Developer Sells Waterfront Estate to Cosmetic Company CEO

Pascal Nicolai, a Miami house developer, sold his waterfront Hibiscus Island spec home to a cosmetic company CEO for $2 million over asking price landing at a steep $15 million.

The waterfront estate located at 165 North Hibiscus Drive in Miami Beach features 5 bedrooms, 5.1 bathrooms all on 0.17 acres of water frontage. The MLS listing shows a rendering of the spec home with a modern finish with floor-to-ceiling windows covering the exterior.

The interior of the home showcases 4,791 square feet of living space with high-end finishes.

Tropical foliage surrounds the property creating privacy that is unmatched on Hibiscus Island. The pool overlooks the dock, Biscayne Bay, and faces the Venetian Islands.

The seller Pascal Nicolai is the owner of Nicolai's Sabal Development and this is one of his many spec homes currently being developed in Miami. The buyer for the property is the CEO of Farmasi North America, Sinan Tuna.

Tuna's company is not only a cosmetic company but it's also a marketing company that was originally located in Istanbul. Farmasi plans to build a headquarters and distribution center for the company in Doral, Florida.

The property was originally listed in July 2020 for $13 million during its completion of construction. It was then taken off the market then resisted in late 2021 for $15.5 million. The property was last sold to the developer for $5.8 million in 2016.

Dora Puig, owner and broker of Luxe Living Realty represented the seller/developer of the property.