Commercial real estate investor Robert Rivani has purchased 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 in renovating the 9,200-square-foot property at 16 Palm Avenue. Sources say he acquired the home as an investment and currently resides in Miami’s Morningside neighborhood.
Property records indicate that Tom Sullivan, founder and CEO of Lumber Liquidators based in Lawrenceburg, Tennessee, was the seller. Sullivan signed the contract for the sale of the 0.8-acre estate in October.
The six-bedroom, six-and-a-half-bathroom house was listed by Luis Bosch of Venetian International with an asking price of $24.9 million after initially being put on the market for $27.9 million last December. In 2021, it had been listed at $32.5 million.
Dina Goldentayer from Douglas Elliman represented Rivani in the transaction and is also offering the property for rent at $79,500 per month.
Built in 1930, the mansion last sold for $11.5 million in 2008. The lot features 220 feet of water frontage suitable for docking a yacht up to 205 feet long, according to a press release from Rivani’s firm.
Palm Island is recognized as one of Miami Beach’s gated communities that attracts high-end buyers seeking privacy and security. Earlier this year, gaming entrepreneur Richard Skelhorn set a new record on Palm Island with his $45 million purchase of another waterfront mansion at 40 Palm Avenue.
Rivani has been active in South Florida real estate transactions throughout this year. In September, his firm sold a commercial condo leased to chef Michael Schwartz’s Amara at Paraiso restaurant in Edgewater to a Chicago investor for $19.8 million.
In August, Rivani’s company bought Lincoln Theatre—a historic Art Deco building located at 551 Lincoln Road—for $37 million. That same month, Beverly Hills-based Playboy agreed to become anchor tenant at The Rivani building at 1691 Michigan Avenue near Lincoln Road and plans to relocate its headquarters there into a penthouse spanning 20,000 square feet. However, Playboy may cancel its lease if Miami Beach does not approve an incentive package worth $800,000.
