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 leads the Miami-based firm Rivani (formerly Black Lion), intends to invest several million dollars into 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.
The seller of the property is Tom Sullivan, founder and CEO of Lumber Liquidators based in Lawrenceburg, Tennessee. Records indicate that Sullivan signed the contract to sell 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. It originally entered the market in December at $27.9 million and had previously been listed for $32.5 million in 2021.
Dina Goldentayer of Douglas Elliman represented Rivani in the transaction and is also offering the house 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 capable of accommodating a yacht up to 205 feet long, according to a press release from Rivani’s firm.
Palm Island is known as one of Miami Beach’s gated communities favored by luxury buyers seeking privacy and security. In March, Richard Skelhorn set a record on the island with his purchase of a waterfront mansion at 40 Palm Avenue for $45 million—the highest price ever paid for a home there.
Rivani has been active in South Florida real estate transactions this year. In September, his firm sold a commercial condo leased to Michael Schwartz’s Amara at Paraiso restaurant in Miami’s Edgewater neighborhood to a Chicago investor for $19.8 million.
In August, Rivani’s company acquired the historic Lincoln Theatre at 551 Lincoln Road for $37 million. That same month, Beverly Hills-based Playboy agreed to become anchor tenant at The Rivani—a seven-story mixed-use building located at 1691 Michigan Avenue near Lincoln Road—with plans to relocate its headquarters to the building’s penthouse suite measuring 20,000 square feet. However, Playboy retains an option to cancel if city incentives totaling $800,000 are not approved by Miami Beach authorities.
