Giorgi Bachiashvili has sold a villa in Miami for $51.5 million, the New York Post reports.

According to the New York Post, Giorgi Bachiashvili, the former head of the Co-Investment Fund, has sold a newly built villa on Hibiscus Island in Miami for a record amount of $51.5 million.

According to the publication, Bachiashvili posted an announcement about the sale of the villa in mid-August. Initially, the villa was for sale for $55 million, but 11 days after the announcement was published, an unknown buyer bought it for $51.5 million.

“The sale is a record for Hibiscus and Palm islands, surpassing a 2024 sale, when “mysterious Miami party boy” Daniel Liburdi paid $40.25 million for 101 North Hibiscus Drive.

Before listing this property, Giorgi “George” Bachiashvili fled Tbilisi, Georgia shortly before he was sentenced in absentia to 11 years in prison on March 10, 2025, for allegedly embezzling cryptocurrency from his former boss — Georgia’s most powerful man, Bidzina Ivanishvili, the former prime minister. Bachiashvili denied the charges and called them politically motivated.

Bachiashvili was then allegedly abducted from Abu Dhabi on May 24, 2025, and brought back to Georgia, where he was imprisoned by his ex-boss. His sentence was suspended following a plea deal, and he was released from prison after less than a year, in February.

Bachiashvili’s whereabouts remain secret, his lawyer, Peter J. Sahlas, of Amsterdam & Partners, told Gimme Shelter.

In mid-August, around six months after his release from prison, Bachiashvili listed this Miami home for $55 million. It sold 11 days later to a mystery buyer for $51.5 million”, reads the article.