Florida developer Robert Rivani has acquired a prime Palm Island estate for $23 million, a significant reduction from its initial $32.5 million asking price. The property, located at 16 Palm Ave., is slated for a multimillion-dollar renovation aimed at transforming it into a "South of France"-inspired luxury residence.
Key Takeaways
- Robert Rivani purchased a Palm Island estate for $23 million, down from $32.5 million.
- The developer plans a "multimillion-dollar gut renovation" to create a "South of France" style legacy property.
- The Mediterranean Revival-style home boasts 9,209 square feet, six bedrooms, seven baths, and 220 feet of waterfrontage.
- The estate is situated on .81 acres and can accommodate yachts up to 205 feet.
A Discounted Gem on Palm Island
Robert Rivani, a prominent real estate investor, developer, and hospitality mogul, has added a significant property to his portfolio with the purchase of a waterfront estate on Palm Island. The deal, which closed recently, saw Rivani secure the property for $23 million, marking a substantial discount from its original listing price. Rivani, who rebranded his company from Black Lion Investment Group to the eponymous Rivani in August, expressed his vision for the estate.
"Our vision is to create a legacy property that is timeless and exceeds the expectations of today’s luxury buyer on every level," Rivani stated. Construction is anticipated to commence in approximately six months, pending permit approvals.
Estate Features and Renovation Plans
The Mediterranean Revival-style mansion, built in 1930 and last renovated in 2009, sits on .81 acres and features 220 feet of water frontage, capable of docking yachts up to 205 feet. The 9,209-square-foot residence includes six bedrooms and seven bathrooms. Interior highlights include a spacious main bedroom suite, a chef’s kitchen, a home theater, a gym, steam rooms, and a wine cellar. The grounds offer a pool shaded by palm trees, a spa, a courtyard, and a private beach, complemented by a guest house.
Dina Goldentayer of Douglas Elliman, who represented Rivani in the transaction, noted the strategic acquisition. "Robert acquired this estate at a significant discount, which is a testament to his ability to identify undervalued properties and unlock their true potential," Goldentayer commented, emphasizing the property’s "scale, pedigree, location and water frontage."
Rivani’s Expanding Real Estate Footprint
This acquisition further solidifies Rivani’s presence in the South Florida real estate market. His other notable holdings include The Rivani on Miami Beach, the historic Lincoln Theatre building, the upcoming GAIA project, Wynwood Jungle, and the ground floor of One Ocean. Previously, Rivani sold a Ritz Carlton condo for $8 million, which he had purchased for $7.5 million in 2021.