Russian oligarch Oleg Baibakov just got a lesson in Miami Beach real estate.
Even on the beach, ridiculously overpriced properties won’t sell until cooler heads prevail.
And that’s what happened this month with the mining magnate’s penthouse at the Setai.
The three-bedroom palace in the sky sold all right, but for slightly more than half of what the Vladimir Putin crony once wanted.
The 3,571-square-foot crib went for $9.53 million, according to therealdeal.com.
Citing sources since the transaction hasn’t been posted by Miami-Dade County records keepers, the site says the buyer’s identity is cloaked by a Delaware corporation, 101 PC Holdings LLC.
Baibakov re-listed the penthouse for $12.15 million a year ago.
He’d been trying to unload the condo since 2014, when he first listed it for $17 million. The asking price has melted slowly ever since.
In the end, however, the mogul still made a few bucks. He paid “just” $6 million for the 39th-floor condo a decade ago.
Baibakov, who’s developing the Missoni Bay condo project set to open in downtown Miami in 2020, became famous a few years back when his then-29-year-old daughter, trust-funding socialite Maria, wrote a lengthy, controversial article for a European magazine about running a staff of servants. She ended up apologizing over it.