A 0.6-acre waterfront site at 2740 North Bay Road in Miami Beach sold for $72 million on August 18, 2026. Seller Ilya Karpov had purchased the site in 2022 for $20.8 million.
A 0.6-acre waterfront site at 2740 North Bay Road in Miami Beach sold for $72 million on August 18, 2026. The seller, Russian businessman Ilya Karpov, had purchased the property in 2022 for $20.8 million from Delphine Dray, owner of Miami Beach’s National Hotel. Neither the buyer nor either side’s brokerage was disclosed in public records at the time of filing.
North Bay Road runs along the west side of Miami Beach facing Biscayne Bay, and has drawn a wave of teardown-to-land trades over the past two years as buyers pay premiums for water frontage and address alone, independent of what is built on the lot.
Karpov sold this parcel and the former Al Capone estate site on Palm Island in the same week, for a combined $93 million — not a bad fortnight for a man whose last employer, Russia’s OGO Group, went bankrupt in 2013.