterday a waterfront estate located at 4949 Pinetree Drive sold for $8,000,000.

The 11,600 square feet house, with 8 bedrooms, and 10.5 bathrooms, is situated on a lot measuring over 2 acres, and was listed for sale in 2007 for an outrageous price of $20,600,000, rendering the property unsaleable. The price continued to drop for 2 years, until Raquel Woolin, the sole owner of the property, finally agreed to a reasonable asking price of $9,500,000 in August of this year.

The home was formerly owned by S.S. Kresge, the founder of K-Mart, and was designed by world famous architect, Carlos Schoppel. The property is a one-of-a-kind estate featuring the largest water frontage, (670-ft) available in Miami Beach today. The meticulous grounds are replete with a marvelous tennis court, a Venetian tiled swimming pool, 2 cabanas, and a 4-car garage.

Alex Shay is a Miami local & real estate blogger. You can read more of his work online at Miami Real Estate.