Doubling down in South Florida: Richard Gebbia buys non-waterfront Hibiscus Island spec house

Richard Gebbia bought a non-waterfront spec house in Miami Beach for $6.4 million.

The deal marks the Gebbias’ continued investment in South Florida, as the family is not only buying homes here, but is moving its financial company’s headquarters to South Beach.

Richard Gebbia, whose ex-sister-in-law was on “The Real Housewives of Beverly Hills,” scooped up the house at 112 West Palm Midway on Hibiscus Island. The seller is Fazeel Khan, according to a deed.

David Pullman of ONE Sotheby’s International Realty represented the seller, and Katrina Campins of Campins Luxury Real Estate represented the buyer.

The 4,500-square-foot home is nearly completed, with a certificate of occupancy expected soon, according to Pullman.

The two-story house, painted white on the exterior and with large windows, has five bedrooms and five-and-a-half baths on less than a quarter-acre lot, according to Realtor.com.

The property includes a pool, as well as an outdoor lounge and dining area. The master bedroom has a spiral staircase leading to the rooftop, offering views of Miami Beach.

112 Palm Midway, an entity managed by John Echterling, purchased the lot in 2015 for $1.6 million, property records show. It then put the property on the market while it was building the home, Pullman said.

Khan had put the home under contract for $5.1 million last year, but then sued 112 Palm Midway alleging it failed to finish construction and failed to transfer ownership, according to Khan’s complaint. Court records show the two sides reached an agreement during mediation, and the case was dismissed, although details of the agreement are not outlined in filings.

Gebbia said he bought the property because it is close to the family’s Siebert Financial and Rise Financial new headquarters at 653 Collins Avenue in South Beach. In January, the Gebbias paid $6.8 million for the 12,000-square-foot building, which used to be retail space and is being retrofitted to offices.

Hibiscus Island also has a “great neighborhood feel” reminiscent of Hidden Hills, a city in Los Angeles County known for its celebrity residents yet has a quiet, family friendly ambiance, Gebbia said.

The deal comes on the heels of his purchase of a waterfront Fort Lauderdale teardown at 1025 North Rio Vista Boulevard for $7 million in February, with plans to build a new mansion. Architects are working on the design of that home, Gebbia said.

His brother, David — the ex-husband of former “Real Housewife of Beverly Hills,” cast member
Carlton Gebbia — bought a house on Palm Island, directly south of Hibiscus, for $5.8 million in December. The price was a record at the time for a non-waterfront home on the island.

Family patriarch, John Gebbia Sr., and his wife, Gloria Gebbia, bought a Fort Lauderdale home at 500 Desota Drive for $7.9 million in October 2020.

South Florida has become a magnet for financial and tech firm office relocations or expansions, as well as for company executives who are scooping up mansions here.

New York-based ExodusPoint Capital Management portfolio manager Roman Shukhman and his wife, Margarita, bought a waterfront Miami Beach spec house for close to $10 million in April.

In February, fintech moguls Al Goldstein and Anna Fridman, who are married, bought a house in Coral Gables’ high-end Cocoplum community for $6 million. Goldstein is co-founder of online lending fintech Avant, and Fridman is co-founder and general counsel of Spring Labs, a blockchain-based data network for financial institutions.