A newly built waterfront mansion at 2740 North Bay Road sold for $72 million in an off-market deal, making it the most expensive home sale on the street this year, according to The Real Deal.
LLCs tied to Russian businessman Ilya Karpov, a former general director at OGO, once one of Russia's largest grain producers, sold the property to a trust managed by Greg Henning, property records show. Mirce Curkoski and Albert Justo of the Waterfront Team at One Sotheby's International Realty brokered the deal.
From $20.8 Million Land Buy to Custom-Built Mansion
Karpov paid $20.8 million for the 0.6-acre lot in 2022, buying it from Delphine Dray, owner of the National Hotel in Miami Beach and daughter of the late Claude Dray, a billionaire French hotel developer and art collector. Karpov then built the nearly 10,000-square-foot, two-story house, which has seven bedrooms, seven bathrooms and a pool. Koda Architecture + Interior Design designed the approved plans. The house's final specifications had not yet been listed with the Miami-Dade property appraiser as of Wednesday.
The sale price was $51.2 million higher than Karpov's 2022 land purchase price, before undisclosed construction, transaction and holding costs.
Seller's Real Estate History in Miami Beach
Karpov sold his stake in OGO around 2009 and moved to Miami Beach around 2014 to invest in residential real estate. In 2019, he sold a waterfront spec house at 38 South Hibiscus Drive on Hibiscus Island for about $14.2 million.
North Bay Road's Run of Blockbuster Sales
North Bay Road has attracted some of the region's biggest residential deals. David and Victoria Beckham paid $72.3 million for a spec house on the street in October 2024, a deal that set the price record at the time. That record fell in July 2025, when spec developer Todd Michael Glaser and the Posner Group paid $105 million for a 2.3-acre estate at 5940 North Bay Road. Joshua Kushner and Karlie Kloss also own on the street, having paid $23.5 million in 2020.
Another Recent Sale Down the Street
In June, billionaire Russell Savage sold a waterfront home at 5300 North Bay Road for $27 million. Keith Menin had gut-renovated the property. Savage made his fortune with the $3.9 billion sale of Rockstar Energy to PepsiCo in 2020.
