Redzone founder Mark Sutcliffe flipped a Fisher Island condo at a loss right after shelling out a file $21 million for it a calendar year ago.
Documents present Sutcliffe and his wife, Siobhan Sutcliffe, offered device 7954 at 7954 Fisher Island Generate to Matt and Joy Coit for $19.3 million, $1.7 million considerably less than they paid out in March of last 12 months.
Julian Johnston of the Corcoran Team experienced the listing, and Jill Eber of the Jills Zeder Team at Coldwell Banker Realty brought the buyer.
Matt Coit is a member of the Dallas-primarily based Coit spouse and children that started a textile chain they marketed to the apparel maker Kellwood for an undisclosed amount of money in the 1970s, in accordance to released reviews. The household has given that invested in true estate and oil.
Sutcliffe founded Redzone, an worker efficiency software package firm. Last 12 months, he bought it to a subsidiary of Chicago-primarily based private fairness business Thoma Bravo for $1 billion, Reuters reported. In 2021, the Sutcliffes flipped a waterfront Venetian Islands property for $19 million.
Soon soon after promoting his organization, Sutcliffe and his wife purchased the Fisher Island condo for a record $21 million. The 6,800-square-foot device has 7 bedrooms, 7 bathrooms and a person half-lavatory, and involves a crafted-in wine fridge, the listing displays. It was designed in 1989, and the previous proprietor, convicted fraudster and previous hedge funder Anilesh Ahuja, commissioned Belgium-primarily based designer Koen Van Bathroom to gut renovate the condominium in 2017.
The Sutcliffes shown the condo for $23 million in February and dropped the rate to $22 million in March, Redfin shows. The few owns a smaller 2,900-square-foot Fisher Island device they bought for $3.9 million in 2021, home documents demonstrate.
Fisher Island is a well-known enclave amongst South Florida luxury purchasers. The non-public island is just off the coastline of Miami Seaside and is only accessible by boat, ferry or helicopter.
In February, a Delaware entity acquired and sold a pair of condos on Fisher Island in two discounts value a put together $27.6 million. Massachusetts-primarily based actual estate developer and pizza mogul Sal Lupoli acquired a unit for $14.2 million in Oct.
