A newly completed waterfront estate at 270 S. Hibiscus Drive has sold for $51.5 million, establishing the highest sale price and price per square foot recorded across Miami Beach’s guard-gated Hibiscus and Palm islands. The transaction underscores continued demand for architecturally distinctive waterfront homes in one of South Florida’s most tightly held luxury enclaves.
Key takeaways
- The estate sold for $51.5 million, surpassing the islands’ previous record of approximately $40 million.
- The property combines two lots totaling about 21,000 square feet and includes 120 feet of waterfront.
- More than 10,000 square feet of living space includes two private docks and a soundproof nightclub.
- Dora Puig represented the buyer, while Jordan Karp represented the seller.
The sale is notable not only for its total price but also for the value achieved relative to the home’s size. The previous record involved a larger residence on a larger lot, yet closed for roughly $11.5 million less.
A purpose-built waterfront compound
The estate was created by combining two waterfront parcels and offers five bedrooms, maid’s quarters, six full bathrooms, two half bathrooms, a private office and a fitness center. Its two private docks can accommodate a yacht of approximately 105 feet, a rare feature even among the islands’ high-end residences.
Entertainment spaces are central to the design. A fully soundproof private nightclub has a separate entrance and includes professional lighting, laser effects, disco balls and its own air-conditioning system. The property also features an oversized pool cabana bathroom designed for large gatherings.
Reimagined from an unfinished shell
The seller acquired the property as an unfinished shell in 2021. Instead of completing the existing plans, the project was substantially redesigned through a joint venture led by Luis Bosch, founder of Luis Bosch Luxury Homes. Denis Smykalov of Wolsen Real Estate managed the effort.
The residence was initially designed by a local architect before being reimagined by SAOTA, the internationally recognized South African architecture firm. ARRCC handled the interiors, while landscape architect Raymond Jungles shaped the outdoor environment.
Materials and craftsmanship drive the design
Custom millwork incorporating several exotic wood species wraps the interior. The kitchen features handcrafted cabinetry by Bon Vivant Custom Woodworking, while the palette includes Bronze Armani stone, shellstone and multiple types of natural marble. Travertine sourced from Rome and Bali stone imported for the infinity-edge pool add further international touches.
A custom powder-coated steel and aluminum exoskeleton provides a distinctive architectural signature. In the main living area, a full-size Ferrari Testarossa replica hangs as a sculptural centerpiece, blending the home’s automotive influence with its entertainment-focused design.
A benchmark for Miami Beach luxury
The record-setting transaction reflects the islands’ limited inventory and the premium buyers continue to place on newly completed waterfront estates. With scarce developable land, private security and direct access to Biscayne Bay, Hibiscus and Palm islands remain among Miami Beach’s most competitive luxury markets.