Boston wealth manager picks up Venetian Islands home and lot for $13M

Late former owner Kenneth Allan Sims Jr. added interiors and finishes replicating the Gianni Versace’s Ocean Drive mansion

Miami /
Aug.August 23, 2021 05:30 PM
The Venetian Islands home (One Sotheby's International Realty)

The Venetian Islands home (One Sotheby’s International Realty)

A 26-year-old portfolio manager picked up a Venetian Islands vacant lot and house with interiors and exteriors inspired by the Versace Mansion for a combined $13 million.

Joshua Patkin, a portfolio manager from Boston, specializing in mining commodities such as gold and silver, bought the five-bedroom waterfront home at 921 North Venetian Drive and the vacant lot next door at 911 North Venetian Drive, records show. Patkin took out a loan from UBS Bank USA for $8.9 million, the purchase price for the house.

“Following suit with the national migration south, I wanted to take advantage of tax incentives and of course, the nicer weather,” Patkin said in a statement. “The house and the lot caught my attention as one of the best value plays in the area.”

The seller is the estate of Kenneth Alan Hill Sr., a Fort Worth, Texas-native who founded several pharmacy software and healthcare companies, most recently EHR Data, a firm that makes applications to access patient records. Hill died on Nov. 23, 2020.

Allan Kleer and Fabian Garcia-Diaz with One Sotheby’s International Realty had the listing. Michael Kuritnik with Compass represented Patkin.

The two-story, 3,605-square-foot house sits on a 0.6-acre lot with 175 feet of waterfront, according to a press release. It was built in 1948.

Kleer said it took Hill eight years to complete renovations to the house after buying it for $3.7 million in 2009. Four years later, Hill bought the 11,250-square-foot vacant lot for $2.8 million.

“He spent over $6 million on the finishes, which are inspired by Gianni Versace’s former estate [Casa Casuarina] on Ocean Drive,” Kleer said. “A tremendous amount of onyx and marble is in the home, including marble terraces.”

Hill hired Italian designer Lorenzo Carmellini, who designed Versace boutiques and the first Versace Hotel Palazzo in Australia, to carry out his vision. Carmellini created mosaic and pebble designs that run from the street to the water, marble columns, balustrades and fountains for the Venetian Islands home.

The house also features an oversized mosaic swimming pool, Kleer said.

However, Kleer said the buyer will likely tear down the house and combine the lots to build a bigger residence.

Venetian Islands sales have been heating up in recent weeks. “Full House” sitcom creator and producer Jeff Franklin paid $13 million this month for a piece of land at 1236 South Venetian Way that is next to another lot at 1230 South Venetian Way that he bought for $35.5 million in June. The purchases give Franklin 1.2 acres on San Marco Island.

Roshan Wijerama, owner and chairman of Horizon Group USA, a Warren, New Jersey-based national supplier of childrens’ craft components and activity kits, bought a waterfront property at 27 East Dilido Drive in July for $18.5 million.






    Related Articles

    arrow_forward_ios
    Daisy Chaplin and Charles Prince with the property at 6000 North Bay Road (Getty, Google Maps)
    Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
    Late Broadway legend Harold Prince’s children settle dispute over family’s North Bay Road mansion
    John Ruiz sells waterfront Coral Gables mansion for $14M
    John Ruiz sells waterfront Coral Gables mansion for $14M
    John Ruiz sells waterfront Coral Gables mansion for $14M
    I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
    I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
    I’ll take it: David Martin sells waterfront Miami Beach home to his listing agent
    South Florida residential sales rose in August, but single-family closings fell across the tri-county region. (iStock)
    South Florida single-family home sales decline in August as inventory shrinks
    South Florida single-family home sales decline in August as inventory shrinks
    Jason Capello and 1404 North Lake Way
    Hedge funder shells out $31M for waterfront Palm Beach spec mansion
    Hedge funder shells out $31M for waterfront Palm Beach spec mansion
    Happiness begins in Miami: Joe Jonas, Sophie Turner buy Bay Point mansion
    Happiness begins in Miami: Joe Jonas, Sophie Turner buy Bay Point mansion
    Happiness begins in Miami: Joe Jonas, Sophie Turner buy Bay Point mansion
    Scottie Pippen and the Fort Lauderdale house (Getty, Compass)
    Slam dunk: Scottie Pippen sells waterfront Fort Lauderdale mansion for nearly $11M
    Slam dunk: Scottie Pippen sells waterfront Fort Lauderdale mansion for nearly $11M
    Heath Freeman, managing director of Alden Global Capital, and the house at 3503 Lodge Drive in Coconut Grove, Miami (Getty, Compass / Brown Harris Stevens)
    “Hedge fund vampire” bites into waterfront Coconut Grove mansion for $19M
    “Hedge fund vampire” bites into waterfront Coconut Grove mansion for $19M
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...