May 7, 2024 – 7:00 PM – World
The villa, built in 1930, was sold by Paul Morelli, a jewelry designer whose exclusive collections are sold at Mayors, Neiman Marcus and Bergdorf Goodman. Brokers Danny Hertzberg of Jills Zeder Group at Coldwell Banker represented the seller and David Solomon of Berkshire Hathaway HomeServices EWM Realty represented the buyer, according to the Miami Herald. The home sold for $11.5 million in 2021, meaning Morelli made a 37% profit on his investment. The prices of similar homes in the area have risen sharply recently.
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The two-story villa, located at 394 S. Hibiscus Dr, has six bedrooms, seven bathrooms, a pool and a boat dock. The waterfront extends for 100 feet along Biscayne Bay with breathtaking views of Palm Island, the Miami skyline and the horizon. Malik Sefrioui plans to demolish and rebuild the villa, which was last renovated and expanded in 2006, as is common practice on Hibiscus Island. He can also choose to sell it. Sources close to the transaction confirm this. The South Florida Urban Development Act of 2023, which applies to buildings threatened by rising sea levels, gives owners the right to demolish them. Al Capone’s last home in Palm Island and an Alfred Browning Parker gem in Coral Gables were recently demolished under this new law.
