Shipping tycoon buys flipped waterfront Hibiscus Island teardown for $17.5M

Deal marks second flip of the property in just over a year

Miami /
May.May 25, 2022 10:30 AM
Leon Patitsas, CEO of Atlas Maritime, and 225 North Hibiscus Drive in Miami Beach (LinkedIn/Leon Patitsas, Redfin)

Leon Patitsas, CEO of Atlas Maritime, and 225 North Hibiscus Drive in Miami Beach (LinkedIn/Leon Patitsas, Redfin)

Shipping tycoon Leon Patitsas bought a waterfront Hibiscus Island teardown for $17.5 million, marking the second flip of the property in just over a year.

Patitsas, through an affiliate, bought the eight-bedroom home at 225 North Hibiscus Drive in Miami Beach, according to records. The buying entity borrowed $11.4 million from City National Bank of Florida. Michael Scott of Beverly Hills appears to be a co-buyer, as both he and Patitsas signed off on the mortgage as managers of the purchasing entity.

Patitsas is CEO of Atlas Maritime, a shipping company that owns and manages a fleet of oil tankers and dry cargo vessels, according to the firm’s website. Atlas has offices in London and Athens, Greece.

Scott invests in mobile home communities, according to media reports.

Chad Carroll of Compass represented the seller, and Douglas Elliman’s Dina Goldentayer brought the buyer.

The home sold twice in the span of three months last year. Ronald Leonhardt, president and CEO of Brecksville, Ohio-based mortgage firm CrossCountry Mortgage, paid $11.8 million for the house in February 2021. Two months later, in April, he sold it for $13 million to a limited liability company managed by Young Kim. That LLC just flipped the house to Patitsas.

The house spans 7,050 square feet and includes five baths, according to Realtor.com. It was built in 1934 on 0.6 acres, and Redfin photos show it has a barrel-tile roof and salmon-colored exterior walls.

The property had been slated for demolition before Leonhardt put in his unsolicited offer last year.

Patitsas’ purchase is the latest in a long string of waterfront home sales in Miami Beach, with Hibiscus Island netting its fair share of the activity.

This month, attorney Joseph Frank, chief legal officer for Windsor, Connecticut-based SS&C Technologies, bought the mansion at 369 North Hibiscus Drive on Hibiscus Island for $13.8 million.

Also this month, mobile games tycoon Kevin Segalla and his wife, Michele Segalla, an investment manager, bought a waterfront spec mansion on Hibiscus Island for $29.1 million.

Richard Gebbia, a member of the Gebbia family that owns Siebert Financial, in April bought the non-waterfront spec house at 112 West Palm Midway on Hibiscus Island for $6.4 million.





    Related Articles

    arrow_forward_ios
    US HUD Secretary Marcia Fudge (Getty, iStock)
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    A heavy crown: HUD secretary declares Miami “epicenter” of nation’s housing crisis
    The Park at Sheffield apartment complex at 15601 Southwest 137th Avenue in southern Miami-Dade County (Google Maps, The Park at Sheffield)
    Fruchtlanders pay $61.5M for apartment complex near Zoo Miami
    Fruchtlanders pay $61.5M for apartment complex near Zoo Miami
    The Oceana in Key Biscayne (Condo.com, iStock)
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    Oceana Key Biscayne closing tops Miami-Dade’s weekly condo sales
    Russell Galbut in front of 1030-1050 Sixth Street in Miami Beach (LoopNet, GFO Investments)
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    Russell Galbut buys dev site near Five Park in South Beach, plans hotel
    José Isaac Peres with 57 Ocean penthouse (Multiplan Real Estate Asset Management, 57 Ocean, iStock)
    Brazilian billionaire developer’s 57 Ocean PH sells for record $37M
    Brazilian billionaire developer’s 57 Ocean PH sells for record $37M
    Location Ventures founder and CEO Rishi Kapoor along with a rendering of the planned 16-story condominium at 1505 Ponce De Leon Boulevard in Coral Gables (Location Ventures, Hamed Rodriguez Architect)
    Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract
    Location Ventures proposes 16-story Coral Gables condo building, puts Tibor Hollo-owned site under contract
    A photo illustration of 18 La Gorce Circle (top) and 2000 South Ocean Boulevard (bottom) (Redfin, Realtor.com, Master Brokers Forum, iStock)
    South Florida by the numbers: Local mega listings and sales
    South Florida by the numbers: Local mega listings and sales
    A photo illustration portraying the skyrocketing rent growth for Miami's industrial market (iStock)
    Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report
    Rising rents: Miami’s industrial market leads nation with highest annual rate hike: report
    arrow_forward_ios

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

    Loading...