Bahamian Gaming Tycoon Sells Miami Venetian Islands Property for $28.3M
Bahamian gaming magnate Sebastian Bastian has flipped his waterfront property on the distinguished Venetian Islands in Miami Seashore, Fl.
Sebastian Bastian has bought this home on Venetian Islands in Miami Seashore to an undisclosed purchaser for greater than $28 million. Bastian is a gaming tycoon in his native Bahamas. (Picture: Daniel Petroni Pictures)
Bastian, a Bahamas native, started his enterprise profession within the Nineties promoting Dish Satellite tv for pc subscriptions to prospects within the island nation. He later change into the most important distributor of pay as you go telephone playing cards within the Bahamas.
However Bastian started amassing appreciable wealth after he secured a Bahamian license to function sure kinds of gaming on the islands. He based Island Luck in 2009, and commenced opening gaming homes throughout the Bahamas.
Island Luck places initially allowed Bahamians to gamble on lottery drawings within the US. On line casino video games, sports activities betting, and on-line gaming have been later approved on the parlors.
Island Luck immediately has greater than 50 gaming homes throughout the Bahamas. Bastian has used his excessive wealth to personally buy non-public estates world wide. He reportedly has greater than $100 million invested in actual property, and his newest play in Miami Seashore is alleged to have paid off.
Venetian Islands Flip
Miami’s Venetian Islands are residence to a few of the priciest non-public actual property within the US. The substitute islands, from west to east, are often called Biscayne, San Marco, San Marino, Di Lido, Rivo Alto, and Belle.
Bastian bought the 0.3-acre property situated at 830 W. Dilido Dr. on Di Lido Island in 2019 for $7.75 million, property data present. The Bahamian gaming tycoon demolished the Nineteen Fifties-era Miami residence and contracted Domo Structure + Design to attract up plans for a roughly 12,400-square-foot property.
Building of the mansion was accomplished in 2021. The three-story residence options 5 suites, 5 full baths, two powder rooms, a custom-made marble bar, and floor-to-ceiling sliding glass partitions offering unobstructed views of Biscayne Bay and the Miami skyline. The home additionally comes with an out of doors pool with a kitchen, eating space, and a fireplace pit.
Actual property data present that Bastian lately closed on promoting the property to an nameless purchaser. The buying entity of the property is a belief named for the property’s tackle.
Whereas it’s unclear how a lot Bastian put into the demolition and construct, if his finances was lower than $20 million, he presumably made a revenue. Bastian by no means listed the property on the general public market, because the transaction was dealt with privately.
Six-Determine Tax Invoice
Following Bastian’s completion of the property redo, native property tax assessors tremendously elevated the worth of the property from about $1.8 million to greater than $6.2 million.
Bastian’s tax invoice for the Venetian Islands abode was $33,479 in 2019. However on the present valuation, the house owner’s annual tax legal responsibility is $121,855 — a 264% enhance.
Final 12 months, Bahamas Prime Minister Philip Davis appointed Bastian as a nonresident ambassador to the Central American Integration System (CAIS) on behalf of the Commonwealth of The Bahamas. CAIS is the preeminent financial and political group of Central American states since its founding within the early Nineties.
Within the position, Bastian is to “use his enterprise acumen and abilities in outreach for the mutual good thing about our nations and other people,” Davis mentioned through the March 2022 announcement.
