Lea Black and hubby Roy Black are selling a small piece of their real estate portfolio ... once again listing their waterfront mansion on Florida's famous Star Island, and it's got a huge price tag.

Real estate sources tell TMZ ... the former 'Real Housewives of Miami' star and owner of Lea Black Beauty and Skincare and powerful attorney/husband relisted the luxury estate on the exclusive, guard-gated Miami Beach island Monday for $37,500,000.

The 46,429-square-foot property, which is currently the only house listed for sale on Star Island, includes 190 feet of waterfront which is rare on the island and a full dock ... plus a 9-bedroom main home and a 3-bedroom guest house.

Lea and Roy decked out the pad with a newly renovated pool, movie theater with seating for 10, a children's playground with a pirate ship treehouse and state-of-the-art Viking and Sub-Zero appliances.

As we first told you ... Lea and Roy put the over one-acre property up for sale back in June 2021 for $34 million ... but we're told they took it off the market a few months later while they considered keeping a second home in Miami.

The home's potential new owners will have some very famous neighbors ... Star Island is also home to huge stars like Diddy, Gloria and Emilio Estefan, Shaquille O'Neal, hedge fund billionaire Ken Griffin, billionaire Phil Frost and Rick Ross who purchased a pad on the island for $35 million in August.

Properties on Star Island have been selling recently for anywhere between $38 and $85 million ... and our sources tell us a $100 million mansion is under construction on the lot next door to Lea and Roy's.

Lea and Roy aren't saying goodbye to the 305. As we said, they have another home in Miami ... plus property in the Florida Keys, California and Texas.