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Dubai-based buyer has purchased a waterfront property in Miami Beach's Hibiscus Island for an even $15 million. The 3,700-square-foot home at 345 North Hibiscus Drive was sold by Tina Simcox, who inherited it from her late parents. The buyers were represented by May Shekouri of Bespoke Miami Realty Group, while Allan Kleer and Fabian Garcia-Diaz of One Sotheby's International Realty had the listing.

    The buyer plans to build a new home on the property, but their identity remains undisclosed. Riyadh Swedaan, who managed the sale through his Florida entity 345 Palm Island Miami LLC, has a notable connection - he was the longtime partner of Brandon Truaxe, the late founder of Deciem and creator of The Ordinary beauty line.

    Truaxe's company was acquired by Estée Lauder in June for $1.7 billion. Swedaan inherited portions of Truaxe's estate after his death in 2019. Simcox's parents purchased the property in 1978 for $300,000, and it has undergone several price cuts before being sold.

    The Miami Beach luxury market is shifting, with fewer buyers seeking teardowns and land due to costly design and construction processes. "New construction tends to be an easier sale," said Kleer. This trend was reflected in a recent sale on neighboring Palm Island, where a fully furnished spec home sold for $11.8 million earlier this month.