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Russian oligarch sells Setai penthouse for $9.5M

Oleg Baibakov put the 3-bedroom unit on the market a year ago for $12M. 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. 101 PC Holdings LLC, a Delaware company that incorporated in April, purchased the 3,571-square-foot, three-bedroom condo at the Setai in Miami Beach, a source said. The sale price represents a 21.5 percent discount off the asking price.

It’s also the highest sale at the Setai since 2014. Baibakov, who is co-developing Missoni Baia with Vlad Doronin in Edgewater, paid $6 million for the unit, penthouse villa C at 101 20th Street in Miami Beach through New York-based OTB Trust, property records show. Last year, Andrew Rosen, the co-founder and CEO of fashion retailer Theory sold penthouse suite B at the Setai for $8.5 million, or $3,372 per square foot. 

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