THE DEAL: A waterfront home with its own nightclub in Miami Beach, Fla., has sold off-market for $51.5 million. The sum is a record for the gated Hibiscus Island, according to Denis Smykalov of Wolsen Real Estate, who represented the seller.

THE SELLER: Developer Luis Bosch, founder of Luis Bosch Luxury Homes. Bosch said that when he bought the roughly half-acre property, there was an incomplete residential structure that he described as a "shell."

In 2021, Bosch purchased the property for $19 million and spent around five years redesigning, re-permitting and building out the home. The cost of construction was around $15 million, he said.

THE BUYER: Smykalov and Bosch declined to name the buyer, but said the buyer approached them about purchasing the home around March.

THE SPECS: The home spans roughly 10,000 square feet and has five bedrooms. There is also a fitness center and a private nightclub that has its own entrance, laser effects and disco balls. Bosch said he has built several homes with nightclubs because people enjoy hosting large parties in Miami Beach.

THE MARKET: The previous home-sale record on Hibiscus Island was $40.3 million in 2024, according to Smykalov.

Hibiscus Island is accessed by a road that passes through its neighbor, Palm Island. According to Smykalov, the home sale also tops the most expensive sale on Palm Island, which is $45 million.