A private equity investor who is also CEO of a software company flipped a waterfront Venetian Islands home for $19 million, 20 percent more than its purchase price a year ago.
Mark D. Sutcliffe and his wife, Siobhan Sutcliffe, sold the house at 45 East Dilido Drive to Justin F. Korsant, according to records.
Sutcliffe is a principal at Miami Beach-based Greybridge Equity Partners and CEO of Miami-based Redzone Production Systems, a company that specializes in software for food and beverage processing.
He and his wife bought the home last December for $15.8 million, paying above the asking price, The Real Deal reported at the time.
Korsant is CEO and managing member of Long Light Capital, a New York City-based single-family venture capital firm, according to crunchbase. JP Morgan Chase provided a $13 million mortgage to finance the purchase, records show.
Miltiadis Kastanis with Douglas Elliman represented the buyer, according to Realtor.com. A representative for the seller was not listed.
Built in 2020, the 5,353-square-foot house sits on almost a quarter-acre. It has five bedrooms and five full bathrooms, according to Realtor.com.
The sale underscores the continued strength of South Florida’s luxury housing market. The number of residential sales in South Florida — including the Venetian Islands — of $10 million or more rose exponentially from December 2020 to November 2021, topping that of the previous two years combined, according to an analysis by The Real Deal.
Among other recent sales on the Venetian Islands, Sahm Adrangi, founder and chief investment officer of New York City-based Kerrisdale Capital Management, paid $15 million for the waterfront home at 21 East San Marino Drive in November.
Also in November, Ed Lando, co-founder of the gifting app Goody, paid $15.1 million for the waterfront home at 247 East Rivo Alto Drive on Rivo Alto Island. That island is also home to PayPal co-founder Peter Thiel, who last year paid $18 million for two adjacent waterfront mansions at 445 to 441 East Rivo Alto Drive.