F1 driver sells Venetian Islands estate for $10.5M

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

Apr.April 06, 2015 12:45 PM

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.

Related Articles

Daily Digest Miami

Ben Carson talks Opportunity Zones, top developers riff on condos vs. rentals: Daily digest

Rendering of Ten30 and Masoud Shojaee

Shoma Group launches lower-priced condo project near Lincoln Road

Condo at Glass Miami Beach sells at 15% loss

The Julia hotel, Jesper Arnoldsso

SMS Lodging lists Miami Beach hotel after selling another for $21M

Ritz-Carlton Residences Miami Beach

Dialysis exec nabs condo at Ritz-Carlton Residences Miami Beach

1835 West 27th Street and Oren Alexander

Venezuelan oil tycoon lists waterfront Miami Beach mansion for $17M

Miami Beach Mayor Dan Gelber and Natalie Nichols home at 1531 Stillwater Drive (Credit: Getty Images)

Miami-Dade judge strikes down Miami Beach short-term rental ban

Daily Digest Miami

Soffer in talks to buy Diplomat resort in Hollywood, 1-800 PetMeds founder sells Miami Beach house: Daily digest