A company led by Edmund Irvine, a former Formula One racer turned luxury homebuilder, purchased a waterfront mansion in Miami Beach for $10.5 million with plans to renovate it.
Astoria Holdings, a British Virgin Islands company managed by Mariia Bakhtarova in Cyprus, sold the 8,110-square-foot home at 24 S. Hibiscus Drive to Mega Miami Beach LLC, managed by Irvine.
Mirce Curkoski and Albert Justo of One Sotheby’s International Realty listed the home, while the buyer worked with Julian Johnston of the Corcoran Group. The price equated to $1,295 per square foot.
“In my opinion the home is a Miami landmark,” Curkoski said. “The architecture is so unique and the feel and function is irreplaceable. The entire house is surrounded and connected by water, there really is no other structure like it.”
It last traded for $10.6 million in 2008, so the home lost value, which is rare in the Miami Beach housing market as of late. Johnston said the home has been under contract for about four months, and he expects its value has increased during that time.
Johnston said Irvine intends to further increase the home’s value by performing a major renovation, including new impact-resistant windows, floors, kitchen and bathrooms.
The home was built on the 19,687-square-foot site on Hibiscus Island in 2003. It currently has six bedrooms, 6.5 bathrooms, a pool with stepping stones and waterfalls, a roof deck, a dock, and a boat house.
A native of Northern Ireland, Irvine competed in Formula One from 1993 to 2002 and finished as world runner-up in 1999. More recently, he’s developed several spec houses and completed mansion renovations in Miami Beach. He used Mega Miami Beach LLC to sell a new mansion in April.