Real Estate News

Russian mogul selling Miami Beach penthouse for $15 million

The penthouse in the Setai that has been listed for $15 million.
The penthouse in the Setai that has been listed for $15 million. One Sotheby’s International Realty

Russian mogul Oleg Baibakov is selling his Miami Beach penthouse for $15 million — nearly $4,200 per square foot.

The three-bedroom unit is perched on the 39th-story of the Setai Resort and Residences in the Art Deco district. It includes three outdoor terraces with views to the north, south and west.

“In terms of the view, it’s one of the very best in South Beach,” said Pier Paolo Visconti, a broker for One Sotheby’s International Realty who is handling the sale.

The penthouse has 3,572 square feet of space, three marble bathrooms and a 35-bottle wine cellar. Residents in the building also have access to amenities at the Setai, a five-star hotel with three pools, two restaurants and a spa.

Baibakov, a real estate developer and former executive at Russian mining giant Norilsk Nickel, paid $6 million for the unit in 2007, county property records show. He is an avid collector of contemporary art and also owns a home on La Gorce Island, where his daughter, Maria, threw a party for Art Basel Miami Beach that was covered by Vogue.

Visconti said the unit has plenty of wall space to hang art.

In 2013, another penthouse at the Setai sold for $27 million, or about $3,800 per square foot — making it the second most expensive condo ever sold in Miami.