It looks like one of Miami Beach’s classic homes on Hibiscus Island is getting ready for a big change! A property at 345 N. Hibiscus Drive recently sold for a massive $15 million, but the new owners have plans to tear it down and start from scratch.
The sale was managed through the Mary J. Simcox Revocable Trust, with Tina Marie Simcox acting as trustee, and the buyers are 345 Palm Island Miami LLC, linked to Riyadh Swedaan from Coral Gables and Hashim Abdul Kareem Suwaidan from New Jersey. The real estate agents involved were Allan Kleer and Fabian Garcia Diaz from One Sotheby’s International Realty, representing the seller, and May Shekouri from Bespoke Miami Realty Group, who worked with the buyer.
Now, if you’re wondering why such a steep price tag – $15 million – for a home built back in 1952, it’s all about the location! This waterfront lot is about 21,000 square feet, making the land itself worth around $714 per square foot. That’s where the real value lies.
The Simcox family definitely made a great investment – they bought this home back in 1979 for just $300,000 and held onto it for 45 years, seeing an incredible increase in value over the decades. The original owner, Mary Simcox, passed away last year at the age of 94.