"Construction on the first of three new houses on the Venetian Islands is due to break ground shortly," said Julian Johnston of Sterling Realty last week. Johnston represents and advises Irvine on the projects and will list and sell the properties on completion.
Johnston recently sold the first of Irvine's new homes in that area for €5m. Having bought it for €1.4m just three years ago, it's thought Irvine close to doubled his money after recouping his redevelopment outlay.
"These other houses are much larger," Johnston said. On three separate parcels of land, one is planned to sell for circa €12m, one for €8.5m another for €6m.
"With Eddie it's all about location – and Miami Beach is the hottest market right now, leading the housing recovery in the United States," says Johnston, who specialises in waterfront property in the area.