Big Short investor buys $25M Miami Beach spec mansion

It hit the market earlier this year for $27M

Miami /
Apr.April 06, 2021 03:00 PM
Don Mullen and James Curnin with the Sunset Islands spec home (Strang, Getty)

Don Mullen and James Curnin with the Sunset Islands spec home (Strang, Getty)

Don Mullen, the former Goldman Sachs executive who bet against the U.S. housing market in what became called “the big short,” scooped up a waterfront Miami Beach mansion, The Real Deal has learned.

Mullen is the buyer of a Sunset Islands spec home that sold last week for $24.8 million, sources told TRD. The entity that owns the house traded, rather than a deed for the home.

Developer James Curnin sold the seven-bedroom, eight-and-a-half-bathroom home at 1757 West 27th Street, but declined to comment on the buyer’s identity.

Mick Duchon and Eloy Carmenate

Mick Duchon and Eloy Carmenate

The 10,000-square-foot mansion was under construction at the time of the closing, according to Curnin and Corcoran agent Mick Duchon. Duchon and Eloy Carmenate represented the buyer and seller. They also declined to comment on the buyer.

Mullen previously led Goldman Sachs’ mortgage and credit business, and is now founder and CEO of the New York-based real estate investment firm Pretium Partners, one of the largest owners and operators of single-family rentals in the U.S.

Mullen is one of dozens, if not hundreds, of financial titans from New York who have purchased luxury homes in South Florida over the past year.

Curnin said he had backup offers for the Sunset Islands house, and that he has “never been so busy” in his life. In February he sold an Allison Island spec home to Linda Lambert, who was married to the late Ben Lambert, founder of Eastdil Secured, for $13 million. He said he is in contract to sell another Allison Island spec home that is on the market for $15.3 million.

The Sunset Island II mansion was designed by Max Strang. The property includes a full outdoor kitchen, pool, 100 feet of water frontage, and floor-to-ceiling glass doors. It hit the market in February for $27 million and is expected to be completed by the fall.

Property records show Curnin’s Clara Homes W 27th St LLC paid about $7.2 million for the lot in 2018, and acquired the remaining 10 percent interest in the property a year later for $1.8 million.





    Related Articles

    arrow_forward_ios
    Major Food Group partners Rich Torrisi, Jeff Zalaznick and Mario Carbone over Miami/Miami Beach (Getty, iStock)
    Major plans: Major Food Group to open four more restaurants in Miami, Miami Beach
    Major plans: Major Food Group to open four more restaurants in Miami, Miami Beach
    Major Food Group's Jeffrey Zalaznick and Mike Piazza with the Miami Beach mansion (Getty, The Jills – Photography by Luxhunters)
    Hall of Famer Mike Piazza sells waterfront Miami Beach mansion to Major Food Group partner
    Hall of Famer Mike Piazza sells waterfront Miami Beach mansion to Major Food Group partner
    Ian Bruce Eichner and his unit
    Eichner sells his Continuum South Beach penthouse for $35M
    Eichner sells his Continuum South Beach penthouse for $35M
    Don and Katrina Peebles with their recently purchased Bath Club unit. (Getty, ONE Sotheby’s International Realty)
    Developer Don Peebles downsizes in South Florida
    Developer Don Peebles downsizes in South Florida
    Kenneth Lerer bought the waterfront property in 2014. (Lerer Hippeau, Douglas Elliman)
    HuffPo co-founder, former BuzzFeed chairman sells Venetian Islands mansion
    HuffPo co-founder, former BuzzFeed chairman sells Venetian Islands mansion
    From left: Joshua Kushner and Karlie Kloss; Melania and Donald Trump; Ivanka Trump and Jared Kushner; and Tiffany Trump (Getty Images)
    Here’s where Trumpworld has put down roots in South Florida
    Here’s where Trumpworld has put down roots in South Florida
    Jeffrey Epstein and 358 El Brillo Way (Getty, Corcoran Group)
    Jeffrey Epstein’s Palm Beach house sells for $19M
    Jeffrey Epstein’s Palm Beach house sells for $19M
    Don Peebles and the Bath Club (Getty, Peebles Corp.)
    Judge slaps Don Peebles’ Bath Club Entertainment with $1M in sanctions
    Judge slaps Don Peebles’ Bath Club Entertainment with $1M in sanctions
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...