Private equity partner buys Sunset Islands waterfront mansion for $11M

A partner at a Chicago-based private equity firm bought a waterfront mansion on Sunset Island IV for $10.8 million.

Records show Kenneth J. Virnig II purchased the home at 2001 Lake Avenue in Miami Beach from Leonhard Kurten and Irmtraud E. Kurten. Leonhard Kurten is a real estate agent with Inter Invest Realty.

Kenneth “Chip” Virnig II is a partner at private equity firm Thoma Bravo. As of the end of 2020, the firm has managed over $76 billion in assets, according to its website. Virnig financed the purchase with a $6.3 million loan from Morgan Stanley Private Bank, records show.

Leonhard Kurten bought the home for $645,000 in 2000. Property records show that he added more than 5,500 square feet of living space in 2011. In 2017, he added his wife, Irmtraud, to the deed.

The 8,261-square-foot mansion was listed for $8.7 million in 2011. It was on and off the market, and after multiple price changes, the asking price settled on $11 million in February.

Leonhard Kurten represented his wife and himself, and Danny Hertzberg of Coldwell Banker’s The Jills Zeder Group represented the buyer.

The house has eight bedrooms and eight-and-a-half bathrooms. The property also features a 624-square-foot rooftop terrace, 160 feet of water frontage and a 40-foot dock, according to the listing.

The Sunset Islands have had plenty of high-priced sales in recent months. On Sunset Island IV, a trust flipped a home for $10.2 million after buying it from hospitality mogul David Grutman for $8.3 million. Also Douglas Elliman brokers Oren and Tal Alexander bought a waterfront teardown for $10 million.