A mystery buyer just inked a record sale price and price per square foot on Miami Beach’s gated Hibiscus and Palm islands with a $51.5 million splurge on a waterfront estate.
A joint venture led by Luis Bosch, founder of Luis Bosch Luxury Homes, sold the 10,000-square-foot mansion at 270 South Hibiscus Drive that sits on two bayfront lots that total 21,000 square feet with 120 feet of frontage overlooking Biscayne Bay, according to the seller’s news release. Wolsen Real Estate founder Denis Smykalov is listed as the manager of the joint venture.
The price works out to $5,100 per square foot of livable space. The five-bedroom home has a maid’s quarters, six full bathrooms, two half-bathrooms, an office, nightclub, pool, fitness center and two private docks that can accommodate a yacht that measures up to 105 feet.
Jordan Karp of Jordan Karp LLC was the seller’s agent, and Dora Puig of Luxe Living Realty represented the buyer.
The joint venture paid $19 million in 2021 for the unfinished shell, and Bosch oversaw the home’s redesign and construction, which was done by South African architecture firm SAOTA, formerly known as Stefan Antoni Olmesdahl Truen Architects. Another South African design firm, ARRCC, worked on the interior, and the landscape architecture was completed by Raymond Jungles.
The sale surpassed the previous record on the island in 2024 for $40.3 million at 101 North Hibiscus Drive. A company managed by builder Paul Vogele, who lived in the home, sold that 10,800-square-foot, seven-bedroom, eight-and-a-half-bathroom house to a Wyoming LLC named after the address.
One of the most recent major home sales on Hibiscus Island came last year, when video game publisher Tilting Point founder Kevin Segalla and his wife, Michelle, sold their home at 320 South Hibiscus Drive for $31.9 million to an unknown buyer linked to Delaware-based Sun Hills LLC. That deal came on the heels of a record sale on neighboring Palm Island, where Chilean developer and casino mogul Claudio Fischer sold a spec mansion for $40 million.
Hibiscus and Palm, which are grouped together because they connect via a bridge off the MacArthur Causeway, are both exclusive luxury island neighborhoods in Miami Beach with gated entrances, similar to the “Billionaire Bunker” Indian Creek Village and Star Island. Fisher Island is another wealthy island enclave in Miami Beach, but its access is restricted by ferry, and the island has more condos.
The islands rank among the nation’s priciest residential neighborhoods, with multimillion-dollar waterfront properties frequently sold to business executives and sports and entertainment celebrities.
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