search

The Real Deal Logo

Trending

Steph Curry pays $9M for commercial building in SF’s DogpatchSteph Curry pays $9M for commercial building in SF’s DogpatchFoxtrot founder Mike LaVitola eyes brand revivalFoxtrot founder Mike LaVitola eyes brand revivalCupertino to add 4,600 homes under state plan, closing builder’s remedy windowCupertino to add 4,600 homes under state plan, closing builder’s remedy windowSteph Curry slam-dunks sale of $31M Atherton homeSteph Curry slam-dunks sale of $31M Atherton home
Residential
South Florida

Redzone founder buys convicted fraudster’s Fisher Island condo for record $21M

SEC banned seller Anilesh Ahuja from investment advising in September

7954 Fisher Island Drive, unit 7954 with Redzone founder Mark Sutcliffe
7954 Fisher Island Drive, unit 7954 with Redzone founder Mark Sutcliffe (Google Maps, Redzone Software)

The founder of Redzone bought a Fisher Island condo for a record $21 million from a former hedge fund CEO who was banned and fined by the Securities Exchange Commission in September. 

Records show Mark and Siobhan Sutcliffe bought unit 7954 in Oceanside at Fisher Island, at 7954 Fisher Island Drive, from a Delaware entity managed by Anilesh Ahuja.

Dora Puig of Luxe Living Realty had the listing, and Julian Johnston of the Corcoran Group brought the buyer.

Mark Sutcliffe is the founder and executive chairman of Redzone, a Miami-based employee productivity software company. QAD, a cloud-based supply chain solutions firm and subsidiary of Chicago-based private equity firm Thoma Bravo, bought Redzone for a reported $1 billion in February, according to Reuters. 

The Sutcliffes flipped their waterfront Venetian Islands mansion for $19 million in 2021. 

Ahuja co-founded the now-defunct New York-based hedge fund Premium Point Investments. In 2019, he and trader Jeremy Shor were found guilty of a scheme to inflate the value of Premium Point’s assets by more than $100 million, and Ahuja was slapped with a 50-month prison sentence, according to the U.S. Department of Justice. A Manhattan judge overturned the sentence, but not the conviction, leading to Ahuja’s guilty plea to one count of securities fraud in April of last year, Bloomberg reported.

Sign Up for the undefined Newsletter

The SEC barred him from investment advising and fined him $450,000 in September, according to a press release.

Ahuja first listed the condo for $18.5 million in April 2021, Redfin shows. 

The convicted fraudster has another home on the market as well. He is asking $10.9 million for his 1-acre estate at 106 Premium Point Road in New Rochelle, New York, according to Realtor.com. 

Records show he bought the Fisher Island unit for $10.2 million in 2016. Ahuja commissioned Koen Van Loo of Belgium to gut-renovate the condo in 2017, a spokesperson for Puig confirmed. The 6,800-square-foot, seven-bedroom, seven-and-a-half-bathroom condo is on the fifth floor of the building, the listing shows. The unit includes a gallery with a built-in wine refrigerator and repurposed wood and flooring materials from European castles, according to the listing.

The latest sale marks a record price for the building, according to Puig.

Fisher Island is a private island off Miami Beach and one of the wealthiest ZIP codes in the country. The island is only accessible by ferry, boat, or helicopter, and frequently attracts high-profile buyers.

This month, the co-founder of European Wax Center and his wife sold one of their Fisher Island condos for $16 million. In February, a Texas-based fast food franchisee bought a unit for $18.5 million. The CEO of Sempra bought a condo on the island for $11.2 million in October.