The Real Deal Miami

Artefacto owner flips Dilido Island lot, hops to Hibiscus Island

Paulo Bacchi said he will build "dream home" on nearly 16K sf of property
By Katherine Kallergis | September 12, 2018 08:45AM

Paulo Bacchi and 375 North Hibiscus Drive

Paulo Bacchi, owner of Artefacto luxury furnishing, is making real estate moves.

Bacchi’s Grove Penthouse LLC sold the 10,500-square-foot lot on Dilido Island for $5.85 million in late August. He is closing on a near 16,000-square-foot lot on Hibiscus Island, where he intends to build a home.

The sale of the Dilido Island waterfront property at 220 West Di Lido Drive came six months after he purchased it in February for $5 million, property records show. Bacchi sold the lot to Amerigo Real Estate Inc., which is led by Nicolas Chambon of Brickell.

Brett Harris of Douglas Elliman represented the buyer and seller of the Dilido Island sale.

Bacchi is closing on a lot on Hibiscus Island — at 375 North Hibiscus Drive — for $5.6 million, Harris said. He and Elliman’s Brian Judge are brokering the off-market deal.

Bacchi will build his home on the 15,750-square-foot Hibiscus Island property.

“When I bought [the Dilido Island property] I intended to build a dream home for my family,” he said. “I did a full set of beautiful drawings with Domo [Architecture & Design] and I came to the conclusion that 60 feet of water was not enough for my dream home.” He added, “Hibiscus was more our environment. We felt safer in a gated community.”

Harris said that he was looking for the right property for Bacchi for nearly two years. The Hibiscus Island lot has 90 feet of water frontage.

Bacchi is also building a new Miami headquarters for Artefacto at 101 South Dixie Highway in Coral Gables. The city approved the 40,000-square-foot, two-story showroom, also designed by Domo, last year.