08/27/2012 11:38 am ET Updated Aug 27, 2012

Jennifer Lopez's Old Miami Beach Home On The Market For $40M (PHOTOS, VIDEO)

A Miami Beach home once owned by singer-actress Jennifer Lopez is back on the market for $40 million, over 25 percent more than its original listing price.

Current owners Mark and Elyse Gainor originally put 5800 North Bay Road on the market in 2010 for $29 million but didn't sell, the Wall Street Journal reports.

It was one of Miami's 10 most expensive listings of 2011, but now the Gainors want $40 million. The price increase is because of rising property values in the area, Nelson Gonzalez of Esslinger-Wooten-Maxwell Realtors told WSJ.

The 12,153 square foot, two-story home was built in 1929 with seven bedrooms and 11 bathrooms. The Mediterranean-style manse has a three-car garage, a pool with a gorgeous view of Biscayne Bay, and a private dock. One stand-out feature is the arched picture windows in the dining room, combining old-school architecture with updated Miami flair.

The home also boasts 150-year-old reclaimed hardwood and a 6,000-gallon koi pond, according to Business Insider.

The Gainors purchased Lopez's home in 2005 for $13.9 million and put another $11 million into the home for renovations, according to the Wall Street Journal.

See more images of JLo's former home:

JLo's Former Miami Beach Home For Sale