UM benefactor drops $6.3M on neighbor’s Hibiscus Island house. He plans to demolish it
Ibrahim Al-Rashid — the son of Saudi billionaire Nasser Ibrahim Al-Rashid and Lebanese-French socialite Mouna Ayoub — bought his neighbor’s Hibiscus Island home for about $6.3 million on Friday.
His plans? Replace it with a private gym and spa, Al-Rashid said.
The 6,002-square-foot, single-family house at 190 S. Hibiscus Dr. sits on a 10,500 square-foot, waterfront lot. The two-story house has seven bedrooms, seven bathrooms, a pool and private dock. The owner, Jessica Molly Snyder, placed the house on the market about a year ago, but Al-Rashid said the original listing price of $8 million was too high.
With Al-Rashid and his wife expecting their second child in late 2020, he agreed to buy the home after the price reduction.
“I’ve always wanted more space and now seems the perfect time to do it with an ever expanding family,” said Al-Rashid, the chairman of Limestone Asset Management, an affiliate of Orion Real Estate Group. “The pandemic has been so instrumental in all of our lives. From my standpoint, it provided additional momentum to having a larger home.”
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Orion Real Estate Group Realtor Kevin Sanz represented Al-Rashid. Engel & Volkers Partner and Realtor Lourdes Alatriste represented Snyder.
The Coral Gables-based firm CMA Design Studio Inc. is designing the extension to Al-Rashid’s home. The firm also designed Al-Rashid’s 12,949-square-foot primary residence next door in 2013.
The new expansion would include rooms for steaming, yoga and meditation, hot and cold plunge pools, and a fully-equipped gym, Al-Rashid said. Construction would likely cost about $6 million.
Al-Rashid is anticipating requesting a demolition permit in about six months once all of the design details are finalized.
“I fell in love with Hibiscus Island, because the access to the airport is so convenient. You avoid the traffic in Alton Road. If you want to go to the beach, you are close. It’s centrally located,” he said.
Snyder and her husband Todd David Snyder decided to sell their single-family home since they are moving out of state, Alatriste said by email. The couple bought their home for $2.5 million in 2001.
The sale is higher than the most recent comparable sale. The Hibiscus Island house sold for $1,049 per square foot, while the single-family residence at 4800 Pine Dr. sold for about $615 per square foot, or a total of $6.4 million, in September.
“This sale is further proof that right now there is a huge demand for single family homes in Miami. Given our current circumstances, space is the new luxury and waterfront is an even bigger commodity,” Alatriste said by email.
Al-Rashid’s siblings and father have continuously supported his alma mater, the University of Miami, since his graduation nearly a decade ago. In 2012 they donated $10 million to UM’s Bascom Palmer Eye Institute; its Dr. Nasser Ibrahim Al-Rashid Orbital Vision Research Center is named after Al-Rashid’s father.
