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Russian billionaire buys Renzi’s Brickell site

From left: Renzo Renzi and Oleg Baibakov
From left: Renzo Renzi and Oleg Baibakov

Oleg Baibakov, a Russian oligarch and former executive at metals giant Norilsk Nickel, has been revealed as the buyer and winning bidder of a prime condo site in Brickell.

A lawsuit from the losing buyer showed the identity behind Watson Investigations LLC, which has purchased the 33,927-square-foot site on which bankrupt Miami developer Renzo Renzi had sought to build Beacon at Brickell Village.

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In June, U.S. Bankruptcy Judge Laurel Isicoff allowed for Renzi to lose the site of the proposed condo project through a sale to Crystal Tower on Brickell Plaza LLC. Baibakov outbidded Crystal Tower with a $21.5 million offer.

Baibakov has said he is an owner of the Brooklyn Nets. He also owns a condo at W South Beach, and an apartment at Columbus Circle in Manhattan that listed for $25 million. [exMiami] — Mark Maurer

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BankruptcyRenzo Renzi