Malik Sefrioui, vice president of CIMAT, buys a property in Miami for more than $15 million

Malik Sefrioui, son of real estate magnate Anas Sefrioui. Editorial: Mohamed Mhannaoui / Le Desk

Malik Sefrioui, son of Addoha Group boss Anas Sefrioui, bought a waterfront property on Hibiscus Island in Miami for US$15.375 million (M$), reports the US Press.

The sale closed with the owner, Paul Morelli, a jewelry designer whose high-end collections are offered at Mayors, Neiman Marcus and Bergdorf Goodman.

The 2,000-square-foot home from the 1930s, built on Biscayne Bay in a Mediterranean style, features six bedrooms, seven bathrooms, a swimming pool and a pontoon. It offers breathtaking views of Palm Island and the Miami skyline.

The Hibiscus Island residence acquired by Malik Sefrioui offers breathtaking views of the Miami skyline. Credit: Miami MLS/The Bureau

Malik Sefrioui, vice president of the cement factory Ciments de l’Atlas (CIMAT), joins the select group of wealthy residents of the artificial island, such as the boss of the University of Miami, Ibrahim Al-Rashid – son of the billionaire Saudi Nasser Ibrahim Al-Rashid and Lebanese-French socialite Mouna Ayoub – and Dana Ritzcovan, vice president of the Royal Caribbean group.

Brokers 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 in 2021 for $11.5 million, meaning Morelli earned a 37% return on his purchase. Other buildings in the area have also seen significant price increases in such a short time.

According to sources close to the transaction, Sefrioui Jr., who acquired the home – last transformed and expanded in 2006 – for its location and views, plans to demolish it and rebuild it, taking advantage of a recent law from 2023. on urban planning in South Florida, applicable to construction projects threatened by sea level rise.