May 30, 1994 12:00 PM

THE CROWDS AND THE KLIEG LIGHTS were in Miami’s Coconut Grove on May 15 for a star-studded unveiling of yet another Planet Hollywood restaurant. But the real party in Florida took place the night before at Sylvester Stallone’s new $8 million estate on Biscayne Bay. With Hollywood pals like Whoopi Goldberg, Don Johnson, Luke Perry and Paula Abdul flying in for the opening, Stallone couldn’t resist showing off his renovated 24,000-square-foot, art-crammed mansion. A dozen models in matching Versace outfits greeted guests at the door (the recently dumped Jennifer Flavin and Janice Dickinson, who is also said to be on the outs with Sly despite having an infant daughter rumored to be his, not among them Parrots perched in the trees, giant turtles lumbered in the grass and servers stirred cauldrons of paella.

As at the Planet Hollywood bash, stargazing was the party game of choice. Madonna moseyed over from her own mansion down the block to lounge on the back lawn. Demi Moore breast-fed baby Tallulah Belle in the living room. And in the library, Bruce Willis smoked stogies with Stallone, who squired a different date each evening. Said hometown girl Gloria Estefan, who attended both parties: “There’s enough glitz here for the Oscars.”

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