hard limits?

I'm sure I'm just doing it wrong but I'm having trouble with an ipset hitting "maxelem 65536 reached."
I tried:
$ sudo firewall-cmd --permanent --new-ipset=blacklist --type=hash:ip --option=maxelem:131072
success

which creates:
$ sudo more /etc/firewalld/ipsets/blacklist.xml
<?xml version="1.0" encoding="utf-8"?>
<ipset type="hash:ip">
  <option name="maxelem:131072"/>
</ipset>

but when I load with $ sudo firewall-cmd --reload:
Jun 18 11:40:20 temp-2 firewalld: WARNING: INVALID_IPSET: blacklist
Jun 18 11:40:35 temp-2 firewalld: ERROR: Failed to load ipset file '/etc/firewalld/ipsets/blacklist.xml': INVALID_OPTION: Unknown option 'maxelem:131072'
Jun 18 11:40:35 temp-2 firewalld: WARNING: INVALID_IPSET: blacklist
Jun 18 11:40:37 temp-2 firewalld: ERROR: Failed to load ipset file 'blacklist.xml': INVALID_OPTION: Unknown option 'maxelem:131072'

I thought I would work around it by splitting my ipset in two but that still generated the maxelem error for both files:
Jun 18 12:13:27 temp-2 firewalld: ERROR: Failed to create ipset 'blacklist-1'
Jun 18 12:13:27 temp-2 firewalld: ERROR: '/usr/sbin/ipset restore' failed:
Jun 18 12:13:27 temp-2 kernel: Set blacklist-2 is full, maxelem 65536 reached
Jun 18 12:13:27 temp-2 firewalld: ERROR: Failed to create ipset 'blacklist-2'
Jun 18 12:13:27 temp-2 firewalld: ERROR: '/usr/sbin/ipset restore' failed:

and removing the larger of the two, I still get the maxelem error for what is now a pretty small file.

I'm stumped and trying to avoid having to add each entry via sudo firewall-cmd --permanent --ipset=blacklist --add-entry=...

Thanks for any guidance out there,
-David

As noted, clearly I was doing it wrong:
$ sudo firewall-cmd --permanent --new-ipset=blacklist --type=hash:ip --option=maxelem:131072
should be:
$ sudo firewall-cmd --permanent --new-ipset=blacklist --type=hash:ip --option=maxelem=131072
"=" not ";".  That corrected my syntax issue.  I was still running into the maxelem limit.  My blacklist is a mix of IPs and networks.  Doing a broader search, I ran across a post at centos forums (https://www.centos.org/forums/viewtopic.php?t=8268).  The gist being hash:ip seems to expand networks (like 192.168.1.0/24) into all the addresses in the network.  hash:net is much more efficient for networks.  So I now have a blacklist-ip list and blacklist-net list (one hash:ip, one hash:net).
That seems to have solved my dilemma.
-David