Today' estate in Miami Beach, Florida (thanks, designer) was once home to Cher and has also served as a temporary residence for Janet Jackson and Julio Iglesias. Cher bought the property in 1993 for $1.5 million and rebuilt it. She sold in 1996 for $4.35 million to Barry Schwartz, former chairman and CEO of Calvin Klein who sold to real estate developer Todd Glaser and investment partner Armin Mattli, president of Clinique La Prairie, the Swiss spa/hotel/medical center ten years later. The property was completely redone and then rented to Janet Jackson last year for $85,000 a month, followed by Julio Iglesias and then Douglas Cramer, executive producer of the TV series Dynasty. The home which once featured in Architectural Digest, has six bedrooms, cabana and gym, two-car garage and dock.Details include a large inner courtyards, archways, rosette windows, keystone columns, a two-story living room, formal dining and large media rooms and a lap pool. The kitchen has double sub-zero stainless steel refrigerators, Traulsen wine cooler, huge white marble island and Wolf gas stove, also opens to wide covered terrace. The master suite has a walk-in closet, private covered terrace overlooking pool and wide views, and a 3rd story living room with large covered terrace overlooking water. This home is listed at $14.9 million which seems a bit ambitious for the current market even though it is a beautiful home.

[via Miami Herald]

Ever wondered which neighborhoods are experiencing the most growth and are the most lucrative in terms of real estate investing? Forbes has compiled a list of the top five neighborhoods that have grown above and beyond the rest. Whether the growth is due to a dramatic drop in crime or rezoning and infrastructure development, here are the top five and their percentage of growth since 1990 which make the rest of our hometowns look measly on the investment scale.

• Miami Beach (City Center) in Miami, Florida -- 1532% growth
  
• Ohio and Westgate Avenues in Los Angeles, California -- 3081% growth
  
• Rosslyn/Highlands in Washington, D.C. -- 566% growth
  
• Riverside Drive and 149th Streets in New York City, New York -- 4391% growth
• Grove and Webster Streets in San Francisco, California -- 522% growth

We visited North Bay Road in Miami Beach last month for an estate of the day but a reader, Marie, sent me the link for this one. I figured it was worth sharing with you. I'm not quite sure what sort of happy money cocktail designers are sipping along North Bay Road but it makes for some interesting decorating decisions, especially as newer owners with lots of money try to bend older homes to their will. The last estate we saw in this area was a strange amalgam of modern and absurd baroque. This one is a less obvious and more lavish case, but there are still some interesting juxtapositions here. The current owners seem to have a hankering for the modern, hence the new spare and bare contemporary kitchen and bathrooms, but this home still has the particularly Miami affliction of gold paint details on the walls. The home is over 10,000 square feet with nine bedrooms and it has a nice chunk of bay frontage with a dock. This estate is listed at $18.9 million.

This one confounds me. We start with a prestigious location, North Bay Road in Miami Beach, the same place where Hulk Hogan recently sold another white contemporary house to director Michael Bay. From the outside this looks like a your standard contemporary with boxy lines and a sleek little glassed-in sunroom space. The outdoors check out fine, a small piece of land certainly but with a nice pool and a private wood dock with charming old-fashioned style lights. But then, let's take a look inside this six-bedroom home. It's kitsched-out within an inch of its life. The gilding, the elaborate moldings and fireplace mantles, the heavy draperies and chandeliers all create a space that is positively Liberacesque. No pictures of the bedrooms in the listing which is a shame because if the public spaces are this baroque, I can't even begin to imagine what the private spaces are like. This rescue mission is listed at $5.95 million. I hope someone picks up this house and restores its modern soul.

This one is for the design junkies. This five-bedroom penthouse in the Murano Grande building in Miami Beach not only has open views of sea and skyline it also has an amazing interior design that is more than just Miami white. The design was created by Xpasio featuring Rene Gonzalez as architect and CDC builders. Details include custom design teak walls and floors, even the media room has teak built-ins and a sea grass inlaid carpet. The overall effect is calm and warm in subtle grays and earth tones. Given the current real estate market is $9.5 million a lot to ask for a 6,000-square-foot penthouse?

The seven-bedroom home in Miami Beach offers a feature I have never seen before, a putting green with an ocean view. This is often where homes in the area put the pool but instead you can find the pool up a few floors on the roof. This Miami Beach contemporary sits on a whisper of land (under a quarter acre) but has over 7,000 feet of interior space.The new home has marble and wood floors, a formal dining, waterfront kitchen with morning niche, family and media rooms, guest and staff quarters. The large master suite has a private terrace. This home is listed at $7.95 million.

I couldn't resist the chance to feature three reality television show houses that were all in today's real estate round-up. All three were part of the subgenre of reality television in which the semi-famous or formerly famous seek a bit more fame through having their lives filmed. For those interested in real estate snooping it's often a chance to eavesdrop on some pretty interesting homes. Today's batch brings us Hulk Hogan's house in Miami, the home of Danny Bonaduce and the home that Miss Victoria Beckham recently pranced through during her reality TV special. Plenty of pics after the jump.

The Miami Herald had a story this weekend on Aqua on Allison Island, the new condo development in Miami Beach. The development of candy-colored homes sits on Allison Island in Indian Creek. The development includes townhouses and condo towers and is meant to reflect Modernism and a New Urbanist outlook. The development includes a gym but not golf course or tennis courts and the townhomes don't have their own yards. The island is surrounded by a walkway and there are two pools. Each street on the island ends in a water vista. The island has no retail and there is a gate at the entrance so it's not exactly an urban utopia but the developer sees the development as a mini-city where people can hang out, share ideas and enjoy a sense of community, fabulous community of course. Buying in at Aqua can cost $895,000 to $4.9 million. The developer has sold all 105 condos and just six townhouses are left.

If you like things spare and bare, you'll love this one. The Temple House is the largest single family residence in South Beach. It has 16,350 square feet of space that is perfect for entertaining. It has a 6,600 square foot great room with 30-foot ceilings. There are five bedrooms and an outdoor deck which is larger than most homes. The home also has a 2,700-square-foot loft room with a full kitchen. An amazing home but it is a bit chilly looking and doesn't appear to have a pool. It is listed at $17 million. After the jump, you'd never call it cozy.

This gargantuan home on Palm Island is one of Miami Beach's biggest homes. It has over 14,000 square feet of space and is designed around a large pool which leads directly to the waterfront.  Details include a two-story foyer with a winding staircase, marble floors, a formal dining room and theater room. The estate is actually a complex of four structures, a main house, guest house above the garage, staff quarters and an entertainment pavilion with a wet bar and gym. The 12-bedroom house is mainly a study in soft whites and neutrals except for the kitchen which is all dark wood and steel appliances. This home doesn't have any land to speak of but there are 200 feet of open bay frontage with dockage that can accommodate larger yachts. It is listed at $19.7 million. A wealth of interior shots after the jump.

A while ago we passed on the rumor that Jennifer Lopez and Marc Anthony were buying at the ICON in Miami Beach. It turns out that was false but the penthouse they were to have purchased is on the market. The massive three-level penthouse has over 17,000 square feet of indoor and outdoor space. Details include a  360-degree rooftop palazzo, a private pool and a private elevator. The master bedroom suite has a secret "escape door" that leads to an emergency corridor and there is a private and enclosed seven-car garage. The penthouse is on the 41st floor towering 400 feet above South Beach. This amazing place can be yours for $14.5 million. Check out the bare space after the jump. You can also catch the virtual tour here (thanks, Donna).