Miami Beach investor Andrew Mirmelli buys waterfront home for $21M, lists it for $30M

It was also listed for rent at $130K a month

(Photo: Julian Johnston)
(Photo: Julian Johnston)

Miami Beach investor Andrew Mirmelli is betting on the waterfront single-family home market staying hot.

Mirmelli, owner of M&M Parking Management Services, paid $21 million for the home at 432 South Hibiscus Drive and listed it for $30 million days later.

Property records show Sweet Gift LLC, led by Abelardo Monroy, sold the five-bedroom, 6,090-square-foot house to Mirmelli’s AMM 432 Hibiscus Drive LLC.

Julian Johnston of the Corcoran Group is marketing the waterfront Hibiscus Island home. It was also listed for rent at $130,000 a month. Johnston said Mirmelli plans to renovate the property before selling it.

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The Mediterranean-style estate was built in 2001 on a 0.4-acre lot. It previously sold in 2013 for $8 million. The property includes a private dock with a boat lift, a pool and outdoor kitchen.

Mirmelli recently sold a parking lot in downtown Miami to developer Moishe Mana for $12.4 million.

The market for single-family home sales and rentals has remained strong. In Miami Beach and the barrier islands, single-family home sales grew by 240 percent to 292 closings in the second quarter, according to the Douglas Elliman reports.

Mirmelli’s brother Greg was a minority investor in a Venetian Islands property that Dan Kodsi’s Royal Palm Companies sold this month to “Full House” creator Jeff Franklin for $13 million. Kodsi and Mirmelli planned to build a luxury rental home on the site.