Giorgi Bachiashvili, a former associate of Georgian Dream founder Bidzina Ivanishvili convicted in Georgia over allegations of embezzling large sums of cryptocurrency from the billionaire, has sold his mansion on Hibiscus Island in Miami Beach for USD 51.5 million, U.S. media reported.
According to the New York Post, the sale set a record for Hibiscus and Palm islands in Miami Beach, two waterfront communities known for their luxury mansions and wealthy residents. The outlet says that Bachiashvili listed the property for sale mid-August, around six months after his release from prison, for USD 55 million, and sold 11 days later to a mystery buyer for USD 51.5 million. The sale was also reported by other U.S.-based media outlets, including those focused on real estate.
Bachiashvili reportedly bought the property “still under construction” for USD 19 million in 2021. NY Post says the mansion comes “with five bedrooms, a maid’s quarters, six full baths, two half baths, a home office, a gym and 120 feet of water frontage. Inside, there’s also a large foyer, a double-height great room and a chef’s kitchen.”
“Extravagant features include a soundproof home theater with a bar. There’s also a pool and two private docks — as the home sits on two bayfront lots — that can hold at least one 105-foot-long yacht,” the outlet said.
Bachiashvili was unexpectedly released in February through a plea deal after spending nearly nine months under arrest in Georgia. Prosecutors said upon his release that Bachiashvili “fully admitted to all the crimes in every criminal case, cooperated completely with the investigation, and compensated for the damage, for which a plea deal was arranged, resulting in a suspended sentence and a fine.”
Giorgi Bachiashvili had been sentenced in March 2025 in absentia to 11 years for embezzling a large sum of cryptocurrency from Ivanishvili and laundering the funds. Prosecutors alleged that Bachiashvili embezzled 8,986.86 Bitcoins in 2017, valued at the time at USD 42,7 million.
He was arrested in May following what he said was his abduction from abroad.
In July, Bachiashvili reported being beaten in jail. Prison authorities later suggested that staff, inmates, and Bachiashvili himself may have been involved in coordinating the incident. Georgian authorities in September also charged Bachiashvili’s parents in absentia with assisting him in laundering up to USD 3.5 million of the illegally acquired funds.
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