$51.5 Million Waterfront Sale Sets New Record on Miami Beach's Hibiscus and Palm Islands

A waterfront estate at 270 S. Hibiscus Drive has sold for $51.5 million, setting new records for both sale price and price per square foot on Miami Beach's guard-gated Hibiscus and Palm Islands. The transaction surpassed the previous record sale of approximately $40 million, despite that property encompassing a larger residence on a larger lot.

Denis Smykalov, broker and founder of Wolsen Real Estate, represented the seller in the transaction.

"This sale reflects where Miami Beach's luxury market is today," said Smykalov. "Buyers continue to recognize the value of exceptional design, craftsmanship and waterfront locations. Properties of this caliber rarely become available, and demand remains strong when they do."

The property, which was recently completed, is coming to market for the first time since the seller acquired it as an unfinished shell in 2021. Rather than simply complete the original plans, the residence was reimagined through a joint venture led by Luis Bosch, founder of Luis Bosch Luxury Homes, who oversaw the home's redesign and construction.

The estate combines two waterfront lots totaling approximately 21,000 square feet, with 120 feet of water frontage, and offers more than 10,000 square feet of living space. The residence includes five bedrooms, a maid's quarters, six full bathrooms, two half bathrooms, a private office and a fitness center. Additionally, it is one of the few homes in Miami Beach that features two private docks. The docks are capable of accommodating a yacht measuring up to approximately 105 feet.

One of the home's defining features is a fully soundproof private nightclub with its own private entrance, allowing it to function independently from the main residence. Designed for entertaining, the space includes professional nightclub lighting, laser effects, disco balls and a dedicated air conditioning system. An oversized pool cabana bathroom with two toilets was also designed to accommodate large gatherings.

Originally designed by a local architect, the residence was later reimagined by SAOTA, the internationally acclaimed South African architecture firm formerly known as Stefan Antoni Olmesdahl Truen Architects, with interiors by fellow South African design firm ARRCC and landscape architecture by renowned landscape architect Raymond Jungles.

Bosch, who has spent more than 20 years building luxury waterfront residences throughout Miami Beach, assembled a team of architects, designers and craftsmen to execute the project.

"Our goal was to create a home that would stand the test of time," said Bosch. "Every finish, every material and every design decision was carefully considered. We focused on quality at every stage of construction to create a residence that feels as exceptional today as it will decades from now."

Craftsmanship is evident throughout the residence. Walls are wrapped in custom millwork incorporating multiple exotic wood species, while the kitchen features handcrafted cabinetry by Bon Vivant Custom Woodworking, a South Florida company specializing in custom architectural millwork since 1981. The home also features Bronze Armani stone, shellstone and multiple varieties of natural marble throughout. Hand-selected travertine was sourced from Rome specifically for the project, while the infinity-edge pool is finished with Bali stone imported from Indonesia. A custom powder-coated steel and aluminum exoskeleton further distinguishes the home's engineering and construction.

Other notable features include a full-size Ferrari Testarossa replica suspended in the main living area as a sculptural centerpiece.

The record-setting sale reflects the strong demand for newly completed waterfront residences on Hibiscus and Palm islands, where limited inventory and architecturally significant homes continue to command premium values.