Billy Joel Sells Miami Beach Mansion

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Grammy-winner Billy Joel has finally found a buyer for his Miami Beach mansion, which has been on the market for more than a year. 

Mr. Joel originally listed the seven-bedroom, 8.5-bathroom mansion in the exclusive enclave of La Gorce Island for $14.75 million.

The mansion features a luxurious bar with wine cellar, gourmet kitchen, 165 feet of waterfront and is the "perfect home for entertaining," according to the listing. 

The mansion has been under contract for a couple of weeks and the buyer hasn't been officially disclosed, Jorge Uribe, the listing agent, told World Property Channel. 

Although Mr. Uribe wouldn't confirm details, the celebrity property news circuit is listing the sale price at $14 million and fashion mogul Diego Della Valle as the buyer. 

Reportedly worth $1.55 billion, Mr. Valle is the owner of Tod's shoes and a majority shareholder in Saks Fifth Avenue, according to Forbes magazine. 

Mr. Valle would be moving into a neighborhood popular for celebrities, including Cher, Shakira and Lil Wayne.

The Piano Man singer bought the 8,881-square-foot Mediterranean-style mansion for $13.5 million in 2006, according to the Real Estalker. He will most likely lose money after all fees are paid.