A firm led by Emre Tuna , who leads the U.S. operations for Turkish cosmetics giant Farmasi, paid $15 million for a new mansion on Hibiscus Island in Miami Beach.
The 4,791-square-foot home at 165 N. Hibiscus Drive was sold by 165 N. Hibiscus LLC, an affiliate of Miami-based luxury homebuilder Sabal Development, led by CEO Pascal Nicolai , to Hibiscus Investments, managed by Tuna. UBS Bank USA provided a $10.5 million mortgage to the buyer. Dora Puig of Luxe Living Realty brokered the deal, which equated to $3,131 a square foot.
Situated on a 10,500-square-foot lot facing north on Biscayne Bay, the home features five bedrooms, five bathrooms, two half-bathrooms, a pool, a wine cellar, a roof deck, and a dock.
Miami-based 3Design Architecture designed the project and TOGU Design, also from Miami, handled the interiors.
This continues the surge in luxury home sales in Miami Beach to prominent businesspeople.
Turkey-based Farmasi, a direct selling cosmetics company, established its North American headquarters in Doral in 2021. It was founded in 1950 by Dr. C. Tuna, the grandfather of Erme Tuna, who leads its North American operations.
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