Luis Bosch JV Sells Hibiscus Island Estate for $51.5M Record

A joint venture led by Luis Bosch, founder of Luis Bosch Luxury Homes, has sold its rebuilt estate at 270 S. Hibiscus Drive on Miami Beach’s guard-gated Hibiscus Island for $51.5 million, a price brokers and the venture’s own county purchase record confirm as a new high for both sale price and price per square foot on Palm and Hibiscus Islands. Jordan Karp of Jordan Karp LLC represented the seller, and Dora Puig of Luxe Living Realty represented an undisclosed buyer.

Why it matters

For agents and spec builders working the barrier islands, this is now the top comp for what a finished trophy build on Palm or Hibiscus can command, and it comes with a rare, verifiable input cost. The Bosch venture, recorded with the county as 270 S Hibiscus Drive Inc, bought the two combined bayfront lots as an unfinished shell for $19 million in May 2021, then rebuilt the 9,100-square-foot house with South African architecture firm SAOTA. That land-to-exit spread, not just the headline price, is the number underwriters on the next teardown will want.

The numbers

Miami-Dade’s own property record for folio 0232320060060 shows 270 S Hibiscus Drive Inc’s $19,000,000 purchase from Maicar Realty LLC on May 28, 2021. Against the reported $51.5 million exit, that is a 171% gain on the land-plus-shell basis in about five years. On the current sale, that works out to roughly $5,659 per square foot on the house and roughly $2,452 per square foot across the 21,000-square-foot combined lot with 120 feet of bay frontage. The prior island record, the $40.25 million sale of 101 N. Hibiscus Drive’s 10,780-square-foot house in August 2024, priced at roughly $3,735 per square foot, meaning the new deal cleared the last record by about 51% on a per-square-foot basis. As of this writing, the county’s official sale history for the folio has not yet posted a 2026 deed, so the $51.5 million figure rests on broker and press accounts rather than a recorded instrument.

What’s next

The obvious downside case: two data points on a single barrier island is a thin sample, and ultra-luxury comps like this one do not necessarily move pricing on smaller Palm and Hibiscus lots without water frontage or dock capacity for a 100-foot-plus yacht. Watch the county record for the deed to post, which will name the buyer and confirm the closing price, and watch whether the spread between land basis and exit price holds up as more shell-to-spec deals move through South Florida’s barrier islands.