The Real Deal Miami

Azerbaijani billionaire sells Palazzo Del Sol condo for $8.5M

Aras Agalarov founded one of Russia’s leading development firms Crocus Group
By Amanda Rabines | December 03, 2018 09:45AM

From left: Boris Reznik, Palazzo Del Sol and Aras Agalarov

UPDATED Dec. 3, 11:10 a.m.: Azerbaijani developer Aras Agalarov just sold his Fisher Island condo for $8.46 million.

Records show the buyer of the Palazzo Del Sol unit is a company controlled by Boris Reznik, who founded the research company Biorasi. Reznik and his wife Larisa also own a unit in the Hamptons South condominium in Aventura, as well as another Fisher Island condo at Seaside Village.

The deal for the most recent four-bedroom, 4,738-square-foot Fisher Island condo breaks down to about $1,786 per square foot. The deed does not include $930,000 in furnishings, which brings the total cost to $9.4 million.

Dora Puig, owner of Luxe Living Realty, represented both the buyer and seller.  Records show the unit previously sold for $10.7 million in 2016.

Agalarov, a friend of Vladimir Putin and President Trump, is a billionaire who founded one of Russia’s leading development firms, the Crocus Group. Forbes now values his net worth at $1.6 billion.

His son and business partner, Emin Agalarov, also has ties to the Trumps. His publicist admitted helping to arrange a meeting between Donald Trump Jr. and a Russian lawyer promising information on Hillary Clinton, according to published reports. In addition to aiding his father, Emin Agalarov is also a well-known pop singer in Russia and his home country of Azerbaijan,

Boris Reznik’s Biorasi company was founded in 2002 in Aventura and focuses on helping pharmaceutical companies receive approval for drugs and medical devices.

Reznik joins other wealthy owners at Palazzo Del Sol, including Danish tennis star Caroline Wozniacki, and Yard House founder and CEO Steele Platt.

Palazzo Del Sol was completed in 2016 as the first condominium project to be built on exclusive Fisher Island since 2007. The 10-story building has 43 units and six cabanas. The tower was designed by Kobi Karp, with landscaping by Enzo Enea.

The developer, PDS Development, plans to complete construction of Palazzo del Sol’s sister 50-unit condominium, Palazzo Della Luna, in the summer of 2019.