Mohawked real estate investor, developer and hospitality mogul Robert Rivani has purchased a $23 million Palm Island, Florida home — down from its $32.5 million ask, and plans to launch a multimillion-dollar gut renovation to create a “South of France” style estate, Gimme Shelter has learned.
“Our vision is to create a legacy property that is timeless and exceeds the expectations of today’s luxury buyer on every level,” said Rivani, who rebranded his company, formerly known as Black Lion Investment Group, to the eponymously named Rivani in August.
The deal closed on Friday. Construction is slated to begin in six months should permits be acquired by then, sources said.
The Mediterranean Revival-style dwelling, at 16 Palm Ave., sits on .81 acres and comes with 220 feet on the water. It can accommodate large yachts up to 205 feet.
At 9,209 square feet, the property comes with six bedrooms and seven baths. Built in 1930, it was last renovated in 2009.
Details include a large main bedroom suite, a chef’s kitchen that anchors the space and a home theater — plus a gym, steam rooms and a wine cellar. There’s also a pool, a spa, a courtyard — and a private beach.
There’s also a guest house on the landscaped property.
“Robert acquired this estate at a significant discount, which is a testament to his ability to identify undervalued properties and unlock their true potential,” said Douglas Elliman’s Dina Goldentayer, who represented Rivani in the deal, adding that the property “has it all — scale, pedigree, location and water frontage.”
Luis Bosch of Venetian International was the listing broker.
Rivani’s other holdings include The Rivani on Miami Beach, where tenants include Playboy Enterprises; the recent $37 million purchase of the historic Lincoln Theatre building, home to H&M; the upcoming GAIA in the ground-floor space at Marea Condominium in Miami Beach’s South of Fifth neighborhood; and the fully leased Wynwood Jungle, along with the ground floor of One Ocean.
Rivani sold a Ritz Carlton condo last year for $8 million, as Gimme previously reported. At the time, Rivani said the condo was a “tweener” or an “in-between” perch before he purchased and moved into his Miami home. The developer had purchased the penthouse in the Piero Lissoni Ritz-Carlton Residences for $7.5 million in 2021.