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

Miami /
Jul.July 08, 2016 03:00 PM

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.


Related Articles

arrow_forward_ios
The Bal Harbour lot (Douglas Elliman)
Bal Harbour investor Joseph Imbesi sells waterfront lot for $55M
Bal Harbour investor Joseph Imbesi sells waterfront lot for $55M
Miami-Dade condo sales map and Oceana Bal Harbour (10201 Collins Ave, Bal Harbour)
$19M Bal Harbour unit leads weekly condo sales
$19M Bal Harbour unit leads weekly condo sales
Sam Herzberg and Bal Harbour Condo. (Getty, Bal Harbour)
Real estate investor Sam Herzberg buys oceanfront Bal Harbour condo for $7M
Real estate investor Sam Herzberg buys oceanfront Bal Harbour condo for $7M
Mark Tsesarsky and St. Regis Bal Harbour Condos (Google Maps, iStock)
Hedge fund principal buys St. Regis Bal Harbour condo
Hedge fund principal buys St. Regis Bal Harbour condo
240 Bal Bay Drive, Bal Harbour (Google Maps)
Waterfront Bal Harbour mansion sells for $14M
Waterfront Bal Harbour mansion sells for $14M
200 Bal Bay in Bal Harbour (Photo via Lifestyle Production Group for Douglas Elliman)
Bal Harbour investor Joseph Imbesi lists waterfront property for $65M
Bal Harbour investor Joseph Imbesi lists waterfront property for $65M
Matthew Whitman Lazenby and Bal Harbour Shops (iStock)
Voters reject easing height restrictions for Bal Harbour Shops
Voters reject easing height restrictions for Bal Harbour Shops
Matthew Whitman Lazenby and Bal Harbour Shops
Special election could pave way for height increase at Bal Harbour Shops
Special election could pave way for height increase at Bal Harbour Shops
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...