New details have emerged on two splashy Miami Beach deals, including the buyer of a property once owned by Al Capone and the seller of a record-breaking $51.5 million sale in Hibiscus Island.
Capone’s 0.7-acre waterfront lot at 93 Palm Avenue went under contract in May and sold earlier this month for $21 million, according to Redfin. The seller is an LLC named after the property that bought the lot for $15.5 million in 2021, The Real Deal previously reported. The buyer was revealed this week as Russian mogul Ilya Karpov, who previously served as a general director at the OGO Group. The group was one of Russia’s largest grain and sunflower oil producers before going bankrupt in 2013.
Joel Lusky of the Brokerage South Florida and Jordan Karp of Jordan Karp LLC had the listing. Mirce Curkoski and Albert Justo of One Sotheby’s International Realty represented the buyer.
Karpov has been investing in Miami Beach residential real estate since moving to the city around 2014, five years after he sold his stake in the OGO Group. Earlier this week, Karpov sold his new waterfront mansion at 2740 North Bay Road in Miami Beach for $72 million. He paid $20.8 million for the 0.6-acre property in 2022.
In 2019, he sold a waterfront spec house at 38 South Hibiscus Drive for $14.2 million. That same year, Karpov requested to subdivide a 32,000-square-foot property at 320 South Hibiscus Drive for the construction of two spec homes.
Also revealed this week is the deed for a record-breaking sale in Miami Beach’s Hibiscus Island.
The 10,500-square-foot estate at 270 South Hibiscus Drive sold for $51.5 million, or $4,900 per square foot, setting a record for Hibiscus and Palm islands, as first announced by the builder and seller’s representative.
Property records show the seller is 270 S. Hibiscus Drive Inc., which paid $19 million for the property in 2021. The entity is managed by Wolsen Real Estate founder Denis Smykalov, but George Bachiashvili is the sole shareholder, documents show. In other words, Bachiashvili was the true owner.
Bachiashvili is a businessman from the country of Georgia and former head of the Georgian Co-Investment Fund who previously served jail time in his home country for cryptocurrency embezzlement and money laundering. He was released in February, less than one year into his 11-year sentence.
The estate’s buyer is the Liholiho Trust, with Daniel Krebs as trustee, property records show. Jordan Karp of Jordan Karp LLC represented the seller, while Dora Puig of Luxe Living Realty brought the buyer.
The Wall Street Journal incorrectly reported that the seller was developer Luis Bosch, who founded Luis Bosch Luxury Homes. The newspaper also incorrectly identified Smykalov as the seller’s real estate agent.
The mansion sits on two bayfront lots totaling 21,000 square feet with 120 feet of water frontage, according to the listing. It has seven bedrooms, seven bathrooms and one half-bath, as well as a nightclub, pool and two private docks with room for a 105-foot yacht.
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