A Dubai-based buyer spent an even $15 million on a waterfront Hibiscus Island teardown in Miami Beach.
Records show Tina Simcox sold her late parents’ home at 345 North Hibiscus Drive to 345 Palm Island Miami LLC, a Florida entity managed by Riyadh Swedaan and Hashim Abdul Kareem Suwaidan.
Allen Kleer of One Sotheby’s International Realty had the listing, and May Shekouri of Bespoke Miami Realty Group Miami brought the buyer.
Kleer confirmed the buyer is based in Dubai and plans to build a new home on the property, but declined to comment on their identity.
Swedaan was the longtime partner of the late Deciem founder Brandon Truaxe. Truaxe founded the beauty group in 2013, and launched its most successful line, the Ordinary, in 2016. Estée Lauder became a minority investor in the company that year, upping its stake in 2021 and eventually acquiring the company in full this past June, according to published reports. Estée Lauder’s total amount spent on Deciem amounts to $1.7 billion, WWD reported.
Truaxe died in 2019 after falling 26 stories from a Toronto condo. Swedaan was willed the condo and portions of Truaxe’s estate, according to the Canadian newspaper National Post.
Simcox’s parents, Marion and Mary Simcox, bought the waterfront Hibiscus Island house for $300,000 in 1978, property records show. Built in 1952 on half an acre, the 3,700-square-foot home has three bedrooms and four bathrooms, according to records.
Simcox first listed the house with a different agent in 2022, asking $22 million. After years on the market and a slew of price cuts, Kleer took on the listing eight months ago, he said.
Kleer acknowledged that fewer luxury buyers in the Miami Beach market are looking for teardowns and land. Design and construction processes are both costly and lengthy, and many luxury buyers prefer turnkey homes, sometimes preferring they come furnished, agents say.
“New construction tends to be an easier sale,” said Kleer.
Earlier this month, Artefacto’s Paulo Bacchi sold a fully furnished spec home on neighboring Palm Island for $11.8 million. In August, builder Paul Vogele set a price record for Palm and Hibiscus islands when he sold a waterfront mansion for $40.3 million.