Georgian Bitcoin financier George Bachiashvili sells Miami mansion for record $51.5M; bought incomplete s

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 sale

The luxury Hibiscus Island mansion sold just 11 days after being listed for $55 million. (Photo: 380Production)

According 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. Documents, however, identify Bachiashvili as the company’s sole shareholder, making him the true owner of the property.

The mansion sold for about $4,900 per square foot. It sits on two bayfront lots totaling approximately 21,000 square feet and boasts 120 feet of water frontage.