T
he sale of a luxurious waterfront mansion on Hibiscus Island in Miami Beach has set a new record for residential property sales in the area. The property, located at 101 North Hibiscus Drive, was sold by a company managed by builder Paul Vogele for an impressive $40.3 million. The seven-bedroom, eight-and-a-half-bathroom house spans over 10,800 square feet and boasts a private dock, a 50-foot pool, and rooftop space with a spa and outdoor shower. The property was listed with Jill Hertzberg and Danny Hertzberg of The Jills Zeder Group at Coldwell Banker.

    The buyer was represented by Isaac Malagon with The Chad Carroll Group at Compass, who chose not to comment on the transaction. The property features a service wing with a staff apartment, a gym with a steam room, and a Swiss kitchen, reflecting the seller's Swiss and French heritage, according to a Mansion Global article about the listing in 2018. The house was initially listed for $29 million when it hit the market, but was later re-listed for $45 million during the pandemic lockdown. It was eventually sold for $40.3 million, surpassing the previous record set by Chilean developer and casino mogul Claudio Fischer, who sold a Palm Island spec mansion for $40 million in May.

    The islands of Hibiscus and Palm are guard-gated and connected via a bridge off the MacArthur Causeway in Miami Beach, offering residents privacy and exclusivity. The sale of the Hibiscus Island mansion marks a significant milestone in the South Florida real estate market, as home prices in Miami Beach have been steadily rising since the listing was first put up for sale in 2018.