Moroccan Tycoon’s Son Buys $15.4M Waterfront Miami Beach Estate

Malik Sefrioui is now the owner of a 1930s house located on the waterfront, on Hibiscus Island, in Miami Beach. He acquired this residence from Paul Morelli, a jewelry designer whose high-end collections are offered at Mayors, Neiman, Marcus and Bergdorf Goodman. Real estate agents Danny Hertzberg of the Jills Zeder group at Coldwell Banker represented the seller and David Solomon of Berkshire Hathaway HomeServices EWM Realty represented the buyer, according to Miami Herald. The house had been sold in 2021 for $11.5 million. Its former owner Morelli thus realizes a 37% return on his purchase. The sale price of other buildings has also increased sharply in such a short time.

The 394 S. Hibiscus Dr. property is spread over two floors. It has six bedrooms, seven bathrooms, a pool and a dock. Its oceanfront facade extends about thirty meters along Biscayne Bay, with a breathtaking view of Palm Island, the horizon and the Miami skyline. Malik Sefrioui intends to demolish this residence - transformed and expanded for the last time in 2006 - to rebuild it, as is the case with other Hibiscus Island homes, or to sell it, according to sources close to the transaction. The 2023 South Florida urban planning law applicable to buildings threatened by rising sea levels gives owners full right to demolish them. Al Capone’s last residence in Palm and an Alfred Browning Parker gem in Coral Gables have been demolished in accordance with this recent law.