The latest celebrities to benefit from Miami Beach’s down market: Brazilian model Adriana Lima and her husband, professional basketball player Marko Jaric.

The couple has bought a home in Miami Beach for $9 million, about 30% less than its original asking price. Lima, 27 years old, has been a Victoria’s Secret model since 2000 and last month gave birth to her first child with Jaric, who is a guard for the Memphis Grizzlies. Their new abode is a 7,500-square-foot Regency-style home on Indian Creek Island, a private 300-acre island with its own golf course and just 32 waterfront residences. Lima and Jaric’s home is on 1.84 acres on the south side of the island and has 200 feet of water frontage on Biscayne Bay and the Intracoastal Waterway. The property first came on the market in April for $12.9 million and was reduced to $10.9 million before Lima and Jaric scooped it up. It’s their first Miami residence.

The couple plan to completely remodel and expand the 1958 structure, says their broker, Nelson Gonzalez of Esslinger Wooten Maxwell Realtors, an affiliate of Christie’s Great Estates. The home was being sold by the estate of Arthur Appleton, a Chicago businessman whose wife was the late Martha O’Driscoll, a Hollywood starlet from the 1930s and 1940s.