Miami Beach home with suspended Ferrari sells for record $51.5M

Miami Beach has another eight-figure real estate record on the books.

A newly completed waterfront estate at 270 S. Hibiscus Drive has sold for $51.5 million, setting records for both the highest sale price and highest price per square foot across the guard-gated Hibiscus and Palm Islands.

The transaction comfortably surpasses the previous sale-price record of roughly $40 million, according to the property’s representatives, despite that earlier property having both a larger residence and a larger lot.

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

But the house that commanded $51.5 million looks considerably different from the property acquired five years ago.

The seller, as part of a joint venture led by luxury homebuilder Luis Bosch, acquired the residence as an unfinished shell in 2021.

Rather than completing the house according to its existing plans, Bosch, founder of Luis Bosch Luxury Homes, oversaw an extensive redesign and construction effort that ultimately brought in some major names in contemporary architecture and design.

Originally conceived by a local architect, the residence was later reimagined by South African architecture firm SAOTA, with interiors by ARRCC and landscape architecture by Raymond Jungles.

The finished estate occupies two combined waterfront lots totaling approximately 21,000 square feet, with an impressive 120 feet of water frontage.

More than 10,000 square feet of interior space accommodates five bedrooms, separate maid’s quarters, six full bathrooms and two powder rooms, along with a private office and fitness center.

Even some of the less glamorous spaces were designed with large gatherings in mind. An oversized pool cabana bathroom, for instance, has two toilets to better accommodate parties.

Inside the main residence, the materials become another major part of the story.

Extensive custom millwork incorporates several exotic wood species, while the kitchen has handcrafted cabinetry by South Florida-based Bon Vivant Custom Woodworking. Bronze Armani stone, shellstone and multiple varieties of natural marble appear throughout the interiors.

Some materials traveled considerably farther.

Hand-selected travertine was sourced from Rome specifically for the house, while the infinity-edge swimming pool is finished in Bali stone imported from Indonesia.

A custom powder-coated steel and aluminum exoskeleton contributes another distinctive architectural element to the contemporary structure.

But arguably the home’s greatest conversation piece isn’t made from marble, exotic wood or imported stone.

Suspended within the main living area is a full-size replica of a Ferrari Testarossa, installed as a sculptural centerpiece.

It’s the sort of unapologetically Miami detail that feels particularly at home in a $51.5 million waterfront mansion with its own nightclub and enough dockage for a 105-foot yacht.

The bedrooms continue the subdued luxury design, relying on high quality materials and glass walls to recreate the quite luxury vibe present throughout. The bathrooms, however, don’t shy away from flaunting their luxurious finishes.

And then there’s the nightclub.

Built as a completely soundproof space with its own private entrance, the club can operate independently from the rest of the house.

Professional lighting, lasers, disco balls and a dedicated air-conditioning system turn it into a genuine party venue rather than simply another entertaining room dressed up with a bar.

For boaters, the property has an increasingly unusual advantage: two private docks.

The setup can accommodate a yacht measuring up to approximately 105 feet, providing substantial boating capacity directly from the residence.

The sale also gives the finished residence its first new owner since the ambitious transformation began in 2021.

“Our goal was to create a home that would stand the test of time,” Bosch said, adding that materials, finishes and individual design decisions were carefully considered throughout construction.

For Hibiscus and Palm Islands, meanwhile, the deal establishes a substantially higher bar.

At $51.5 million, the sale isn’t simply the priciest yet recorded across the two islands — it also achieved the highest price per square foot, putting a new number on what buyers are willing to pay for newly completed waterfront homes in this tightly held pocket of Miami Beach. And a quick look at the property photos makes it easy to see why.