Amit Raizada and 240 West Rivo Alto Drive (Spectrum Business Ventures, Google Maps)
Hoping to take advantage of the ravenous demand for luxury homes, a former Echo Fox online gaming investor bought a waterfront lot on Miami Beach’s Venetian Islands, with plans to build a spec house.
Amit Raizada, an investor in various businesses and CEO of Foothill Ranch, California-based Spectrum Business Ventures, bought the property at 240 West Rivo Alto Drive from Alexis Bouthillier De Beaumont for $6 million, records show. Raizada took out a $7.4 million construction loan from City National Bank. He used an entity linked to him, JSMFP IV LLC, for the deal.
The future 5,000-square-foot house will have five bedrooms, five full bathrooms and one half-bathroom, with a rooftop deck, according to listing agent Darin Tansey of Douglas Elliman. He estimated the listing price will be $14.9 million, but stressed that’s a pre-construction estimate. Construction is expected to be completed in the first quarter of 2023. Borges and Associates is the architect.
“We’re building a brand new spec home,” Tansey said. “People are looking for a brand new turnkey home.”
Demand for luxury homes remains high, and inventory remains low in the South Florida market. The empty lot is also listed on Redfin for $9.3 million.
Raizada, who formerly had partial ownership in the now defunct Ora Nightclub in Miami Beach, has been in and out of litigation for both real estate — and non-real estate — issues. In June 2018, Prudential sued Zilkatur LLC, which was led in part by Raizada, for nearly $5 million. It alleged that Zilkatur failed to pay rent on time at the ground-floor space of 2000 Collins Avenue, where it had operated the Ora nightclub. The court ruled in favor of Prudential that same month, documents show.
Early last year, Raizada sued for damages against Echo Fox, an online gaming company he co-founded and invested in with former NBA player Rick Fox, according to a Miami New Times article. The parties settled the lawsuit in 2020 in Raizada’s favor, court records show.
Echo Fox disbanded in 2019 according to GameDaily.biz.
Raizada’s quarter-acre property on the Rivo Alto Island features 60 feet of waterfront, a new seawall and dock, according to Redfin.
Residential home sales have remained strong in recent months and underscore the momentum South Florida’s residential real estate market has been experiencing throughout the pandemic. Inventory for luxury single-family homes has dwindled, causing interested buyers to consider other options.
In September, a modern five-bedroom house on the Venetian Islands sold for $22.7 million. Keith J. Blum, trustee of the 122 W Dilido Land Trust, purchased the waterfront Villa Tyra at 122 West Dilido Drive.
In August, a 26-year-old portfolio manager picked up a Venetian Islands vacant lot and house, with interiors and exteriors inspired by the Versace Mansion, for a combined $13 million.
And Jeff Franklin, the creator and producer of “Full House” picked up land on South Venetian Way, next to the lot he had previously acquired, bringing his total spent on the Venetian Islands assemblage to $48.5 million. Franklin now controls 1.2 acres on San Marco Island.
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