A Russian billionaire and international real estate developer sold his waterfront Miami Beach mansion for $120 million, setting a record for Miami-Dade County.
Vlad Doronin, OKO Group founder and chairman, sold his two-story residence at 26 Star Island Drive to undisclosed buyer Constellation Drive LLC on March 6, according to the Multiple Listing Service. The sale beats the prior record set by Citadel founder and CEO Ken Griffin, who purchased philanthropist Adrienne Arsht’s Coconut Grove estate in 2022 for $106.9 million.
South Florida continues to draw luxury single-family home sales for residences priced well over a million dollars. The multimillion-dollar deals show Miami-Dade, Broward and Palm Beach counties continue to draw deep-pocketed buyers, including former NFL player Jeremy Shockey’s $4.5 million purchase of a residence near Miami’s urban core to a Ferrari-inspired mansion closing for $50.5 million in Palm Beach County’s Delray Beach.
“You have these big headlines with big names — Bezos, Ken Griffin — they are like emperors who bring their courts with them,” said Ana Bozovic, the founder of Analytics Miami, a real estate data and consultancy firm. “They increase the city’s standing on a global standing.”
Doronin was unavailable for immediate comment.
Doronin purchased the Star Island residence in 2009 for $16 million, according to Miami-Dade County property records. The house has six bedrooms, seven bathrooms, and a pool overlooking Biscayne Bay. Well-known names own slices of the island, including Grammy Award-winner Gloria Estefan and her husband, music producer Emilio Estefan, philanthropist Philip Frost, and Citadel’s Griffin.
In South Florida, Bozovic said, the number of luxury single-family home deals are on the incline. Based on MLS data, Miami-Dade, Broward and Palm Beach saw 17 single-family home deals priced over $20 million from January through February of this year. By comparison, the tri-county area had five deals during the same period a year ago for a total of 61 closings. Bozovic said she expects South Florida to exceed last year’s numbers.
“It’s a sign,” Bozovic said, “Miami is reaching new heights.”