Russian oligarch sells Setai penthouse for $9.5M

Oleg Baibakov put the 3-bedroom unit on the market a year ago for $12M

Oleg Baibakov and Setai penthouse villa C
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.

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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 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.