The Real Deal Miami

Russian businessman, once a billionaire, sells Bal Harbour unit for $7.5M

Price breaks down to nearly $2,130 a foot

July 08, 2016 03:00PM
By Katherine Kallergis

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St. Regis Bal Harbour

St. Regis Bal Harbour

Russian businessman and once-billionaire Igor Yakovlev sold his condo-hotel unit at the St. Regis Bal Harbour for $7.5 million in an off-market deal.

Yakovlev, who made his money in home appliances and and the electronic retail market, sold the unit along with Galina Yakovleva to STE Real Estate LLC, a San Antonio-based company, records show.

The Russian businessman, who lives in Moscow, ranked 677 on Forbes’ list of billionaires in 2008. He fell off the list a year later when he lost an estimated $1.6 billion. Yakovlev used to control Eldorado, the largest home appliance and electronic retailer in Russia, according to Forbes.

The couple, who are not currently married, paid $5.65 million for the three-bedroom, three-and-a-half-bathroom unit in 2005, records show. Unit 1401-N is in the condo-hotel‘s north tower, and spans 3,524 square feet.

The deed filed in Miami-Dade County on Thursday shows Yakovlev signed the transfer of ownership at an American embassy in Moscow. The price breaks down to nearly $2,130 a foot.

Qatar’s largest development firm, Al Rayyan Tourism Development Company, acquired the hotel component of the St. Regis in 2014 for $213 million, which came out to more than $1 million a room. The St. Regis is 27 stories tall and was completed in 2011.