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.
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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The First Estate Built On Star Island In 1924 Sells For $57 Million Following Ultra-Luxe Mega-Expansion
The first estate built on Star Island in 1924 has sold for $57 million following an ultra-luxe mega-expansion. The transaction is one of the highest prices paid for a modern home in Miami-Dade. The seller was represented by Dina Goldentayer with Douglas Elliman, while the undisclosed buyer was represented by Chad Carroll with The Carroll Group at Compass.
The first estate built on Star Island in 1924 has sold for $57 million following an ultra-luxe mega-expansion. The transaction is one of the highest prices paid for a modern home in Miami-Dade. The seller was represented by Dina Goldentayer with Douglas Elliman, while the undisclosed buyer was represented by Chad Carroll with The Carroll Group at Compass.
Located at 27 Star Island, the sprawling estate offers history and the ultimate in contemporary living with two distinct homes spanning 25,000 square-feet of living space on an expansive 40,000 square-foot waterfront lot. The property initially listed for $90 million with Alyssa Morgan, currently of INSIDE Network, seeking to set a Miami-Date County record. Star Island is one of Miami Beach’s most coveted address’ with just 30 waterfront homes in the gated community.
The original home built in 1924 by prominent architect Walter De Garmo is Star Island’s first residence. The structure was picked up and relocated to the South side of the property in 2014 and masterfully restored in a way that embodies the roaring 20’s. The second home is a modern masterpiece overlooking 100 feet of water frontage designed by Starchitect SAOTA and built by Coastal.
Together the residences offer a total of 11 bedrooms plus 12 full and 3 half baths. Features include a Chef’s kitchen with Gulio appliances and 5 cooking methods, elevator, sunset rooftop lounge, and 1,400 bottle wine room. Estate amenities include a waterfront gym, spa with sauna & steam, cold plunge, jacuzzi , massive wraparound pool, office cabana, spa with massage room and hair salon, and new dock with boat lift.
Images by Lifestyle Production Group (LPG) from the original listing by Alyssa Morgan which was covered by PROFILEmiami in January 2022.
Images via LPG/ONE Sotheby’s International Realty
The First Estate Built On Star Island In 1924 Lists For Record $90 Million Following Ultra-Luxe Mega-Expansion
The first estate built on Star Island in 1924 has hit the market for a record $90 million following an ultra-luxe mega-expansion. Located at 27 Star Island, the sprawling estate offers history and the ultimate in contemporary living with two distinct homes spanning 25,000 SF of living space on an expansive 40,000 SF waterfront lot.
The first estate built on Star Island in 1924 has hit the market for a record $90 million following an ultra-luxe mega-expansion. Located at 27 Star Island, the sprawling estate offers history and the ultimate in contemporary living with two distinct homes spanning 25,000 square-feet of living space on an expansive 40,000 square-foot waterfront lot. The sale would set a Miami-Date County record which was recently set at the nearby 8/9 Star Island Drive which billionaire hedge fund manager, entrepreneur and investor Ken Griffin purchased for $75 million. Star Island is one of Miami Beach’s most coveted address’ with just 30 waterfront homes in the gated community.
The original home built in 1924 by prominent architect Walter De Garmo is Star Island’s first residence. The structure was picked up and relocated to the South side of the property in 2014 and masterfully restored in a way that embodies the roaring 20’s. The second home is a modern masterpiece overlooking 100 feet of water frontage designed by Starchitect SAOTA and built by Coastal.
“This home is not a spec house, it was built for the owner with no expense spared,” said listing agent Alyssa Morgan with ONE Sotheby’s International Realty. “There’s over a quarter of a million dollars worth of acoustic soundproofing and no level changes from interior to exterior for a flush flow that requires a very expensive pedestal drain system. The floors in the original De Garmo residence are restored Miami Dade Pine that are the under water pilings from the original 1924 home.”
Together the residences offer a total of 11 bedrooms plus 12 full and 3 half baths. Features include a Chef’s kitchen with Gulio appliances and 5 cooking methods, elevator, sunset rooftop lounge, and 1,400 bottle wine room. Estate amenities include a waterfront gym, spa with sauna & steam, cold plunge, jacuzzi , massive wraparound pool, office cabana, spa with massage room and hair salon, and new dock with boat lift.
“It’s so special to be able experience the vibe of being in a home with so much history and in one of the most architecturally significant modern homes by SAOTA that really showcases Miami living today - all in one property,” added Morgan.
27 Star Island is listed for $90 Million by Alyssa Morgan with ONE Sotheby’s International Realty. Images by Lifestyle Production Group (LPG).
Images via LPG/ONE Sotheby’s International Realty
The former site of Al Capone’s longtime Miami Beach estate has traded for $21 million, marking the latest chapter for one of the city’s most historically recognizable residential properties. Located at 93 Palm Avenue on Palm Island, the now-vacant waterfront property features 100 feet of frontage on Biscayne Bay. The site was previously home to the sprawling estate once owned by the notorious Prohibition-era crime boss before the residence was demolished in 2023.