A waterfront mansion on Hibiscus Island has sold for $51.5 million to a mystery buyer, setting a new record for the guard-gated Miami Beach neighborhood and edging out the island’s previous high-water mark by more than $11 million. The five-bedroom estate at 270 South Hibiscus Drive comes with 120 feet of frontage on Biscayne Bay, two private docks capable of holding yachts up to 105 feet long, and an amenity rarely seen even in Miami’s ultra-luxury tier: a built-in nightclub.
According to The Real Deal, the sale surpassed the island’s prior record of $40.3 million, set in 2024 when a Wyoming LLC bearing the property’s own address bought the 10,800-square-foot home at 101 North Hibiscus Drive from a company managed by Paul Vogele. That earlier deal, for a seven-bedroom, eight-and-a-half-bathroom house, had stood as the neighborhood’s benchmark for less than two years before this summer’s transaction blew past it.
The buyer’s identity has not been disclosed. Dora Puig of Luxe Living Realty represented the purchaser, while Jordan Karp handled the sale for the seller, a joint venture led by Luis Bosch, founder of Luis Bosch Luxury Homes. Bosch oversaw the redesign and construction of the roughly 10,000-square-foot mansion after the joint venture — managed by Denis Smykalov, founder of Wolsen Real Estate — paid $19 million for the unfinished shell back in 2021.
A Design Pedigree Built for the Price Tag
The finished home sits on two combined bayfront lots totaling 21,000 square feet and carries an architectural résumé to match its price. South African firm SAOTA, formerly known as Stefan Antoni Olmesdahl Truen Architects, designed the home’s architecture; the firm built its first Miami Beach residential project on Pine Tree Drive in 2017, a house featuring a 10,000-square-foot indoor half-court basketball court and a two-story poolside waterslide, as noted by Dezeen…