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Software CEO buys waterfront Venetian Islands spec home for $16M
It sold for $800K above original asking price
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
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
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.