Tag Archives: Hibiscus Island

Spec Home Sells for $15 Million on Hibiscus Island

Developer Sells Waterfront Estate to Cosmetic Company CEO

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Spec Home Sells for $15 Million on Hibiscus Island
Photo Credit: Dora Puig

Pascal Nicolai, a Miami house developer, sold his waterfront Hibiscus Island spec home to a cosmetic company CEO for $2 million over asking price landing at a steep $15 million.

The waterfront estate located at 165 North Hibiscus Drive in Miami Beach features 5 bedrooms, 5.1 bathrooms all on 0.17 acres of water frontage. The MLS listing shows a rendering of the spec home with a modern finish with floor-to-ceiling windows covering the exterior.

The interior of the home showcases 4,791 square feet of living space with high-end finishes.

Tropical foliage surrounds the property creating privacy that is unmatched on Hibiscus Island. The pool overlooks the dock, Biscayne Bay, and faces the Venetian Islands.

The seller Pascal Nicolai is the owner of Nicolai’s Sabal Development and this is one of his many spec homes currently being developed in Miami. The buyer for the property is the CEO of Farmasi North America, Sinan Tuna.

Tuna’s company is not only a cosmetic company but it’s also a marketing company that was originally located in Istanbul. Farmasi plans to build a headquarters and distribution center for the company in Doral, Florida.

The property was originally listed in July 2020 for $13 million during its completion of construction. It was then taken off the market then resisted in late 2021 for $15.5 million. The property was last sold to the developer for $5.8 million in 2016.

Dora Puig, owner and broker of Luxe Living Realty represented the seller/developer of the property.

Hibiscus Island Waterfront Mansion

Cincinnati Businessman Sells Miami Beach Mansion 6 Months after Purchasing Property

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Hibiscus Island Waterfront Mansion

Cincinnati businessman, Josh Lehman recently sold his Miami Beach Mansion for $17.5 million. The waterfront mansion located on Hibiscus Island was sold 6 months after Lehman first purchased for a profit.

The buyer listed as Top Hibiscus LLC, an entity managed by Jose Carlos Pontes. Pontes is the head of Grupo Marquise a Brazilian-based construction company.

The mansion last sold for $15.5 million in May 2021 closing at a $2,850 per square foot. The current price closes close to $3,219 per square foot. The property was purchased with cash.

The property itself located at 160 S. Hibiscus Drive in Miami Beach features 5 bedrooms and 5.5 bathrooms totaling 5,427 square feet of living space. Upon entering, you immediately notice the tall ceilings, floating staircase, and the floor-to-ceiling sliding doors that lead to the exquisite back yard.

The waterfront mansion also features an Ornare custom kitchen, bar, spacious master suite with marble bath and Mia Cucina his/her closets. The exterior is complete with a rooftop deck, infinity edged pool with views of Biscayne Bay, outdoor bbq, and a 2 car garage.

The property was built earlier this year and the architect behind the modern design is Reinaldo Borges with interiors by Tara Nia Design. The home purchase also included a furniture package. The property also features a long dock for up to 38 foot boats.

Pontes, the purchaser of this property also sold another mansion that was located on Hibiscus Island in July 2021. That property located 150 S. Hibiscus was sold for $26.5 million.

160 S. Hibiscus Mansion
Hibiscus Island Mansion
Master Bathroom in Hibiscus Island Mansion
Hibiscus Island Homes

Waterfront Mansion Purchased by Miami Beach Investor at $21 Million – Lists the Property for $30 Million

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Hibiscus Island Homes

Andrew Mirmelli, the owner of M&M Parking Management services and Investor, is now betting on the hot real estate market. With the recent purchase of a waterfront home on Hibiscus Island at $21 million, Mirmelli just relisted the property for a cool $30 million just a few days after closing.

Hibiscus Island Mansion Overlooking Biscayne Bay
Photo Credit: Julian Johnston

The luxury waterfront property shows the previous owner as Sweet Gift LLC, a company owned by Abelardo Monroy. The home located at 432 South Hibiscus Drive features 6,090 square feet of living space, 5 bedrooms, 7 bathrooms, and a 3 car garage.

Hibiscus Island Mansion
Photo Credit: Julian Johnston

The property was built in 2001 on just under half an acre. The design of the home showcases a Mediterranean style throughout with neutral colors easily flowing from one room to the next. Expansive windows and tall ceilings provide endless natural light and views that can only be found on Hibiscus Island. The property also includes a custom pool, outdoor kitchen, and private boat dock with a lift.

432 Hibiscus Drive Kitchen
Photo Credit: Julian Johnston

Hisbiscus Island not only features unique luxury estates, but also offers gorgeous waterfront views, 24-hour security, and a family-oriented community center/park. Boating is a prime hobby on Hibiscus Island. With a lack of fixed bridges, boats of many sizes gain access to private boat docks throughout the island. This island is also close to South Beach and downtown Miami, making it a prime location to enjoy all that Miami offers.

This luxurious estate was previously sold in 2013 at $8 million. The owner has also listed it for rent at $130,000 monthly. Mirmelli recently sold a lot in downtown Miami to developer Moishe Mana. Mana paid $12.4 million for the lot which he plans to build a mixed-use development for offices, residences, and hotels.

Hibiscus Island Mansion
Photo Credit: Julian Johnston
432 Hibiscus Drive on Hibiscus Island
Photo Credit: Julian Johnston