Music producer buys flipped oceanfront Jupiter home for $15M

A German music producer and his wife bought an oceanfront home in Jupiter for $15 million, their third acquisition in the area.

Records show Dirk and Marina Ulrich bought the house at 22 Ocean Drive from Robert Weed and his wife, Maria De Los Angeles Lopez.

Dirk Ulrich is a German-born music producer who has worked with the likes of Toto and Michael Jackson. He is also president and CEO of two companies, Germany-based production firm Brainworx and California-based Plugin Alliance.

Rob Thomson of Waterfront Properties & Club Communities represented the buyers, and Andrew Russo of Illustrated Properties had the listing.

Weed and Lopez bought the nearly 0.5-acre oceanfront home for $12.6 million in January, and flipped it for a $2.4 million profit in 10 months, records show.

The 6,200-square-foot, five-bedroom, five-full-bathroom house was built in 2011, according to records. It has an elevator and a newly renovated kitchen, the listing shows.

Coronado, Calif.-based Weed and Lopez own three other homes in Palm Beach County, totaling $10.2 million in residential real estate investments, records show. They also bought two boat slips in local marinas for a combined $490,000.

Records show the Ulrichs also own two other properties in Palm Beach County, including the home at 708 Ocean Drive in Juno Beach, which they bought for $8 million in March. With the addition of their waterfront home at 386 Eagle Drive in Jupiter, their local portfolio now totals $26.9 million in purchases over the last two years.

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Property values in Jupiter and the rest of northern Palm Beach County have been on the rise since the pandemic, spurred by an influx of buyers from the Northeast and West Coast of the U.S.. After reaching a fever pitch last winter, the market has cooled, but pricing remains strong.

PGA champion Justin Thomas bought a waterfront spec mansion in the area for $13.5 million this month. Frank Seminara, a retired pitcher for the Padres and Mets, sold his waterfront Jupiter home for just under $10.9 million, moving to a waterfront Palm Beach Gardens house he bought for $5.8 million in October.