A Miami mansion on exclusive Hibiscus Island has sold for $51.5 million, setting a record for the island and its adjacent Palm Island, according to a report. The seller, Giorgi Bachiashvili, a Georgian investor and financier, has a history that includes legal entanglements in his home country and his current whereabouts are unknown.
The sale of the modern mansion at 270 South Hibiscus Drive concluded 11 days after it was listed for $55 million. The buyer's identity has not been disclosed. The property features five bedrooms, six full bathrooms, two half bathrooms, a maid's quarters, a home office, a gym, and 120 feet of water frontage. The estate also includes a soundproof home theater with a bar, a pool, and two private docks capable of accommodating a 105-foot yacht.
Bachiashvili acquired the property for $19 million in 2021 when it was an unfinished structure. He later commissioned the South African firm SAOTA to design the contemporary residence.
Bachiashvili's past is marked by a prison sentence in his native Georgia. He was sentenced in absentia to 11 years in March 2025 for allegedly embezzling cryptocurrency from Bidzina Ivanishvili, a former prime minister and Georgia's most powerful figure. Bachiashvili has denied the charges, characterizing them as politically motivated.
Following his sentencing, Bachiashvili was reportedly abducted from Abu Dhabi in May 2025 and returned to Georgia, where he was imprisoned. His sentence was later suspended as part of a plea deal, and he was released in February, having served less than a year.
His lawyer, Peter J. Sahlas of Amsterdam & Partners, confirmed to Gimme Shelter that Bachiashvili's current location is secret. He listed the Miami home in mid-August, approximately six months after his release from prison.
The sale was initially reported by The Real Deal. Jordan Karp of Jordan Karp LLC represented the seller, while Dora Puig of Luxe Living Realty represented the buyer.