Real estate investor and developer Robert Rivani has acquired a prestigious Palm Island estate for $23 million, a significant reduction from its original $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 property will undergo a major renovation to achieve a "South of France" aesthetic.
- The estate boasts waterfront access, a guest house, and extensive amenities.
A Prime Waterfront Property
The Mediterranean Revival-style mansion, built in 1930, sits on .81 acres and features 220 feet of water frontage, capable of accommodating yachts up to 205 feet. The 9,209-square-foot residence includes six bedrooms and seven bathrooms. Previous renovations occurred in 2009.
Key features of the estate include:
- A spacious main bedroom suite
- A chef’s kitchen
- A home theater
- A gym and steam rooms
- A wine cellar
- A pool and spa
- A courtyard and private beach
- A separate guest house
Vision for a Legacy Estate
Rivani, who recently rebranded his company from Black Lion Investment Group to Rivani, expressed his vision for the property: "Our vision is to create a legacy property that is timeless and exceeds the expectations of today’s luxury buyer on every level." The renovation is expected to begin in approximately six months, pending permit acquisition.
Dina Goldentayer of Douglas Elliman, who represented Rivani in the transaction, highlighted the developer’s acumen, stating, "Robert acquired this estate at a significant discount, which is a testament to his ability to identify undervalued properties and unlock their true potential." Luis Bosch of Venetian International served as the listing broker.
Rivani’s Portfolio
This acquisition adds to Rivani’s notable real estate holdings, which include The Rivani on Miami Beach, the historic Lincoln Theatre building, the upcoming GAIA project, Wynwood Jungle, and the ground floor of One Ocean. Last year, Rivani sold a Ritz Carlton condo penthouse for $8 million, which he had purchased for $7.5 million in 2021.