REAL ESTATE — Star Island: For Rent!

STAR ISLAND –Something strange is happening on Star Island, the tiny island off the McArthur Causeway that’s home 98 very rich, very famous folks.

There are currently four properties up for rent, out of just 32 on the Miami Beach island.

Singer Gloria Estefan is offering one of her guest houses at 1 Star Island Drive for $30,000 a month.

Then there’s disgraced developer Tom Kramer‘s foreclosed crib at 5 Star Island Drive, for rent for $150,000 a month.

And the villa that movie starlet Lindsay Lohan rented during New Year week, when a party got out of control and cost Paris Hilton‘s little brother Barron a bruised face and ego. That place, 27 Star Island Drive, is offered for $65,000.

Finally, 40 Star Island is Turkish tycoon, and former coke dealer, Engin Yesil‘s property. It can be yours for $75,000 a month.


Rap mogul Sean Combs’ Star Island palace: Not for rent! (MLS photo)

Rentals tucked between $100 million-properties? There goes the hood!

“Well, not exactly,” says luxury market Realtor Ben Moss. “It is unusual to have that many rentals on Star Island, but it’s not indicative that the place is going into the dumps. Buyers still like the size of the properties.

“It’s just the way the market is sometimes: In listings above $10 million, there’s a three-year inventory. So, some investors prefer renting out for a while.

“For some sophisticated buyers with $50 million to spend, this could cause the island could lose some of its luster.”