Eddie Irvine sells Venetian Islands spec home for $17M

Spec home developer and former Formula One race car driver Eddie Irvine sold a waterfront home on the Venetian Islands for $17.1 million.

Records show Mega Miami Beach LLC, a Florida corporation managed by Irvine, sold the spec home at 100 West San Marino Drive in Miami Beach to 100 West San Marino Drive LLC.

The buying entity is managed by James F. Kull, the founder and managing director of Cypress Point Wealth Management, a Dallas-based financial planning and investment management firm, according to its website. Before founding Cypress Point, Kull was a corporate attorney at Vinson & Elkins.

Kull financed the purchase with a $9.4 million loan from First Republic Bank, according to records.

Irvine is an active investor and developer on the Venetian Islands. In December Irvine spent $7.6 million on a Venetian Islands home, and in October he bought a Venetian Islands lot for $5.1 million.

Reinis Cirulis, a real estate agent with Sir Realty, signed the deed on behalf of Mega Miami Beach LLC, as an authorized member. Cirulis and Irvine have worked together previously. They sold a nine-bedroom home on the Sunset Islands in October for $16 million.

Mega Miami Beach LLC purchased the Venetian Islands property in 2015 for $4.8 million, records show. In 2018, the corporation demolished a home on the property and began constructing the existing, 5,165-square-foot house. The new home was completed last year.

The house was initially listed in May 2015, a month after its purchase, for $6.5 million. It was relisted three years later at the same price. It was most recently asking $17 million in December.

Julian Johnston of The Corcoran Group represented the seller, while Jeri Jenkins of Coldwell Banker Realty and Jean Echemendia of Douglas Elliman represented the buyer, according to Zillow.

The waterfront home has five bedrooms, seven full bathrooms and two half-bathrooms on a 10,500-square-foot lot.

Recently on the Venetian Islands, a co-founder of The Huffington Post sold his mansion at 33 East Dilido Drive for $25 million, vitamin mogul Andrew Lessman sold his house at 835 East Dilido Drive for $20.3 million, and restaurateur Myles Chefetz sold his waterfront home at 714 West Dilido Drive for $15.5 million.