Jeweler Paul Morelli sells Hibiscus Island teardown for $15M to billionaire heir 

Jeweler Paul Morelli sold a waterfront teardown on Miami Beach’s Hibiscus Island for $15.4 million to a billionaire’s son.

Records show Morelli sold the house at 394 South Hibiscus Drive to Malik Sefrioui, son of Moroccan real estate billionaire Anas Sefrioui.

Jill and Danny Hertzberg of the Jills Zeder Group at Coldwell Banker Realty had the listing, and David Solomon of Berkshire Hathaway HomeServices EWM Realty brought the buyer.

Anas Sefrioui heads Groupe Addoha, a homebuilder in Morocco. He has an estimated net worth of $1.1 billion, according to Forbes. 

Morelli heads his jewelry line, House of Paul Morelli, which sells pieces in Neiman Marcus and Bergdorf Goodman. The business evolved from his family’s Philadelphia-based theater costume company before switching to jewelry in the 1970s, according to Morelli’s website. 

He is also a frequent investor in Miami Beach real estate. He sold a waterfront North Bay Road mansion as a teardown for $22.9 million in June.  

Morelli bought the Hibiscus Island house for $11.5 million in 2021. Built in 1930, the 6,200-square-foot house has six bedrooms, seven bathrooms, one half-bathroom and a pool. Morelli marketed the 0.4-acre property as a development opportunity with 101 feet of waterfront, the listing shows.

He listed it for $18 million in August, according to Redfin.

Hibiscus Island is among Miami Beach’s residential island neighborhoods coveted by luxury buyers. 

Basketball star Victor Oladipo sold his non-waterfront house on the island for $9 million in September. In 2022, spec developer Pascal Nicolai sold a waterfront spec mansion for $16 million. That same year, real estate investor Laurent Groll and his partners flipped a lot for $14 million, one month after buying it for $11 million.