Russian businessman sells waterfront North Bay Road mansion for $72M

Russian businessman Ilya Karpov’s investment on North Bay Road appears to have paid off. 

LLCs tied to Karpov sold the new two-story mansion at 2740 North Bay Road to a trust for $72 million, property records show. Mirce Curkoski and Albert Justo of the Waterfront Team at One Sotheby’s International Realty brokered the off-market deal. 

Karpov paid $20.8 million for the 0.6-acre property in 2022. He acquired the former house from National Hotel owner Delphine Dray. Dray is the daughter of the late Claude Dray, a billionaire hotel developer and art collector in France, and Simone Dray.

A trust managed by Greg Henning purchased the newly built house in this latest deal. The nearly 10,000-square-foot house has seven bedrooms, seven bathrooms and a pool. Approved plans were designed by Koda Architecture + Interior Design. The house’s final specifications aren’t listed yet with the property appraiser. 

The $72 million trade marks the most expensive home sale on North Bay Road this year. The record on that street, which is home to David and Victoria Beckham, Joshua Kushner and Karlie Kloss and others, is held by the $105 million trade in 2025 of 5940 North Bay Road. Spec home developer Todd Michael Glaser and his partners bought the 2.3-acre estate with plans to flip or redevelop the property. 

Karpov is a former general director at the OGO Group, which was once one of Russia’s largest grain producers. He sold his stake in the company around 2009, and moved to Miami Beach where he invested in residential real estate. In 2019, Karpov sold the waterfront spec house at 38 South Hibiscus Drive on Miami Beach’s Hibiscus Island for $14.2 million.

In June of this year, billionaire Russell Savage sold his waterfront home on North Bay Road that Keith Menin gut-renovated. Savage, who made his fortune with the $3.9 billion sale of Rockstar Energy to PepsiCo in 2020, sold the property at 5300 North Bay Road for $27 million. 

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