The Real Deal Miami

F1 driver sells Venetian Islands estate for $10.5M

6,612-square-foot home was being rented out for $100K a month

April 06, 2015 12:45PM
By Katherine Kallergis

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Eddie Irvine and 1142 North Venetian Drive

Eddie Irvine and 1142 North Venetian Drive

Formula 1 driver Eddie Irvine sold a Miami Beach estate he built for $10.5 million, The Real Deal has learned.

The Venetian Islands home, at 1142 North Venetian Drive, sold to an undisclosed buyer from California, listing agent Julian Johnston of Calibre International Realty told TRD. John de Olazarra of Properties Group represented the buyer.

The six-bedroom, six-and-a-half bathroom house was built in 2014 and includes wood paneling, a summer kitchen and two large terraces: a 1,030-square-foot terrace and a more than 2,000-square-foot rooftop.

“All doors that face the ocean are sliding,” Johnston said. “The master bedroom is the best part of the house. You feel like you’re on a yacht.”

Eddie Irvine Homes built the 6,612-square-foot home. Johnston said the retired race car driver has a passion for building luxury homes, and did not live in the house. Out of the four lots Irvine owns in South Florida, one is under construction and one is about to break ground.

Mega Miami Beach paid $1.6 million for the 13,250-square-foot site in November 2011. The LLC bought it out of foreclosure, according to Miami-Dade property records.

The home has been rented out since it was built last year, Johnston said. The going rate? $100,000 a month.

DJ Tiesto recently crashed his Van Dutch boat into the Venetian Island home’s dock, which he was renting with DJ David Guetta.

In 2013, Irvine sold 410 West San Marino for $7 million. He paid $1.95 million for the site in June 2010.