2024-05-05 21:57:00
Malik Sefrioui, son of real estate tycoon Anas Sefrioui. Editing: Mohamed Mhannaoui / Le Desk
Malik Sefrioui, son of Anas Sefrioui, head of the Addoha Group, bought a waterfront property on Hibiscus Island in Miami for $15.375 million (M$), US press reports.
The sale closed with owner Paul Morelli, a jewelry designer whose exclusive collections are offered at Mayors, Neiman Marcus and Bergdorf Goodman.
Built along Biscayne Bay in a Mediterranean style, the 2,000 m2 1930s residence has six bedrooms, seven bathrooms, a swimming pool and a pontoon. It offers a stunning view of Palm Island and the Miami skyline.
The home purchased by Malik Sefrioui on Hibiscus Island offers a stunning view of the Miami skyline. Credit: Miami MLS / The DeskMalik Sefrioui, vice president of cement factory Ciments de l’Atlas (CIMAT), joins the select club of rich residents of the artificial island as the head of the University of Miami, Ibrahim Al-Rashid – son of billionaire Saudi Nasser Ibrahim Al-Rashid and the Lebanese-French socialite Mouna Ayoub – and Dana Ritzcovan, vice president of the Royal Caribbean group.
Realtors Danny Hertzberg of Jills Zeder Group at Coldwell Banker represented the seller and David Solomon of Berkshire Hathaway HomeServices EWM Realty supported the buyer, the same source specifies.
The home previously sold for $11.5 million in 2021, meaning Morelli made a 37% return on the purchase. Other buildings in the area have also experienced significant price increases in such a short time.
According to sources close to the transaction, Sefrioui Jr., who bought the home — transformed and last expanded in 2006 — for its location and views, plans to demolish it to rebuild, taking advantage of a recent 2023 law on urban planning in South Florida applicable to construction threatened by sea level rise.
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