Sly Move

updated 09/29/1997 AT 01:00 AM EDT

originally published 09/29/1997 AT 01:00 AM EDT

WHEN SYLVESTER STALLONE PAID $8 million for a fixer-upper in Miami's artsy Coconut Grove neighborhood four years ago, locals assumed he'd get it in fighting trim. Yo, did he ever: He claims to have spent $12 million on renovations to the 24,000-square-foot main house, pool, man-made lake, gym, shooting range, movie theater and two guest cottages. Now he has put the 11.7-acre spread up for sale. The asking price? $27.5 million.

Stallone's Realtor, Alan Jacobson, denies that the actor and wife Jennifer Flavin were spooked by the July 15 murder of Gianni Versace in nearby Miami Beach. Instead, Jacobson cites the birth of Sophia Rose Stallone a year ago. "This place has a number of moats and quarries," says Jacobson. "It's not the type of place you want your child running around." On the other hand, Sophia Rose could enjoy play dates with Madonna's baby Lourdes: The material girl lives just three houses away.

But Stallone, 51, has had some rocky times with other townspeople—most recently when he and some neighbors tried to gate their street at taxpayer expense. (Following protests, the plan was put on hold.) And the Cop Land star recently complied with an order by authorities last February to remove 14 buoys—marked Keep Out—that he anchored in the bay that fronts his house.

Not just anyone can handle the yearly $216,763.86 tax bite, let alone the mortgage. But Jacobson confirms one interested buyer: Mike Tyson.

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