A palatial home on an island overlooking the azure waters of Miami's Biscayne Bay has sold for $47 million, setting a new record for the city, realtors involved in the deal said.

Listing agents Coldwell Banker, citing a non-disclosure agreement, declined to identify the buyer of the 2,787 square-meter home on Indian Creek Island.

But they said it was sold by owners and builders Shlomi Alexander and Felix Cohen. Miami-Dade property records indicate construction on the contemporary stone and glass structure, with limestone walls and indoor reflecting pools, was completed last year.

In addition to 10 bedrooms and 14 bathrooms and a 3D theater, the home boasts a 30-meter resort-style pool and cabana, a full spa pavilion and state-of-the-art glass-enclosed waterfront gym, Coldwell Banker said.

Though the $47 million paid for the house at 3 Indian Creek sets a new record, its notoriety as the most expensive residential address in and around Miami may be fleeting.

Casa Casuarina, the iconic South Beach mansion once owned by Gianni Versace, is back on the market, this time with a pricetag of $125 million.

The legendary Italian fashion designer was shot dead in July 1997 outside the mansion. (Reporting by Tom Brown; Editing by Lisa Shumaker)