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.
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.