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.The buyer was identified in property records as the Liholiho Trust, with Daniel Krebs serving as trustee. Jordan Karp of Jordan Karp LLC represented the seller, while Dora Puig of Luxe Living Realty represented the buyer.
From a $19 million shell to a luxury waterfront estate
Bachiashvili bought the unfinished Miami property for $19 million in 2021. (Photo: 380Production)
The report further states that Bachiashvili acquired the property for $19 million in 2021, when it was reportedly an incomplete shell that was still under construction.He subsequently hired South African architecture and design firm SAOTA to transform the site into a contemporary luxury residence.The completed mansion features multiple high-end amenities, including a dramatic foyer, a double-height great room, a chef’s kitchen, a home office and a gym. The property also includes a soundproof home theatre with a bar.Outside, the waterfront estate has a swimming pool and two private docks. Because the mansion occupies two bayfront lots, the docks can accommodate at least one yacht measuring up to 105 feet.The property listing describes the residence as having extensive waterfront access and luxury entertaining spaces designed for Miami Beach living.
Bachiashvili’s legal saga
The multimillion-dollar sale comes against the backdrop of an extraordinary legal battle in Georgia.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.Bachiashvili denied the allegations and described the case as politically motivated.According to the details reported by Gimme Shelter, he was allegedly abducted from Abu Dhabi on May 24, 2025, and taken back to Georgia, where he was imprisoned. His sentence was later suspended following a plea deal, and he was released in February after serving less than a year.His current whereabouts remain undisclosed. His lawyer, Peter J. Sahlas of Amsterdam & Partners, told Gimme Shelter that Bachiashvili’s location is being kept secret.
Mansion sold months after his release
The Miami property went on the market roughly six months after Bachiashvili’s release from prison.In mid-August, the mansion was listed for $55 million. Just 11 days later, it was sold for $51.5 million to a buyer whose identity has not been publicly disclosed beyond the Liholiho Trust listed in property records.
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