Villa Magnolia has a $35 million asking price, which makes it the most expensive home for sale in the exclusive Bal Harbour Village section of Miami Beach, Florida.

The two-story residence has eight bedrooms, 11 baths, and more than 12,800 square feet of living space. It's located in a gated community that has its own police force, built on the northern tip of Miami Beach, nestled between the Atlantic Ocean and the Biscayne Bay.

Listing Agent Jill Hertzberg, of The Jills Zeder Group, told CNBC there are several reasons the property should command the top price tag in the area, "the main one being location, location, location.

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MOST EXPENSIVE MANSION IN BAL HARBOUR: $35M | Secret Lives Of The Super Rich