Russian billionaire buys Renzi’s Brickell site

Man said to be Nets owner pays $21.5M
September 03, 2013 02:57PM

From left: Renzo Renzi and Oleg Baibakov

Oleg Baibakov, a Russian oligarch and former executive at metals giant Norilsk Nickel, has been revealed as the buyer and winning bidder of a prime condo site in Brickell.

A lawsuit from the losing buyer showed the identity behind Watson Investigations LLC, which has purchased the 33,927-square-foot site on which bankrupt Miami developer Renzo Renzi had sought to build Beacon at Brickell Village.

In June, U.S. Bankruptcy Judge Laurel Isicoff allowed for Renzi to lose the site of the proposed condo project through a sale to Crystal Tower on Brickell Plaza LLC. Baibakov outbidded Crystal Tower with a $21.5 million offer.

Baibakov has said he is an owner of the Brooklyn Nets. He also owns a condo at W South Beach, and an apartment at Columbus Circle in Manhattan that listed for $25 million. [exMiami]Mark Maurer