George Bachiashvili’s Miami mansion sells for a record $51.5 million. (Photo: Mission Gate/380Production)
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.
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.
Property records show that the seller was 270 S, according to the report. Bachiashvili, 41, is a former head of the Georgian Co-Investment Fund and a prominent Bitcoin investor. He left Tbilisi shortly before being sentenced in absentia to 11 years in prison on March 10, 2025, over allegations that he embezzled cryptocurrency from his former employer, Bidzina Ivanishvili, a billionaire and former prime minister of Georgia. He was allegedly abducted from Abu Dhabi on May 24, 2025, and taken back to Georgia, where he was imprisoned, according to the details reported by Gimme Shelter.
His sentence was later suspended following a plea deal, and he was released in February after serving less than a year. 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. He subsequently hired South African architecture and design firm SAOTA to transform the site into a contemporary luxury residence.
