The 1.34-acre “Nena’s Villa,” a Star Island mansion owned by Gloria and Emilio Estefan, was just listed for $40 million.

Built in 1940, the estate at 1 Star Island Drive in Miami Beach was last sold in November 1993 for $1.84 million. The property consists of a 4,747 sq. ft. main house, built in 1940, with four bedrooms and five bathrooms and a 2,661 sq. ft. guest house, built in 1995, with three bedrooms and three bathrooms.

Jill Eber and Jill Hertzberg, of the Jills, of Coldwell Banker, have the listing.

“You can create whatever you want with this property,” Hertzberg said.

The newly listed property’s guest house has been offered for rent in the past, and was marketed for $30,000 a month in 2013, as originally reported by TMZ.

In addition to the Estefans, Star Island is home to Sean “Diddy” Combs; the “Boob God” Leonard Hochstein and his wife, Lisa, of the Real Housewives of Miami, billionaire Phillip Frost and Lennar Corp. Chief Executive Stuart Miller.