The former Genesis singer grabbed the opportunity to buy the mansion on 5800 North Bay Road - looking out over the Biscayne Bay - from a private equity firm owner who paid only $13.9 million for the property in 2005.
According to the New York Post newspaper, the incredible property boasts an incredible view of the Miami skyline, seven bedrooms, eight bathrooms, a koi fish pond, an outdoor kitchen, boat dock, and swimming pool.
The 64-year-old British musician - who also has a property in New York and a main home in Begnins, Switzerland, where he lives with his wife Orianne Cevey and their sons Nicholas and Matthew - is said to have been drawn to the Miami house because ''he was really looking for a big piece of land'', according to The Wall Street Journal.
Private equity business owner Mark Gainor thinks celebrities like the Mediterranean-inspired property - which was made in the 1920s and comes complete with over an acre of land - because it's ''very private''.
Mark had spent three years renovating the residence, which involved removing the roof and reworking the rooms of the second floor.
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