Commercial real estate investor Robert Rivani paid $23 million for a waterfront Miami Beach mansion, The Real Deal has learned.
Rivani, who leads his Miami-based firm Rivani, formerly called Black Lion, plans to spend millions of dollars to renovate the 9,200-square-foot mansion at 16 Palm Avenue, according to sources. Rivani lives in Miami’s Morningside and purchased the home as an investment.
The seller is Tom Sullivan, the founder and CEO of Lawrenceburg, Tennessee-based Lumber Liquidators, records show. Sullivan inked the contract to sell the 0.8-acre property in October.
The six-bedroom, six-and-a-half-bathroom house was listed with Venetian International’s Luis Bosch, asking $24.9 million. It hit the market in December for $27.9 million, and was previously listed in 2021 for $32.5 million.
Dina Goldentayer of Douglas Elliman represented Rivani. She is also listing the house for rent, asking $79,500 a month.
The house was built in 1930, and previously sold for $11.5 million in 2008, records show. The lot has 220 feet of water frontage that can fit a yacht of up to 205 feet, according to a press release from Rivani’s firm.
Palm Island is one of Miami Beach’s gated islands that’s attracted ultra-luxury buyers seeking privacy and security. In March, gaming mogul Richard Skelhorn paid a record $45 million for the waterfront mansion at 40 Palm Avenue, making it the most expensive home ever sold on the island.
Rivani has bought and sold a handful of properties this year. In September, the firm sold the commercial condo leased to Michael Schwartz’s Amara at Paraiso restaurant in Miami’s Edgewater to a Chicago real estate investor for $19.8 million.
In August, his firm paid $37 million to acquire the Lincoln Theatre, a historic Art Deco building at 551 Lincoln Road in Miami Beach. The same month, Rivani landed Beverly Hills-based Playboy as the anchor tenant for The Rivani, a seven-story, mixed-use building at 1691 Michigan Avenue, just off Lincoln Road. Playboy plans to move its headquarters to the building’s 20,000-square-foot penthouse at The Rivani. Still, Playboy can cancel the agreement if the city of Miami Beach declines to provide $800,000 in incentives.
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