Georgian Bitcoin financier sells Miami mansion for record $51.5m profit
Georgian Bitcoin financier George Bachiashvili has sold his Miami mansion for a record $51.5 million. He bought the unfinished property for $19 million in 2021, later transforming it into a luxury waterfront estate. Listed for $55 million in August, the mansion sold in just 11 days, as Bachiashvili’s whereabouts remain undisclosed amid his legal saga.
Georgian Bitcoin investor Giorgi "George" Bachiashvili has set a record by selling his newly constructed mansion on Miami Beach’s Hibiscus Island for a record-breaking $51.5 million. The 10,500-square-foot waterfront estate, situated at 270 South Hibiscus Drive, was initially listed for $55 million in mid-August and found a buyer just 11 days later. The property surpasses the previous record for the islands, which was $40.25 million, set in 2024.
Property records show the seller was 270 S. Hibiscus Drive Inc., an entity run by Wolsen Real Estate founder Denis Smykalov, with Bachiashvili as the sole shareholder. The mansion, which sits on two bayfront lots totaling about 21,000 square feet with 120 feet of water frontage, was purchased from the seller for $19 million in 2021 when it was still under construction.
Renovated by South African architecture firm SAOTA, the mansion features high-end amenities including a dramatic foyer, double-height great room, chef’s kitchen, home office, gym, and a soundproof home theatre. Outside, the property boasts a swimming pool and two private docks capable of accommodating yachts up to 105 feet. The buyer, identified as the Liholiho Trust, with Daniel Krebs as trustee, and represented by Jordan Karp of Jordan Karp LLC and Dora Puig of Luxe Living Realty, paid about $4,900 per square foot for the luxury waterfront residence.
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