Florida Developer Robert Rivani Acquires Palm Island Estate For $23 Million
Originally published on December 3, 2025
Florida real estate developer and hospitality entrepreneur Robert Rivani has purchased a waterfront estate on Palm Island for $23 million, down from its $32.5 million asking price. According to a report by Jennifer Gould in the New York Post, Rivani plans to launch a multimillion-dollar gut renovation to create a South of France-style estate.
The deal closed on November 22, with construction slated to begin in six months pending permit approval. Rivani rebranded his company from Black Lion Investment Group to Rivani in August.
Property Details
The Mediterranean Revival-style home at 16 Palm Avenue sits on 0.81 acres with 220 feet of water frontage capable of accommodating yachts up to 205 feet. The 9,209-square-foot property includes six bedrooms and seven bathrooms. Built in 1930, it was last renovated in 2009.
Features include a main bedroom suite, chef’s kitchen, home theater, gym, steam rooms, and wine cellar. Outdoor amenities include a pool, spa, courtyard, private beach, and a guest house on the landscaped grounds.
Rivani stated in the report that his vision is to create a legacy property that exceeds the expectations of today’s luxury buyers on every level. Douglas Elliman’s Dina Goldentayer represented Rivani in the transaction, while Luis Bosch of Venetian International served as the listing broker.
Developer’s Portfolio
Rivani’s other Florida holdings include The Rivani on Miami Beach, where tenants include Playboy Enterprises, and the recent $37 million acquisition of the historic Lincoln Theatre building, home to H&M. His portfolio also includes the upcoming GAIA restaurant in the ground-floor space at Marea Condominium in Miami Beach’s South of Fifth neighborhood, the fully leased Wynwood Jungle, and the ground floor of One Ocean.
In 2024, Rivani sold a Ritz-Carlton condominium for $8 million after purchasing the Piero Lissoni-designed penthouse in the Ritz-Carlton Residences for $7.5 million in 2021.
Market Context
The $9.5 million discount from the original asking price reflects broader market dynamics in South Florida’s luxury real estate sector. According to Goldentayer, the acquisition demonstrates Rivani’s ability to identify undervalued properties and unlock their potential. She noted that the property has scale, pedigree, location, and water frontage—key attributes in high-end waterfront markets.
Palm Island is an exclusive man-made island in Biscayne Bay between Miami Beach and Miami. The gated community features approximately 40 residences and is accessible only by a guarded causeway. The island’s limited inventory and waterfront positioning have historically commanded premium pricing, though luxury markets throughout South Florida have experienced price adjustments in recent quarters.
Renovation And Market Positioning
The planned multimillion-dollar renovation will transform the nearly century-old estate into a contemporary luxury residence while maintaining its Mediterranean Revival architectural heritage. The South of France design inspiration suggests a focus on indoor-outdoor living, refined finishes, and sophisticated landscaping consistent with high-end European coastal properties.
For luxury real estate developers and investors, projects of this scale require careful financial planning, construction management, and market timing. Gut renovations of historic waterfront estates involve complex permitting processes, specialized contractors, and extended timelines that can impact project budgets and return on investment calculations.
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