MIAMI BEACH (CBSMiami) – They call it “Terra Veritatis”. You’ll call it a marvel of a mansion makeover.

The 16-bedroom Miami Beach waterfront mansion on 2.5 acres was first owned by the founder of Kmart. The current owner is Billy Dean, founder of MC Dean Engineering, based in Washington, D.C.

At $47 million, it’s the most expensive single-family redo ever on the beach.

Michael Capponi’s self-titled construction company is in charge of the remodel.

“The challenge was to pay homage to the 1930’s architecture and bring in some amazing new things,“ explained Capponi.

Construction crews were hard at work Friday getting the estate “party ready”: a private event will unveil the home Friday night.

Sarah Arison of the National Young Arts Foundation describes what guests will see.

“You round one corner and there will ballet dancers, another corner and you’ll find a classical guitarist, another a violin player, and another corner and you’ll see hip hop dancers. There’s something for everyone,“ said Arison.

The compound is a combination of old-world meets new. The house is state-of-the-art. The geothermal energy system is the first of its kind, utilizing water from underground and turning it into clean energy.

Then there’s the central control system, which manages all of the property’s video, audio and electrical systems; everything is controlled by individual iPods.

“You press a button here for the satellite radio at the fountains, and know if you go down to the fountains now, you’ll hear the radio,” said engineer Alex Vasquez.

Next to the pristine pool is the Cabana house, complete with an onyx bar that lights up.

In the backyard – where many partygoers will spend their time – there is a full-size beach volleyball court and a domed Jacuzzi tub with hand-glued shells on it. A tennis court sits along the side.

Inside, designers put finishing touches on the living room, dining room, kitchen and master bedroom.

The master bath – still under construction – has an old world European feel.

Architect Dale Overmyer, from D.C., has done many of Mr. Dean’s homes around the country.

“We had to make it bigger…better. We had to bring it up to 21^st century but we wanted to keep everything about the Mediterranean heritage,” explained Overmyer.

The spa house sits in front of the main house. It also has several rooms, a beautiful courtyard, a gym and an elegant spa room.

The house is expected to be fully completed by April. Until then Mr. Dean can call home one of his three 87-foot yachts, docked alongside the house.