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

A waterfront estate on Hibiscus Island sells for $51.5 million, setting a new benchmark for both total sale price and price per square foot across Miami Beach’s guard-gated Palm and Hibiscus Islands. The transaction at 270 South Hibiscus Drive eclipsed the previous record of roughly $40 million, even though the earlier property featured a larger residence and occupied a larger parcel.

The newly completed estate also stands apart for its highly customized design, including a full-size replica of a Ferrari Testarossa suspended above the main living area as a dramatic sculptural focal point.

$51.5 Million Sale Sets New Miami Beach Island Record

The transaction underscores the continued strength of Miami Beach’s ultra-luxury waterfront market, where turnkey estates with exceptional architecture, private docks, and expansive water frontage remain in limited supply.

Dora Puig of Luxe Living Realty and Denis Smykalov of Wolsen Real Estate represented the seller, while Jordan Karp of Jordan Karp LLC represented the buyer.

Smykalov said the sale reflects the current direction of the Miami Beach luxury market, where buyers are placing a premium on distinctive design, craftsmanship, and prime waterfront positioning. Properties combining those characteristics remain scarce, helping support elevated pricing when they reach the market.

For additional insight into the city's luxury market, explore Miami real estate market trends.

Newly Completed Estate Reimagined From an Unfinished Shell

The sale marks the first time the residence has traded since the seller acquired the property as an unfinished shell in 2021.

Rather than simply completing the existing plans, the project underwent an extensive redesign and construction process led through a joint venture involving Luis Bosch, founder of Luis Bosch Luxury Homes. Bosch oversaw the transformation of the property, bringing together an experienced team of architects, designers, and specialized craftsmen.

The result is a fully realized waterfront estate designed around both architectural sophistication and highly personalized entertaining spaces.

21,000-Square-Foot Waterfront Property With Two Private Docks

The estate occupies two combined waterfront lots totaling approximately 21,000 square feet and provides roughly 120 feet of water frontage.

With more than 10,000 square feet of living space, the residence offers a substantial collection of private and entertainment-oriented spaces, including:

• Five bedrooms, maid’s quarters, six full bathrooms, two half bathrooms, a private office, fitness center, and two private docks capable of accommodating a yacht of approximately 105 feet.
• A fully soundproof private nightclub with a separate entrance, professional lighting, laser effects, disco balls, and its own dedicated air-conditioning system.
• An oversized pool cabana bathroom equipped with two toilets, designed specifically to support large-scale gatherings.

The combination of expansive waterfront access and two private docks gives the estate an especially rare level of boating functionality for Miami Beach.

A Private Nightclub and Ferrari Testarossa Replica Define the Interior

Among the property's most distinctive features is its private nightclub, designed to operate independently from the main residence. The fully soundproofed space includes professional-grade entertainment equipment and a dedicated entrance, allowing owners to host events without disrupting the rest of the home.

Inside the main living area, a full-size Ferrari Testarossa replica is suspended as an architectural art piece, creating an unexpected focal point within the contemporary residence.

The estate was designed to accommodate both sophisticated everyday living and large-scale entertaining, with custom details incorporated throughout.

SAOTA, ARRCC and Raymond Jungles Shape the Design

The residence began with plans by a local architect before undergoing a comprehensive reimagining by SAOTA, the internationally recognized South African architecture firm formerly known as Stefan Antoni Olmesdahl Truen Architects.

Interiors were created by ARRCC, another leading South African design studio, while renowned landscape architect Raymond Jungles developed the property's landscaping.

The collaboration brought together architecture, interior design, landscape design, and construction expertise to create a cohesive estate that emphasizes the relationship between the residence, its outdoor spaces, and the waterfront.

Luxury Craftsmanship Defines the Residence

Bosch, who has spent more than two decades developing luxury waterfront homes throughout Miami Beach, assembled a specialized team to execute the project with a focus on longevity and construction quality.

Custom millwork wraps numerous interior walls and incorporates multiple exotic wood species. The kitchen features handcrafted cabinetry by Bon Vivant Custom Woodworking, a South Florida company specializing in architectural millwork since 1981.

Natural materials are used extensively throughout the home, including Bronze Armani stone, shellstone, and several varieties of marble. Hand-selected travertine was brought in from Rome specifically for the project, while the infinity-edge pool features Bali stone imported from Indonesia.

A custom powder-coated steel and aluminum exoskeleton adds another distinctive layer to the home's engineering and architectural expression.

Why the Hibiscus Island Sale Matters for Miami Luxury Real Estate

The $51.5 million transaction highlights the growing premium placed on newly completed, architecturally significant waterfront residences on Palm and Hibiscus Islands.

These guard-gated islands offer a combination of privacy, boating access, and proximity to the broader Miami Beach lifestyle, while limited land and a relatively small inventory of luxury estates continue to constrain supply.

The record sale provides another indication of how buyers at the highest end of the market are willing to pay substantial premiums for residences that offer exceptional architecture, craftsmanship, waterfront access, and turnkey condition.

Buyers exploring similar opportunities can also browse Miami luxury waterfront homes and Miami Beach real estate.

FAQs

1. How much did the Hibiscus Island waterfront estate sell for?
   The estate at 270 South Hibiscus Drive sold for $51.5 million, setting records for both total sale price and price per square foot on Palm and Hibiscus Islands.
2. Where is the record-setting estate located?
   The property is located at 270 South Hibiscus Drive on guard-gated Hibiscus Island in Miami Beach.
3. How large is the Hibiscus Island estate?
   The property combines two waterfront lots totaling approximately 21,000 square feet and contains more than 10,000 square feet of living space.
4. How much waterfront does the estate have?
   The residence features approximately 120 feet of water frontage and two private docks capable of accommodating a yacht of roughly 105 feet.
5. What makes the Hibiscus Island mansion unique?
   Notable features include a suspended Ferrari Testarossa replica, a private nightclub, two private docks, an infinity-edge pool, and extensive custom craftsmanship.
6. Who designed the Hibiscus Island estate?
   The residence was reimagined by SAOTA, with interiors by ARRCC and landscape architecture by Raymond Jungles.
7. Who represented the seller in the $51.5 million sale?
   Dora Puig of Luxe Living Realty and Denis Smykalov of Wolsen Real Estate represented the seller.
8. Why is the Hibiscus Island sale significant? 
   The transaction establishes a new record for both sale price and price per square foot on Miami Beach’s Palm and Hibiscus Islands, highlighting strong demand for exceptional waterfront estates.