Georgian Bitcoin financier sells Miami mansion for record $51.5m profit
Georgian Bitcoin financier Giorgi Bachiashvili has sold his luxury Miami mansion for $51.5 million, setting a new record for the Hibiscus and Palm islands. The property was purchased as an incomplete shell in 2021 and underwent extensive renovations before the record-breaking sale.
Why it matters
The sale highlights the continued high-end real estate activity in Miami and the significant wealth generated within the cryptocurrency sector.
Georgian Bitcoin investor and financier Giorgi “George” Bachiashvili has sold his newly built mansion on Miami Beach’s guard-gated Hibiscus Island for $51.5 million, setting a record for properties on Hibiscus and Palm islands.The 10,500-square-foot waterfront estate at 270 South Hibiscus Drive was listed for $55 million in mid-August and reportedly found a buyer just 11 days later. The sale was first reported by The Real Deal and represents a significant premium over the previous record for the islands.The property surpassed the $40.25 million sale of 101 North Hibiscus Drive in 2024, when businessman Daniel Liburdi purchased the waterfront home.A $51.5 million record-breaking saleAccording to the report, property records show that the seller was 270 S. Hibiscus Drive Inc., an entity managed by Wolsen Real Estate founder Denis Smykalov.
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