The Real Deal Miami

Russian oligarch sells Setai penthouse for $9.5M

Oleg Baibakov put the 3-bedroom unit on the market a year ago for $12M
By Katherine Kallergis | May 30, 2018 09:45AM

Oleg Baibakov and Setai penthouse villa C

Russian oligarch Oleg Baibakov just sold his Miami Beach penthouse for $9.53 million, about a year after listing it for $12.15 million.

101 PC Holdings LLC, a Delaware company that incorporated in April, purchased the 3,571-square-foot, three-bedroom condo at the Setai in Miami Beach, a source said. The sale price represents a 21.5 percent discount off the asking price. It’s also the highest sale at the Setai since 2014.

The unit closed for nearly $2,700 per square foot.

Baibakov, who is co-developing Missoni Baia with Vlad Doronin in Edgewater, paid $6 million for the unit, penthouse villa C at 101 20th Street in Miami Beach through New York-based OTB Trust, property records show.

Douglas Elliman’s Bill and Bryan Team, led by Bill Hernandez and Bryan Sereny, represented Baibakov, whom they declined to identify. Baibakov had listed the unit before, for as much as $17 million in 2014, according to Realtor.com. He recently renovated the penthouse, which includes an Italcraft kitchen, smart home features and 270-degree views.

Last year, Andrew Rosen, the co-founder and CEO of fashion retailer Theory sold penthouse suite B at the Setai for $8.5 million, or $3,372 per square foot.

Baibakov, a mining oligarch, has been involved in Miami real estate for years. In 2014, his company 700 Edgewater Development spent more than $30 million assembling 1.7 acres in Miami’s Edgewater neighborhood.

He and Doronin have teamed up with Missoni to build the Italian fashion brand’s first residential project on the property, the 57-story, 146-unit Missoni Baia at 700 Northeast 26th Street.