Georgian financier Giorgi Bachiashvili, whose current whereabouts have not been publicly disclosed, has sold a newly completed Miami Beach mansion for $51.5 million, months after his release from prison.
Bachiashvili, 41, formerly ran billionaire Bidzina Ivanishvili's co-investment fund.
He became a prominent figure in crypto after a dispute over thousands of Bitcoin mined through a venture financed partly by Ivanishvili's Cartu Bank.
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He fled Georgia in March 2025 while facing trial, saying the prosecution was politically motivated. That month, a Tbilisi court sentenced him in absentia to 11 years for misappropriating 8,986.86 BTC and laundering proceeds.
Prosecutors said the Bitcoin was worth about $42.7 million when it was misappropriated.
Bachiashvili was returned to Georgia in May 2025 and imprisoned. On Feb. 18, 2026, prosecutors said he had admitted guilt, cooperated with investigators and compensated for damages under a plea agreement, resulting in a suspended sentence and his release.
His lawyer has since said his whereabouts remain private.
Miami mansion sets island record
Around six months after his release, Bachiashvili put his property at 270 South Hibiscus Drive on the market for $55 million. It sold 11 days later for $51.5 million to an unidentified buyer, first reported by the Real Deal.
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The transaction set a record for Miami Beach's Hibiscus and Palm islands, topping a $40.3 million Hibiscus Island sale in 2024.
Bachiashvili bought the unfinished property for $19 million in 2021 and later completed the residence with South African architecture firm SAOTA.
The 9,100-square-foot waterfront home has five bedrooms, a gym, nightclub, pool and two docks capable of accommodating a yacht up to 105 feet.
The sale crystallizes a substantial increase in the property's value while Bachiashvili remains out of public view.
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This story was originally published by TheStreet on Sep 2, 2026, where it first appeared in the MARKETS section. Add TheStreet as a Preferred Source by clicking here.
