Developer Zachary Vella has resolved a legal dispute with a former investor and is moving forward with plans to build a waterfront mansion on the Venetian Islands in Miami Beach. The Real Deal reports that Vella settled litigation brought by Charles Holzer’s Worth Capital Holdings 70 LLC by paying off the investor through a recorded sale of the property at 228 and 302 West Dilido Drive. Public records show the deed was recorded for $17.8 million.
A Delaware entity managed by attorney John L. Penson of Asset Recovery Services is listed as the buyer, but Vella confirmed he is the true purchaser. “We paid [Holzer] back and cleaned up the structure,” Vella said. “We’re developing the project and moving forward.”
Vella’s LLC originally bought the property for $15.2 million in 2020, intending to build his family home there. The site was listed for sale in February at $28 million before being reduced to $25 million, according to listing information from Dora Puig of Luxe Living Realty. The lot spans two parcels with 120 feet of water frontage and views of downtown Miami, and it has city approval for an 11,000-square-foot mansion designed by Saota.
Vella stated he is now pulling permits for construction and expects work on completing the seawall to begin this week.
Legal filings indicate that Holzer’s company secured a judgment against Vella and related entities in early 2024 over a $2.5 million loan provided in 2023.
In addition, regulatory documents show that in 2022, Holzer faced charges from the Securities and Exchange Commission related to insider trading involving Dun & Bradstreet Corp., resulting in a civil penalty of $1.2 million and restrictions under securities laws imposed in 2023.
Vella is also involved as a partner in Bob Zangrillo’s Magic City Innovation District project planned for Miami’s Little Haiti neighborhood; Zangrillo resides on Di Lido Island within Venetian Islands.
The previous owner of Vella’s property was Lionel Masson, founder and former CEO of Pharmacies Lafayette, a French pharmacy chain.
Recently, Tom and Patricia Kennedy sold their San Marino Drive mansion for $46 million—a record-setting price for homes sold on Venetian Islands (https://therealdeal.com/miami/2024/07/10/venetian-islands-home-sells-for-record-46m/).
