Commercial real estate investor Robert Rivani has purchased a waterfront mansion on Miami Beach’s Palm Island for $23 million, according to information obtained by The Real Deal.
Rivani, who heads the Miami-based firm Rivani (formerly known as Black Lion), intends to invest millions in renovating the 9,200-square-foot property at 16 Palm Avenue. Sources indicate that Rivani, a resident of Miami’s Morningside neighborhood, bought the house as an investment.
Property records show that Tom Sullivan, founder and CEO of Lumber Liquidators based in Lawrenceburg, Tennessee, sold the 0.8-acre estate. Sullivan agreed to sell the home in October.
The six-bedroom, six-and-a-half-bath residence was listed by Luis Bosch of Venetian International with an asking price of $24.9 million. It first appeared on the market last December at $27.9 million and had previously been listed for $32.5 million in 2021.
Dina Goldentayer from Douglas Elliman represented Rivani in the transaction and is also offering the house for rent at $79,500 per month.
Built in 1930, the mansion last changed hands for $11.5 million in 2008. The lot includes 220 feet of water frontage and can accommodate a yacht up to 205 feet long, according to a press release from Rivani’s firm.
Palm Island is one of several gated islands in Miami Beach known for attracting high-end buyers seeking privacy and security. Earlier this year, gaming executive Richard Skelhorn set a record on Palm Island with his $45 million purchase of another waterfront mansion.
This deal adds to a series of recent transactions by Rivani’s firm. In September, they sold a commercial condo leased to Michael Schwartz’s Amara at Paraiso restaurant in Miami’s Edgewater neighborhood for $19.8 million to an investor from Chicago.
In August, Rivani’s company acquired the Lincoln Theatre—an Art Deco landmark at 551 Lincoln Road—for $37 million. That same month, Beverly Hills-based Playboy signed on as anchor tenant for The Rivani building at 1691 Michigan Avenue near Lincoln Road and plans to relocate its headquarters into a penthouse suite spanning 20,000 square feet; however, this agreement depends on whether Miami Beach provides an $800,000 incentive package.
