Eddie Irvine, the former Formula One drive turned spec home developer, bought a waterfront house on Hibiscus Island for $10.5 million, with plans to renovate it.

Records show Irvine-led Mega Miami Beach LLC bought the home at 24 South Hibiscus Drive in Miami Beach from Astoria Holdings Limited, a British Virgin Islands company. Mariia Bakhtarova signed the deed as vice president. The corporation also links to Aventura attorney Alan J. Marcus.

Astoria Holdings Limited bought the home for $10.6 million in 2008, records show. The property was first listed in 2014 with an asking price of $22.5 million. After many price chops, the most recent asking price was $10.9 million in October.

Mirce Curkoski and Albert Justo represented the seller, while Julian Johnston of The Corcoran Group represented the buyer. According to Johnston, Irvine plans to renovate the home.

Property records show the 4,604-square-foot, two-story house has five bedrooms, five full bathrooms and two half-bathrooms. Built in 2003, the house is on a nearly half-acre, waterfront lot.

The property includes a guest house, pool house, boat house and 150 feet of water frontage, according to the listing.

Irvine is heavily involved in real estate investing and development in South Florida. Last month, he sold a waterfront Venetian Islands spec home for $17.1 million. In December, he bought a different Venetian Islands property for $7.6 million.

Hibiscus Island has also recently attracted interest from buyers. Miami Heat player Victor Oladipo spent $7.8 million on a non-waterfront home, and a financier sold his house for $9 million.