Jewelry designer Paul Morelli buys waterfront home on Hibiscus Island

It previously sold for $2.3M in 2013

Miami /
Mar.March 31, 2021 06:15 PM
Paul Morelli and 394 South Hibiscus Drive, Miami Beach (Getty, Google Maps)

Paul Morelli and 394 South Hibiscus Drive, Miami Beach (Getty, Google Maps)

Jewelry designer Paul Morelli found a gem in Miami Beach’s Hibiscus Island.

Morelli, acting as trustee of The Hibiscus Holdings Trust, purchased the waterfront home at 394 South Hibiscus Drive in Miami Beach for $11.5 million. Property records show the seller is Quantum Equity One LLC, led by Laurent Groll.

Morelli owns The House of Paul Morelli, a jewelry boutique that has a studio in Philadelphia as well as a boutique in New York City, according to its website.

The 5,729-square-foot Hibiscus Island home previously sold in 2013 for $3.2 million after Wells Fargo acquired the home in 2011. Quantum Equity One listed the home three months after buying it, asking $9 million. After a number of price fluctuations, the most recent listing price was $11.5 million.

Julian Johnston with The Corcoran Group represented both sides in the deal.

The home sold for about $2,007 per square foot.

Built in 1930, the six-bedroom, seven-bathroom home is on an 18,375-square-foot lot, according to property records. It was expanded in 1989.

In February, a Mexican producer and businessman spent $6.5 million on a mansion and the CEO of a mortgage company bought a waterfront home for $11.8 million, both on Hibiscus Island.

Recently, financier Christopher Innes sold his waterfront property at 205 North Hibiscus Drive for $9 million, or $2,580 per square foot, a record for the island.





    Related Articles

    arrow_forward_ios
    Michael Shvo, Rishi Kapoor, Jorge Pérez and Eric Schmidt with 407 Lincoln Road, 1260 Washington Avenue, 120 MacArthur Causeway, Terminal Island, 944 Fifth Street and 411 Michigan Avenue (SHVO, Related Companies, Location Ventures, Guillaume Paumier, CC BY 3.0 via Wikimedia CommonsLoopNet, Arquitectonica, Touzet Studios, TECMA)
    Map: Here are 655K sf of offices on tap in Miami Beach
    Map: Here are 655K sf of offices on tap in Miami Beach
    Douglas Elliman’s Jay Parker, Related Group's Jorge Pérez and Fisher island (Google Maps, Getty, Douglas Elliman, Related Group)
    VIP only: Related, partners begin sales of Fisher Island condo project
    VIP only: Related, partners begin sales of Fisher Island condo project
    7431 Fisher Island Drive (Google Maps, Getty)
    Fisher Island unit tops Miami-Dade’s weekly condo sales
    Fisher Island unit tops Miami-Dade’s weekly condo sales
    From left: Shadi Shomar, Russell Galbut, Renata and Cesar Giovannini with 510 Ocean Drive (Arte Hospitality, Lynx Property Services)
    Arte Hospitality completes buyout of Ocean Drive condo-hotel, scores loan
    Arte Hospitality completes buyout of Ocean Drive condo-hotel, scores loan
    1 East Broward Boulevard in Fort Lauderdale and Pacific Coast Capital Partners’ co-founders William Lindsay, Aaron Giovara and Donald Kuemmeler (PCCP, Google Maps)
    Lease roundup: West Marine moves HQ to Fort Lauderdale
    Lease roundup: West Marine moves HQ to Fort Lauderdale
    SL Green’s Andrew Mathias, Boich Investment Group’s Wayne Boich and Related Companies’ Bruce Beal with rendering of 1920 Alton Road (SL Green, Boich Enterprises, Related Companies)
    Wayne Boich, Related’s Bruce Beal and SL Green president plan Miami Beach project
    Wayne Boich, Related’s Bruce Beal and SL Green president plan Miami Beach project
    Sunbeam's Andy Ansin, KMB Enterprises' Kevin Brill and Douglas Elliman's Brett Harris with 1125 North Shore Drive (Sunbeam Television, Kevin Brill, Brett Harris)
    Sunbeam’s Andy Ansin pays record price for Normandy Shores flip
    Sunbeam’s Andy Ansin pays record price for Normandy Shores flip
    Douglas Elliman’s Jay Parker, Witkoff's Alex Witkoff, Monroe Capital's Ted Koenig and a rendering of the 1901 Collins Avenue (Douglas Elliman, Witkoff, Monroe Capital)
    Elliman to lead sales of Witkoff, Monroe’s Auberge Shore Club project
    Elliman to lead sales of Witkoff, Monroe’s Auberge Shore Club project
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...