Spec home developer Pascal Nicolai sold a waterfront Hibiscus Island home to the CEO of a cosmetics company for $15 million, $2 million above its asking price from two years ago, The Real Deal has learned.
An affiliate of Nicolai’s Sabal Development sold the five-bedroom, five-and-a-half-bathroom house at 165 North Hibiscus Drive in Miami Beach to Sinan Tuna, CEO of Farmasi North America, according to one of the brokers involved in the deal, Alejandro Diaz Bazan. The sale closed on Wednesday.
Farmasi is a multi-level marketing company that was founded in Istanbul by Tuna’s grandfather.
Diaz Bazan, with Coldwell Banker’s The Jills Zeder Group, represented Tuna alongside Marko Gojanovic of One Sotheby’s International Realty. Dora Puig, owner and broker of Luxe Living Realty, represented the seller of the Hibiscus Island house.
The 4,791-square foot home was listed for $13 million in July 2020, when it was completed. It was taken off the market at the end of that month, and relisted in late 2021 for $15.5 million.
The house, on a quarter-acre lot, features a pool and dock. The property last sold in 2016 for nearly $5.8 million, records show.
Hibiscus Island is off of the MacArthur Causeway, next to Palm Island.
Farmasi bought a property in Doral in October 2020 for $6 million, where it plans to build a headquarters and distribution center for its beauty, household and personal care products, according to a press release about the deal, and public records.
Tuna is part of a growing group of CEOs and high-level executives who have moved to South Florida along with their companies, pushing up home prices and absorbing the dwindling inventory of luxury homes.