Jennifer Lopez's Old Miami Beach Mansion Back On the Market For $40 Million

Jennifer Lopez sold her Miami Beach mansion for $13.9 million back in 2005. The new owners originally put the La Gorce Island home on the market for $29 million in 2010. It didn't sell, so now they've changed the price. A discount? No. It's now listed for $40 million. All of this should give you an idea of just how crazy the high-end Miami Beach real estate market is right now.

According to The Wall Street Journal, Mark Gainor, a health care entrepreneur, and his wife bought the home from Lopez in 2005. The couple immediately put $11 million worth of renovations into the home, and after five years put it back on the market at $28 million. Now the price has risen 40 percent to the $40 million mark. The realtor says the price increase represents rising property values in the area.

Indeed, the most expensive home in Miami-Dade history, an Indian Creek pad, sold earlier this month for a reported $47 million. At the very least, the upped asking price gets the property in the headlines and perhaps generates some interest.