A bayfront mansion on Hibiscus Island sold for $51.5 million, shattering the previous sales record for Miami Beach's gated Hibiscus and Palm islands by more than $11 million.

The estate at 270 South Hibiscus Drive closed in an off-market deal, with the sale first reported Aug. 13 by The Real Deal. The property had been listed at $55 million, or $5,240 per square foot, and sold at roughly $4,900 per square foot.

The buyer remains unknown.

The sale topped the prior island record of $40.3 million, set in 2024 by the mansion at 101 North Hibiscus Drive.

A joint venture led by developer Luis Bosch, founder of Luis Bosch Luxury Homes, sold the property. Denis Smykalov, founder of Wolsen Real Estate, is listed as the venture's manager. The group paid $19 million for the unfinished shell in 2021, then spent $15 million on a redesign and construction overseen by Bosch, according to The Wall Street Journal as cited by The Real Deal.

South African architecture firm SAOTA designed the home. Interior firm ARRCC handled the finishes, and landscape architect Raymond Jungles completed the tropical grounds.

The mansion sits on two bayfront lots totaling 21,000 square feet with 120 feet of water frontage on Biscayne Bay. It includes a nightclub, pool, fitness center and two private docks that can accommodate a yacht up to 105 feet.

Jordan Karp of Jordan Karp LLC represented the seller. Dora Puig of Luxe Living Realty brought the buyer.

The sale caps a run of high-dollar transactions on the islands. Video game publisher Tilting Point founder Kevin Segalla sold his home at 320 South Hibiscus Drive for $31.9 million in 2025. In May, a 0.24-acre waterfront lot on Hibiscus Island sold for $18.5 million to a London buyer, also represented by Puig. And as we reported Aug. 16, Al Capone's former Palm Island lot sold for $21 million.

The Hibiscus Island deal headlined a strong week across Miami-Dade's luxury tier. Buyers signed 14 contracts on properties priced at $4 million and above, totaling $167.6 million in asking volume, up from $135.8 million the prior week, according to the Douglas Elliman Eklund-Gomes team report. Of those, 12 were single-family homes averaging $12.9 million per contract.

The second-priciest contract that week went to an oceanfront home at 7815 Atlantic Way linked to Daren Metropoulos, son of billionaire C. Dean Metropoulos, with an asking price of about $4,300 per square foot.

No permits or renovation plans for 270 South Hibiscus Drive have been filed by the new owner.