The Real Deal Miami

Former F1 driver sells Venetian Islands spec home for $17.3M

It’s the second-highest sale on the chain of man-made islands in Miami Beach
By Katherine Kallergis | May 15, 2018 09:45AM

126 West San Marino Drive in Miami Beach

UPDATED, 11:55 a.m., May 15: Former Formula One driver turned spec home developer Eddie Irvine sold a waterfront home in the Venetian Islands for $17.29 million, according to sources.

Irvine’s Tupelo Sunset LLC sold the six-bedroom, 7,300-square-foot house at 126 West San Marino Drive in Miami Beach, according to the listing agent, Julian Johnston of Calibre International Realty. The property sold for nearly $2,368 per square foot. Luis Bosch previously listed the home, Johnston said. However, Dora Puig of Luxe Living Realty, who represented the buyer, said Bosch was the listing agent.

Puig declined to comment on the buyer.

The two-story San Marino island home hit the market in March 2017 for $19.9 million, according to Realtor.com. It features 90 feet of water frontage, a pool, spa and outdoor kitchen, a gourmet kitchen and a master suite with a private balcony and stairs to the rooftop.

Irvine’s company paid about $5.93 million for the 15,750-square-foot property in 2015. Irvine, who quit racing in 2002, was a runner-up in the 1999 Formula One championship and won about 26 races over the course of his career.

In 2015, his company sold a spec home at 1142 North Venetian Drive for $10.5 million, and listed another Venetian Islands mansion for nearly $30 million.

In March, a newly built home at 8 West Rivo Alto Drive, also on the Venetian Islands, sold for $17 million or about $2,400 per square foot. Alex Sapir, head of Sapir Corp., was the buyer, sources said. It was the second-highest sale price on the island chain until this latest one on San Marino.