There is a $C_4$-free bipartite graph $B$ with 19 vertices on one side, 20 vertices on the other side, and 92 edges. Its vertices have degree 4 or 5, so it is easy to find a path $P$ of 21 edges in $K_{19,20}-B$. Now consider the 113-edge union $G=B\cup P$.
Since $G$ is bipartite, it has no complete multipartite subgraph other than complete bipartite graphs. Now by inspection $K_{2,6}$, $K_{3,5}$ and $K_{4,4}$ still contain $C_4$ if a path or fragments of a path is removed, so $G$ doesn't contain them. Also the degree of $G$ is at most 7. So the only complete bipartite graphs that $G$ might contain are $K_{1,1},\ldots,K_{1,7},K_{2,2},K_{2,3},K_{2,4},K_{2,5},K_{3,3},K_{3,4}$. The maximum possible $\prod (|V_i|+1)-1$ is 19 if $K_{3,4}$ is present. Probably it is possible to choose $P$ so that $K_{3,4}$ is avoided, in which case the maximum would be 17.
Here is the $20\times 19$ incidence matrix of $B$. Actually the same argument works with any $C_4$-free bipartite graph with at least 78 edges and no vertices of very high degree. There are very many choices.
1 1 0 0 1 0 0 0 0 0 0 1 0 0 0 0 0 0 1
1 0 1 0 0 0 1 0 0 1 0 0 0 0 0 0 0 1 0
0 1 1 1 0 0 0 1 0 0 0 0 0 0 0 0 0 0 0
1 0 0 1 0 1 0 0 0 0 0 0 1 0 0 0 1 0 0
0 0 1 0 1 1 0 0 1 0 0 0 0 0 0 1 0 0 0
0 0 0 1 1 0 1 0 0 0 1 0 0 0 0 0 0 0 0
0 1 0 0 0 1 1 0 0 0 0 0 0 1 1 0 0 0 0
1 0 0 0 0 0 0 1 1 0 1 0 0 0 1 0 0 0 0
0 0 0 0 1 0 0 1 0 1 0 0 0 1 0 0 1 0 0
0 1 0 0 0 0 0 0 1 1 0 0 1 0 0 0 0 0 0
0 0 0 0 0 1 0 0 0 1 1 1 0 0 0 0 0 0 0
0 0 0 0 0 0 1 1 0 0 0 1 1 0 0 1 0 0 0
0 0 0 1 0 0 0 0 1 0 0 1 0 1 0 0 0 1 0
0 0 1 0 0 0 0 0 0 0 1 0 1 1 0 0 0 0 1
0 0 0 1 0 0 0 0 0 1 0 0 0 0 1 1 0 0 1
0 0 1 0 0 0 0 0 0 0 0 1 0 0 1 0 1 0 0
0 1 0 0 0 0 0 0 0 0 1 0 0 0 0 1 1 1 0
0 0 0 0 1 0 0 0 0 0 0 0 1 0 1 0 0 1 0
0 0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 1 0 1
0 0 0 0 0 1 0 1 0 0 0 0 0 0 0 0 0 1 1
ADDED: Instead of choosing $P$ as a single path, choose vertex-disjoint paths of 1 or 2 edges. Now (needs checking) I think that $G$ can't even contain $K_{3,3}$.