R
obert Rivani, a seasoned real‑estate investor and hospitality entrepreneur, has secured a 9,209‑sq‑ft Mediterranean‑revival home on Palm Island, Florida, for $23 million—well below its $32.5 million asking price. The 16 Palm Ave. property sits on 0.81 acres with 220 ft of waterfront, capable of docking yachts up to 205 ft. Built in 1930 and last updated in 2009, the six‑bedroom, seven‑bath estate boasts a grand master suite, chef’s kitchen, home theater, gym, steam rooms, wine cellar, pool, spa, courtyard, private beach, and a guest house.

    Rivani plans a multimillion‑dollar gut renovation that will transform the home into a “South of France”‑style retreat. “Our goal is to create a timeless legacy property that surpasses today’s luxury buyer’s expectations on every level,” he said. The project will begin in six months, pending permits, after the deal closed last Friday. Rivani, who renamed his firm from Black Lion Investment Group to Rivani in August, is known for infusing his signature flair into every project.

    Douglas Elliman’s Dina Goldentayer, who represented Rivani, praised the purchase as a testament to his knack for spotting undervalued assets. Listing broker Luis Bosch of Venetian International handled the sale. The renovation will emphasize the estate’s scale, pedigree, prime location, and extensive water frontage.

    Rivani’s portfolio extends beyond Palm Island. He owns The Rivani on Miami Beach, which hosts tenants such as Playboy Enterprises; he recently bought the historic Lincoln Theatre building for $37 million, now home to H&M; he is developing GAIA on the ground floor of Marea Condominium in Miami Beach’s South of Fifth; and he holds the fully leased Wynwood Jungle and the ground floor of One Ocean. In 2021, he purchased a Ritz‑Carlton penthouse for $7.5 million and sold a Ritz‑Carlton condo last year for $8 million.