Big Short investor buys $25M Miami Beach spec mansion

It hit the market earlier this year for $27M

Miami /
Apr.April 06, 2021 02:31 PM
Don Mullen and James Curnin with the Sunset Islands spec home (Strang, Getty)

Don Mullen and James Curnin with the Sunset Islands spec home (Strang, Getty)

Don Mullen, the former Goldman Sachs executive who bet against the U.S. housing market in what became called “the big short,” scooped up a waterfront Miami Beach mansion, The Real Deal has learned.

Mullen is the buyer of a Sunset Islands spec home that sold last week for $24.8 million, sources told TRD. The entity that owns the house traded, rather than a deed for the home.

Developer James Curnin sold the seven-bedroom, eight-and-a-half-bathroom home at 1757 West 27th Street, but declined to comment on the buyer’s identity.

Mick Duchon and Eloy Carmenate

Mick Duchon and Eloy Carmenate

The 10,000-square-foot mansion was under construction at the time of the closing, according to Curnin and Corcoran agent Mick Duchon. Duchon and Eloy Carmenate represented the buyer and seller. They also declined to comment on the buyer.

Mullen previously led Goldman Sachs’ mortgage and credit business, and is now founder and CEO of the New York-based real estate investment firm Pretium Partners, one of the largest owners and operators of single-family rentals in the U.S.

Mullen is one of dozens, if not hundreds, of financial titans from New York who have purchased luxury homes in South Florida over the past year.

Curnin said he had backup offers for the Sunset Islands house, and that he has “never been so busy” in his life. In February he sold an Allison Island spec home to Linda Lambert, who was married to the late Ben Lambert, founder of Eastdil Secured, for $13 million. He said he is in contract to sell another Allison Island spec home that is on the market for $15.3 million.

The Sunset Island II mansion was designed by Max Strang. The property includes a full outdoor kitchen, pool, 100 feet of water frontage, and floor-to-ceiling glass doors. It hit the market in February for $27 million and is expected to be completed by the fall.

Property records show Curnin’s Clara Homes W 27th St LLC paid about $7.2 million for the lot in 2018, and acquired the remaining 10 percent interest in the property a year later for $1.8 million.





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