Developer Zachary Vella has resolved a legal dispute with a former investor and is moving ahead with plans to build a waterfront mansion on the Venetian Islands in Miami Beach. According to Vella and public records, he paid off Charles Holzer’s Worth Capital Holdings 70 LLC through a recorded sale of the property at 228 and 302 West Dilido Drive. The deed was filed for $17.8 million.
Although the buyer is listed as a Delaware entity managed by attorney John L. Penson of Asset Recovery Services, Vella confirmed that he is the true buyer. “We paid [Holzer] back and cleaned up the structure,” Vella said. “We’re developing the project and moving forward.”
Vella originally purchased the property in 2020 for $15.2 million with plans to build his family home. Earlier this year, it was listed for sale at $28 million before being reduced to $25 million. The site, represented by Dora Puig of Luxe Living Realty, includes approval for an 11,000-square-foot mansion designed by Saota and features 120 feet of water frontage with views of downtown Miami.
Vella stated that he is currently obtaining permits and will begin work on completing the seawall this week.
The litigation between Holzer’s company and Vella involved a $2.5 million loan made in 2023, resulting in a judgment against Vella and other entities in early 2024 according to New York court filings.
In addition to his activities on the Venetian Islands, Vella is also a partner in Bob Zangrillo’s Magic City Innovation District, which is planned as a large-scale development in Miami’s Little Haiti neighborhood.
The previous owner of the Venetian Islands property was Lionel Masson, founder and former CEO of Pharmacies Lafayette in France.
Recently, Tom and Patricia Kennedy sold their waterfront San Marino Drive mansion for $46 million, setting a record for the most expensive home sold on the Venetian Islands.
