Commercial real estate investor Robert Rivani has acquired a waterfront mansion on Palm Island in Miami Beach 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 several million dollars into renovating the 9,200-square-foot property at 16 Palm Avenue. Sources indicate that he purchased the home as an investment and currently resides in Miami’s Morningside neighborhood.
The seller of the property is Tom Sullivan, founder and CEO of Lumber Liquidators based in Lawrenceburg, Tennessee. Public records show that Sullivan signed the contract to sell the 0.8-acre site in October.
The six-bedroom, six-and-a-half-bathroom house was listed for sale with Luis Bosch of Venetian International at an asking price of $24.9 million. It was originally listed for $27.9 million last December and had been offered for $32.5 million in 2021.
Dina Goldentayer from Douglas Elliman represented Rivani in the transaction and is also marketing the house for rent at $79,500 per month.
Built in 1930, the home previously sold for $11.5 million in 2008. According to a press release from Rivani’s firm, the lot features 220 feet of water frontage suitable for docking a yacht up to 205 feet long.
Palm Island is one of several gated islands in Miami Beach that have drawn high-end buyers seeking privacy and security. In March, Richard Skelhorn set a new record on Palm Island by purchasing a waterfront mansion at 40 Palm Avenue for $45 million, marking it as the most expensive home ever sold on the island.
This purchase adds to Rivani’s recent real estate activity. In September, his firm sold a commercial condo leased to Amara at Paraiso restaurant in Miami’s Edgewater neighborhood for $19.8 million to a Chicago-based investor.
In August, Rivani’s company bought Lincoln Theatre—an Art Deco building located at 551 Lincoln Road—for $37 million. That same month, Playboy agreed to become anchor tenant at The Rivani, a seven-story mixed-use building located just off Lincoln Road at 1691 Michigan Avenue. Playboy plans to relocate its headquarters into The Rivani’s penthouse suite measuring approximately 20,000 square feet; however, this move depends on whether Miami Beach officials approve an $800,000 incentive package for Playboy’s relocation.
