Russian mogul sells Hibiscus Island spec home for $14M

Developer Ilya Karpov had paid $4.96M for the property in 2014

Dec.December 26, 2019 11:30 AM
Ilya Karpov, 38 South Hibiscus Drive

Ilya Karpov, 38 South Hibiscus Drive

A Russian mogul sold a waterfront spec home on Miami Beach’s Hibiscus Island for $14.2 million.

Developer Ilya Karpov sold the 7,000-square-foot house at 38 South Hibiscus Drive for $2,028 per square foot, records show. Canterbury Ives Management, managed by attorney Josh N. Bennett, bought the home.

The house, built this year, offers views of Biscayne Bay and downtown Miami. It has an open floor plan with a 20-foot ceiling entry leading to a glassed central courtyard. It also features a separate guest house with a full kitchen and two-car garage, a pool and outdoor kitchen.

There’s also an elevator leading to a private rooftop terrace, according to a listing on The lot totals 12,221 square feet.

Karpov paid $4.96 million for the property in 2014, records show.

Albert Justo with ONE Sotheby’s International Realty represented the seller in the latest deal.

Karpov was previously a general director at the OGO Group, which was once one of Russia’s largest grain-producers, according to a World Bank report from 2006.

Karpov previously told The Real Deal that he started working there as a broker at the age of 21 and climbed the ranks, eventually acquiring shares in the company. He sold his stake in the firm more than 10 years ago and moved to Miami Beach five years later.

Over the past decade, Karpov has been active in Miami Beach real estate. In 2007 he bought a house at 19 Palm Avenue on Palm Island for $4.5 million. He sold it seven years later for $6.5 million.

Karpov also received approval in April from the city of Miami Beach to subdivide a 31,500-square-foot property at 320 South Hibiscus Drive on Hibiscus Island and build a pair of two-story spec houses on the site.

Developer Moishe Mana recently sold a 1937 home on the island at 420 South Hibiscus Drive for $12 million, to a buyer who plans to build a new modern mansion.

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