Former Bitcoin Financier Sells Miami Mansion for $51.5 Million
Georgian financier Giorgi Bachiashvili has sold a newly completed mansion in Miami Beach for $51.5 million, months after his release from prison following an 11-year sentence imposed in absentia by a Tbilisi court. The conviction stemmed from the alleged misappropriation of nearly 9,000 Bitcoin worth approximately $42.7 million at the time. Bachiashvili had previously managed billionaire Bidzina Ivanishvili’s co-investment fund and became prominent in crypto circles due to a dispute over Bitcoin mined through a venture partly financed by Cartu Bank. After fleeing Georgia in 2025, he was extradited later that year but received a suspended sentence under a plea agreement. The mansion at 270 South Hibiscus Drive set a new record for sales on Miami Beach’s Hibiscus and Palm islands. Bachiashvili had purchased the unfinished property in 2021 for $19 million, later completing it with an extensive design by SAOTA.
