Bahamian Gaming Tycoon Sells Venetian Islands Estate in Miami Beach for $28.3M

Posted on: January 12, 2023, 06:26h. 

Last updated on: January 12, 2023, 06:55h.

Devin O'Connor @CasinoorgDevinO Read More
Expertise: Asia Pacific Gaming, Commercial Gaming, Legislation, Politics.

Bahamian gaming magnate Sebastian Bastian has flipped his waterfront estate on the prestigious Venetian Islands in Miami Beach, Fl.

Bahamian gaming Sebastian Bastian Island Luck
Sebastian Bastian has sold this house on Venetian Islands in Miami Beach to an undisclosed buyer for more than $28 million. Bastian is a gaming tycoon in his native Bahamas. (Image: Daniel Petroni Photography)

Bastian, a Bahamas native, began his business career in the 1990s selling Dish Satellite subscriptions to customers in the island country. He later become the largest distributor of prepaid phone cards in the Bahamas.

But Bastian began amassing considerable wealth after he secured a Bahamian license to operate certain types of gaming on the islands. He founded Island Luck in 2009, and began opening gaming houses across the Bahamas.

Island Luck locations initially allowed Bahamians to gamble on lottery drawings in the US. Casino games, sports betting, and online gaming were later authorized at the parlors.

Island Luck today has more than 50 gaming houses across the Bahamas. Bastian has used his extreme wealth to personally purchase private estates around the world. He reportedly has more than $100 million invested in real estate, and his latest play in Miami Beach is said to have paid off.

Venetian Islands Flip

Miami’s Venetian Islands are home to some of the priciest private real estate in the US. The artificial islands, from west to east, are known as Biscayne, San Marco, San Marino, Di Lido, Rivo Alto, and Belle.

Bastian purchased the 0.3-acre property located at 830 W. Dilido Dr. on Di Lido Island in 2019 for $7.75 million, property records show. The Bahamian gaming tycoon demolished the 1950s-era Miami home and contracted Domo Architecture + Design to draw up plans for a roughly 12,400-square-foot estate.

Construction of the mansion was completed in 2021. The three-story home features five suites, five full baths, two powder rooms, a custom-made marble bar, and floor-to-ceiling sliding glass walls providing unobstructed views of Biscayne Bay and the Miami skyline. The house also comes with an outdoor pool with a kitchen, dining area, and a fire pit.

Real estate records show that Bastian recently closed on selling the property to an anonymous buyer. The purchasing entity of the estate is a trust named for the property’s address.

While it’s unclear how much Bastian put into the demolition and build, if his budget was less than $20 million, he presumably made a profit. Bastian never listed the property on the public market, as the transaction was handled privately.

Six-Figure Tax Bill

Following Bastian’s completion of the property redo, local property tax assessors greatly increased the value of the estate from about $1.8 million to more than $6.2 million.

Bastian’s tax bill for the Venetian Islands abode was $33,479 in 2019. But at the current valuation, the homeowner’s annual tax liability is $121,855 — a 264% increase.

Last year, 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 economic and political organization of Central American states since its founding in the early 1990s.

In the role, Bastian is to “use his business acumen and skills in outreach for the mutual benefit of our countries and people,” Davis said during the March 2022 announcement.