Software CEO buys waterfront Venetian Islands spec home for $16M

It sold for $800K above original asking price

Miami /
Dec.December 14, 2020 01:30 PM
45 East Dilido Drive in Miami Beach (LPG for Douglas Elliman)

45 East Dilido Drive in Miami Beach (LPG for Douglas Elliman)

A private equity investor who is the head of a software company paid $15.8 million for a waterfront spec home on the Venetian Islands, buying above the original asking price, according to sources.

Mark Sutcliffe and Siobhan O’Farrell acquired the 5,405-square-foot house at 45 East Dilido Drive in Miami Beach from Michael Horvitz. Sutcliffe is a principal at Greybridge Equity Partners and CEO of Redzone Production Systems, the latter of which is a software company for food and beverage manufacturing, according to his LinkedIn.

Horvitz put the five-bedroom, four-bathroom house on the market with Darin Tansey of Douglas Elliman in October, asking nearly $15 million. Julian Johnston of the Corcoran Group represented the buyer. Both Elliman and Johnston declined to comment on the buyer.

Darin Tansey

Darin Tansey

The price was increased in late November, to nearly $16 million.

The Venetian Islands house sold and closed in one week, Johnston said. Horvitz completed the Di Lido Island home this year. It sits on a nearly 10,500-square-foot lot.

The property includes a panoramic rooftop lounge and putting green, infinity pool and hot tub, outdoor kitchen, and a dock with a jet ski lift. It was designed by Kobi Karp Architecture and Interior Design.

Horvitz paid just under $5 million for the property in 2016, records show. Last year, he sold his unit at the Continuum for $8.5 million.

Horvitz is a real estate investor and entrepreneur who was formerly the director of MoreDirect.com, an information technology company based in Boca Raton, according to Bloomberg. He was also previously president of Twin-Star International, a contract manufacturer, designer and home furnishings importer.

Julian Johnston

Julian Johnston

The Venetian Islands sale adds to a surge in multimillion-dollar closings throughout Miami Beach in recent months, as buyers from the Northeast and California rush to pick up single-family homes.

In November, the founder of Island Queen Cruises & Tours in Bayside sold his Venetian Islands home at 114 West San Marino Drive for $5.9 million.

That same month, the waterfront spec mansion at 10 West San Marino Drive sold for $20.4 million, or a record $3,100 per square foot; and the COO of a data centers company bought the mansion at 440 West Dilido Drive for $9.5 million.






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