The 7-foot-1 O'Neal, an 11-time All-Star, was traded to the Miami Heat last month following eight seasons with the Los Angeles Lakers.
The home was previously owned by retired Heat center Rony Seikaly, who sold the property in 1997 to Pelham Properties, controlled by South American soda magnate Juan Carlos Correa.
The Miami Herald reported Friday that Correa stands to turn a tidy profit: He paid $7 million for the home, which is spread over 19,440 square feet and sits on a more than two acres of waterfront.
Star Island is located between downtown Miami and South Beach.
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