AquaBlue owner buys Venetian Islands teardown for $12M

A company linked to homebuilder AquaBlue Group’s owner Philippe Harari bought a waterfront teardown on the Venetian Islands for $11.8 million.

Records show 320 Aqua LLC bought the property at 320 West Dilido Drive in Miami Beach from the estate of the late Hazel Cypen. Her children Bonnie Epstein, Stephen Cypen and Wayne Cypen acted as trustees. The Cypens are longtime attorneys in Miami Beach.

Harari is the owner of Miami-based homebuilder AquaBlue Group. In 2018, Harari sold an AquaBlue-built, waterfront mansion in Miami Beach for $20.4 million. Two years later, that home was purchased by a former Miss Ukraine and her husband for $19.75 million.

Hazel Cypen changed ownership of the 6,433-square-foot home in 2015 to a trust in her name, but there are no property records of her original purchase. Cypen died in June and the home was put on the market in July at $11.9 million. One Sotheby’s International Realty agents Albert Justo and Mirce Curkoski represented the Cypen family.

The property spans 21,000 square feet with 120 feet of water frontage. The listing advertised the home as a teardown project.

In 2019, a company tied to Harari listed a South Beach apartment complex for $13.9 million.