Madonna home sold: $7.5 million

Madonna

By TARA SOLOMON

June 29, 2000 Web posted at: 12:42 PM EDT (1642 GMT)

MIAMI, Florida (Miami Herald) -- Chez Madonna has a buyer.

The Material Mom's 7,128-square-foot Coconut Grove mansion at 3029 Brickell Avenue -- which she bought for $4.9 million in 1992 -- is being purchased for $7.5 million by an aspiring pop music group called the Burgundians.

A $750,000 cash deposit is being held in escrow until the July 12 closing, according to publicist Dindy Yokel, who represents the group.

The nine-bedroom, eight-and-a-half bath Mediterranean-style house, which was listed for $8.9 million by Jeri Jenkins of Wimbish-Riteway Realty, has been on the market since February.

The Burgundians -- who take their name from the 15th Century French followers of the Duke of Burgundy -- are backed by a mystery investor whose identity will be revealed at a press conference the day of closing, Yokel said.

The 1928 bayfront digs will serve as training headquarters-cum-think tank for the five-person group, not unlike when the Spice Girls holed up in a London mansion in the mid-90s at the onset of their careers. In addition to recording music, the multicultural ensemble will explore other creative pursuits, including launching a magazine and fashion label, and perhaps opening a hotel, said Yokel, who described their sound as being similar to The Monkees, Spice Girls and 'N Sync.

Madonna's exodus from Miami follows the singer's recent purchase of actress Diane Keaton's Beverly Hills house for $6.5 million and a mansion in London for $16 million.

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