World's Wealthiest Dog (Yes, Dog!) Selling Madonna's Former Miami Mansion for $32 Million

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The richest dog in the world could soon become even richer!

A very lucky German Shepherd named Gunther VI is the beneficiary of a trust which owns a nine-bedroom, eight-and-a-half bath Miami estate once occupied by Madonna. The waterfront home was passed on to Gunther by his inheritance, and he has listed it for a whopping $31.75 million, PEOPLE can confirm. 

The prestigious pup's wealth comes from the late German Countess Karlotta Leibenstein, who died in 1992 and willed her entire $80 million fortune to her beloved pooch, Gunther III — Gunter VI's grandfather — as she had no children or close relatives, according to several reports. The humans who manage the dog's estate have amassed a fortune worth about $500 million dollars, and have invested Gunther's money in mansions and villas around the world.

When it came to selling his Miami mansion, Gunther entrusted real estate agent Ruthie Assouline, with The Assouline Team at Compass, to take the wheel. "We have sold countless multimillion-dollar homes but this one is definitely a first," Ruthie tells PEOPLE. "When the handlers initially told me a dog owned the property, I didn't believe it."

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To land the listing, Ruthie, who is co-listing with Ethan Assouline, had to undergo a rigorous sniff test before receiving the bark of approval from Gunther. "During our first meeting with Gunther, he ran up to me and gave me a huge slobbery kiss and licked off my lipstick," she says. "I think that is what really sealed the deal!"

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The dog's private estate sits on a 51,000-square-foot lot with 100 feet of water frontage. It features extensive landscaping, open water and city views and a pool, fountain and dock where Gunther likes to soak up the sun when visiting Miami from Italy, where he lives full time.

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The home measures 8,400 square feet, giving Gunther plenty of space to roam, but he prefers to spend most of his time in Madonna's former bedroom. 

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"He sleeps in a custom-created round Italian red velvet bed on the floor of Madonna's old bedroom," a source tells PEOPLE. "Gunther lives the good life!" 

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"This property has a history that no one else can claim," says Ruthie. "In addition, the ultra-private gated estate sits on an expansive lot lined with stunning Royal Palm trees surrounded by lush landscaping and breathtaking open bay views."

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Gunther's wealth is handled by The Gunther Corporation, which was created and designed to ensure that the dog is well cared for. The German Shepherd inherited the Miami estate, and his overall fortune, from his grandfather, Gunther IV, the second dog in the lineage, who actually purchased the home from Madonna 20 years ago.

There is a picture of Gunther IV above the fireplace, Ruthie notes.

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When a pet owner leaves an inheritance to a dog or any other animal, the money is usually put into a trust with a human trustee named to make decisions on how it is spent. A caretaker is named for the pet, and that person receives regular funds to care for it.

Gunther's caretakers also own other businesses on his behalf, and have put money into scientific research. They even founded Gunther Rescue to help animals in need.

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