Waterfront Estate on Hibiscus Island Sells For $51.5 Million Setting New Record on Miami Beach's Palm and Hibiscus Island

A waterfront estate at 270 S. Hibiscus Drive has sold for $51.5 million, setting new records for both sale price and price per square foot on Miami Beach's guard-gated Hibiscus and Palm Islands. The transaction surpassed the previous record sale of approximately $40 million, despite that property encompassing a larger residence on a larger lot. The home uniquely features include a full-size Ferrari Testarossa replica suspended in the main living area as a sculptural centerpiece.

Dora Puig of Luxe Living Realty represented the buyer in the transaction. Jordan Karp of Jordan Karp LLC represented the seller.

"This sale reflects where Miami Beach's luxury market is today," said Smykalov. "Buyers continue to recognize the value of exceptional design, craftsmanship and waterfront locations. Properties of this caliber rarely become available, and demand remains strong when they do."

The property, which was recently completed, is coming to market for the first time since the seller acquired it as an unfinished shell in 2021. Rather than simply complete the original plans, the residence was reimagined through a joint venture led by Luis Bosch, founder of Luis Bosch Luxury Homes, who oversaw the home's redesign and construction, and managed by Denis Smykalov of Wolsen Real Estate.

The estate combines two waterfront lots totaling approximately 21,000 square feet, with 120 feet of water frontage, and offers more than 10,000 square feet of living space. The residence includes five bedrooms, a maid's quarters, six full bathrooms, two half bathrooms, a private office and a fitness center. Additionally, it is one of the few homes in Miami Beach that features two private docks. The docks are capable of accommodating a yacht measuring up to approximately 105 feet.

One of the home's defining features is a fully soundproof private nightclub with its own private entrance, allowing it to function independently from the main residence. Designed for entertaining, the space includes professional nightclub lighting, laser effects, disco balls and a dedicated air conditioning system. An oversized pool cabana bathroom with two toilets was also designed to accommodate large gatherings.

Originally designed by a local architect, the residence was later reimagined by SAOTA, the internationally acclaimed South African architecture firm formerly known as Stefan Antoni Olmesdahl Truen Architects, with interiors by fellow South African design firm ARRCC and landscape architecture by renowned landscape architect Raymond Jungles.

Bosch, who has spent more than 20 years building luxury waterfront residences throughout Miami Beach, assembled a team of architects, designers and craftsmen to execute the project.

"Our goal was to create a home that would stand the test of time," said Bosch. "Every finish, every material and every design decision was carefully considered. We focused on quality at every stage of construction to create a residence that feels as exceptional today as it will decades from now."

Craftsmanship is evident throughout the residence. Walls are wrapped in custom millwork incorporating multiple exotic wood species, while the kitchen features handcrafted cabinetry by Bon Vivant Custom Woodworking, a South Florida company specializing in custom architectural millwork since 1981. The home also features Bronze Armani stone, shellstone and multiple varieties of natural marble throughout. Hand-selected travertine was sourced from Rome specifically for the project, while the infinity-edge pool is finished with Bali stone imported from Indonesia. A custom powder-coated steel and aluminum exoskeleton further distinguishes the home's engineering and construction.

The record-setting sale reflects the strong demand for newly completed waterfront residences on Hibiscus and Palm islands, where limited inventory and architecturally significant homes continue to command premium values.

Images via 1 OAK Studios

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David-Emmanuel Cohen's Madar Group USA Secures Three Sales With Combined Listed Price of $109 Million at The Mansions on Fisher Island

Madar Group USA, the U.S. development platform led by founder and CEO David-Emmanuel Cohen, has announced three sales totaling $105.5 million at The Mansions on Fisher Island.

The milestone leaves just three single-family estates available within Cohen's signature 2.5-acre assemblage—the only collection of newly built, freestanding homes on one of the most coveted enclaves in the United States.

The last asking price for the under contract but yet to close transactions are as follows; Lot #5 for $36.5M, and Lot #10 for $36.0M, while Lot #3 is currently under contract, its last asking price being $36.5M.

Together, they reflect the strength of Cohen's development thesis: that the world's most discerning buyers are actively seeking turnkey, design-forward estates that deliver both absolute privacy and architectural permanence.

A seasoned developer with deep roots in the international luxury market, Cohen identified Fisher Island as the ideal launch pad for his vision of bringing a new category of residence to the United States—newly constructed, freestanding single-family homes of substantial scale, in a market where no comparable inventory has previously existed and none is planned to follow. Under his leadership, The Mansions on Fisher Island introduces a finite, generational opportunity to an already tightly held market.

Each residence sits on an estate parcel exceeding 13,000 square feet, with interiors ranging from approximately 8,500 to more than 18,000 square feet. Expansive outdoor living environments have been carefully oriented to capture both sunrise and sunset exposures.

Dora Puig, Principal of Luxe Living Realty and exclusive sales agent for The Mansions on Fisher Island, represented the developer in all three transactions, while three separate agents represented the purchasers.

The three residences sold are currently under construction, with deliveries anticipated between Q4 2026 and Q2 2027.

Cohen commissioned Portuondo Perotti Architects to translate his vision into a Mediterranean-informed architectural language, reinterpreted through a contemporary lens. The interiors—curated under Cohen's exacting standards—feature bespoke Italian millwork, hand-selected natural stones sourced from leading global quarries, custom-designed kitchens, and spa-grade bathrooms that rival those of the world's finest resorts. Soaring ceiling heights and full walls of glass dissolve the boundary between interior and exterior, flooding each space with natural light.

The programming throughout reflects Cohen's intimate understanding of how today's ultra-high-net-worth buyer actually lives. Residences include rooftop wellness retreats, private elevators, multiple entertaining salons, dedicated office suites, children's lounges, and expansive terraces designed for both intimate gatherings and large-scale hosting. Four-car garages and discreet service areas ensure operational ease without compromising aesthetic integrity.

The three remaining residences are priced from $34 million, culminating in the project's premier offering: a $57 million estate spanning approximately 18,000 square feet on a rare half-acre site—positioned as the largest private residence currently planned on Fisher Island and will be called the Mega Mansion.

To execute his vision at the highest level of construction quality, Cohen has entrusted the build-out of The Mansions on Fisher Island to ASR Construction, the project's exclusive builder. ASR Construction brings the technical precision, logistical discipline, and craftsmanship required to deliver homes of this scale and complexity—particularly within the unique constraints of an island site—ensuring that every detail is realized to exacting global standards. ASR Construction has been building on Fisher Island for 30 years and has completed Palazzo Della Luna, Palazzo Del Sol, Palazzo del Mar on Fisher Island.

Beyond the homes themselves, ownership delivers access to Fisher Island's unparalleled amenity ecosystem: a private new beach club is currently under construction, a championship golf course, tennis and padel facilities, a deep-water marina, and a suite of highly personalized services—all within a setting defined by one of the highest standards of security and privacy in the country.

"Only a handful of single-family homes will ever exist on Fisher Island," said David-Emmanuel Cohen, Founder and CEO of Madar Group USA. " For a global buyer accustomed to the best of Monaco, Paris, or Saint Barthélemy, what resonates here is not just luxury—but legacy. Luxury is a finish, a service, a fleeting experience. Legacy is what remains when the trends have moved on. The land, the proportions, the privacy, the views—none of it can be replicated, and none of it will be. We did not build to compete with what exists; we built to define what cannot be built again. For a buyer at this level, that distinction is everything. That is the standard I set out to deliver, and these results affirm that the market recognizes it."

The Mansions on Fisher Island represents the U.S. debut of Cohen's Mansions brand—a platform he has conceived as the blueprint for a broader portfolio of ultra-luxury developments across the world's most rarefied enclaves. With Fisher Island as the inaugural chapter, Cohen and Madar Group USA are positioning the brand as a defining force in the next generation of global ultra-luxury real estate.

Past PROFILEmiami articles about The Mansions on Fisher Island:

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Karlton Companies Sells Allison Island Spec Home For Record $31.5 Million In Miami Beach

In a landmark transaction that has set a new benchmark for real estate on Allison Island, Karlton Companies has sold a stunning waterfront spec-mansion which was completed last year for $31.5 million, eclipsing previous records in Miami Beach. The home was listed with Jordan Karp of Jordan Karp, LLC. and Dora Puig of Luxe Living Realty represented the buyer.

6494 Allison Road features six bedrooms and eight-and-a-half bathrooms spread over 8,024 SF. The residence boasts an impressive array of amenities, including a two-car garage equipped with lifts, a spacious rooftop terrace, a state-of-the-art gym complete with sauna and steam rooms, a lavish pool, and a summer kitchen. Additionally, the property includes a boat lift and a dock, catering perfectly to waterfront living enthusiasts.

An entity associate with Karlton Companies acquired the lot for $4.8 million in 2018 which was strategically located next to the former residence of rapper Lil Wayne, who previously held the record on Allison Island after he sold his property in 2023 for $22.5 million.

Karlton Companies is led by Fred Karlton, alongside his son, Aaron Karlton, who are also developing a waterfront spec-mansion at 1649 West 22nd Street on the Sunset Islands.

Images via Jordan Karp LLC and Karlton Companies

Inside the PROFILEmiami Spec Home & Luxury Real Estate Networking Dinner at Lafayette Steakhouse

On November 6, real estate media powerhouse PROFILEmiami hosted its Spec Home & Luxury Real Estate event at the sophisticated Lafayette Steakhouse in Brickell. The brainchild of Mr. Hospitality and CEO/Founder Mathieu Massa, Lafayette Steakhouse seamlessly blends the nostalgic allure of a classic American steakhouse with the refined atmosphere of a London speakeasy.

Guests networked over custom cocktails by E11EVEN Vodka and gourmet bites by Lafayette Steakhouse, and heard from leading spec home architect Ralph Choeff of Choeff Levy Fischman, powerbrokers Nelson Gonzalez and Dora Puig, top spec home developer Pascal Nicolai of Sabal Development, interior designer Thomas Diverio from Dunagan & Diverio Design Group and spec home developer Mathieu Massa from Massa Construction Group.

Afterwards guests stayed for a three-course networking dinner presented by Title EQ, LUC Electric and Modern Stones, alongside the leaders of the Miami real estate industry. The exclusive chef-curated menu boasted a selection of decadent choices: appetizers like the Prime Beef Filet Carpaccio, Fried Jumbo Shrimp, or Smoked Kurobuta Pork Belly BBQ; mains included a 6-oz Filet Mignon, Lafayette Cheeseburger, or Pan-Seared Striped Bass; and dessert options feature Half-Baked Cookie, America French Toast, or Dulcey Chocolate Popcorn Sensation. This exquisite dinner offered a perfect close to a night of elite networking and culinary delight.

PROFILEconnect brings together Miami’s real estate industry and business professionals to network and connect outside of a business setting. Guests have the opportunity to network and share their experiences in South Florida through thoughtful discourse, while forging new relationships with industry leaders.

Sabal Development Sells Hibiscus Island Spec Home For $15 Million To Cosmetics CEO

A brand new tropical modern waterfront spec home by Sabal Development at 165 North Hibiscus Drive on Miami Beach’s Hibiscus Island has sold for $15 million to the CEO of Farmasi North America. Per public record, Marko Gojanovic of ONE Sotheby’s International Realty and Alejandro Diaz Bazan of Jills Zeder Group represented the buyer, Sinan Tuna, while Dora Puig with Luxe Living Realty represented the seller, developer Pascal Nicolai.

165 North Hibiscus Drive was designed by Togu Design and spans 5,217 square feet of interior on 10,500 square foot lot with 60’ of waterfront. The 5-bedroom , 5.5 bathroom home features a reflecting pond, a private 2 car garage, cotto’d’este tiling, full suite appliances by Miele, wine cellar, illumination by Delta Light, and freestanding soaking bathtub. Outdoors features two waterfront pools, a rooftop deck, terrace, and dock which can accommodate a yacht as large as 50’.

Master Brokers Forum Listing: Step Inside An Oceanfront Art Deco Masterpiece Penthouse At Faena House

Master Brokers Forum: Master Brokers Forum member Dora Puig presents this impeccably designed Faena House penthouse - an Art Deco masterpiece by Wetzels Brown Partners. Faena House is one of the most exclusive boutique towers in Miami Beach, created by Foster + Partners. Penthouse A is a mansion in the sky with 270-degree views of ocean, city, and bay. The residence offers six beds and 6.5 baths in 6,400 square feet of living space and nearly 4,000 square feet of exterior space. The unit also features a private elevator foyer arrival into a fine art gallery, Nanz ebony handles, Italian terrazzo floors throughout entertaining areas with dining for 14 guests, high-gloss ebony bookcase by Metrica and LED lighting, Molteni gourmet eat-in kitchen and Miele appliances, an oceanfront master suite with custom-built ebony furnishings, rare textured and hand-painted walls in all bedrooms, and all baths equipped with Dornbracht and Duravit fixtures.

Faena House 3315 Collins Ave. Penthouse A, Miami Beach is currently listed for $34,950,000 with Dora Puig of Luxe Living Realty, who can be reached at 305-613-2118 and/or dora@dorapuig.com.

The Master Brokers Forum is a local network comprised of South Florida's elite real estate professionals. Learn more at www.MasterBrokersForum.com.

Images via Luxe Living Realty

This article was produced in partnership with Master Brokers Forum

PROFILE Exclusive: The Legendary 46 Star Island Originally Built By Carl Fisher Finally Sells For $39 Million

PROFILEmiami is the first to report that the legendary cul-du-sac, located at 46 Star Island, which was originally built by the "founder" of Miami Beach Carl Fisher, has finally sold for $39 million. The property was listed by Dora Puig and Alexa Iacovelli of Luxe Living Realty and Jill Hertzberg of The Jills Zeder Group at Coldwell Banker brought they buyer, who remains unnamed. The seller was Marc Iacovelli who originally purchased the home in 1987 for $1.825 million. 46 Star Island first listed in 2016 for $65 million before later dropping its price to $48 million and even tested out the auction market with Concierge Auctions in January 2018.

46 Star Island features 10 bedrooms, 12 bathrooms with over 18,356 SF of living area. The estate was completely renovated in 2016 keeping the classic Mediterranean design with modern features such as a new kitchen and updated living areas. Luxurious features and finishes cover every inch of the property such as a large, ornate living room with vaulted ceiling; clerestory and arched casement windows, 3,000-bottle wine cellar, billiard room with wet bar, gym, office, staff quarters, sun room, formal dining room, guest quarters, and a massive chef's kitchen. Outside features over 250' of waterfront complete with lounge areas, exotic landscaping, resort style pool with cabana, and 2 private docks on of which with has a boat lift, all offering stunning views of Biscayne Bay and Monument Island. 

Photos by Alex Tarajano Photo

Check Out This Choeff Levy Fischman-Designed Tropical Waterfront Mansion Featuring Post-Tension Structural Design

Situated on Miami Beach’s Di Lido Island on Miami’s luxurious Venetian Islands, award-winning architects Choeff Levy Fischman designed one of its newest luxury Tropical Modern residences with a rare post-tension structural system. The construction method is typically found in high-rise developments and eliminates the use of structural beams which allows for maximized ceiling heights on both levels and unobstructed views from the rear. The residence also features a unique 12-foot Vitrocsa Invisible Wall System throughout the main floor that allows for sweeping views of Biscayne Bay.

The home offers 7,828 SF of living space spread over 7 bedrooms and 7.5 bathrooms, delivered complete with Artefacto furnishing and a Lutron home automation system. Guests are welcomed to the home via a grand 11-foot Cumaru-cladded pivot door with an expansive glass panel offers you a glimpse into the interior and out to the bay. The home’s post-tension architecture becomes evident once inside 63’ wide living room that boasts European White Oak floors and overlooks the double-sided infinity-edge pool and pristine bay waters. Juxtaposed to the main living area, a state-of-the-art kitchen boasts Boffi appliances, and custom Brazilian Teak wood ceilings that also spread across the foyer, powder room, office and downstairs bedrooms. Board-formed concrete flows from the outdoors, in with columns that add a bit more warmth and texture to the modern residence as well.

There are two bedrooms located downstairs. One opens up to a shaded outdoor yoga deck, another offers a frameless frosted glass wall for privacy, and also allows for unobstructed views of the water. The residence’s second floor houses five of the seven bedrooms. A corridor with custom Walnut paneling hides the bedrooms, each with 10’ Walnut pivot doors and their own ensuite bathrooms.

Choeff Levy Fischman’s signature Tropical Modern style shines through with the repetitive use of board-formed concrete, wood, and exotic stone both indoors and outdoors. Outside, the infinity-edge lap pool and spa feature a rainwater re-harvesting system. A nearby an outdoor kitchen and bar provide the perfect setting for outdoor entertaining. The home sits on 106 feet of water frontage with a newly renovated dock and raised seawall.

The home is set to hit the market in the near future with an expected list price of $19,995,000.00 with Dora Puig, Broker/Owner of Luxe Living Realty.

For more information about homes on the Venetian Islands, private showings or purchasing information please fill out the form below: