Former Formula One race car driver and spec home developer Eddie Irvine bought a waterfront home on the Venetian Islands for $7.6 million, The Real Deal has learned.
Real estate attorney Neal Litman, who has represented celebrities such as Sylvester Stallone, and his wife, Becki, sold the home at 424 Rivo Alto Drive in Miami Beach, property records show.
The couple bought the Miami Beach property in 1996 for $360,000 and built a five-bedroom, five-bathroom house on the 0.3-acre lot. The two-story house includes an elevator and a three-and-a-half-car garage.
The 5,392-square-foot home hit the market in July for $7.9 million with Julian Johnston of the Corcoran Group. Johnston also represented the buyer.
The property includes a pool, 106 feet of water frontage and a private dock with a boat lift.
Miami Beach spec homes have been in high demand in recent months, including on the Venetians. In December, a private equity investor paid $15.8 million for a waterfront spec home at 45 East Dilido Drive. Spec home builder James Curnin also paid $9.5 million for a teardown at 416 West San Marino Drive.
Last month, the founder of Island Queen Cruises & Tours in Bayside sold his Venetian Islands home for $5.9 million.