A waterfront double-lot on the Venetian Islands in Miami Beach sold for $24.5 million, signaling increased interest in undeveloped residential land.
The property, previously tied to developer Zach Vella, sold with plans designed by SAOTA for an 11,000-square-foot mansion, according to the listing. Records show 228 West Dilido, a Delaware LLC managed by attorney John Penson, sold the half-acre site at 228 and 302 West Dilido Drive. Penson’s name also appears as the lender’s representative under Miami Beach-based Asset Recovery Services.
Vella planned to develop the SAOTA-designed home. The approved plans include a six bedrooms, eight bathrooms, four half-baths, a gym, spa, library and media room.
The site has 120 feet of water frontage with views of downtown Miami. Dora Puig of Luxe Living Realty was the listing agent, and the Corcoran Group’s Mick Duchon represented the buyer. Duchon declined to comment.
Vella was in litigation brought by the former investor, Charles Holzer’s Worth Capital Holdings 70 LLC. In 2020, a Vella-led LLC paid $15.2 million for the property, where he planned to build his family home, in 2020. It hit the market last year for $28 million, and the price was reduced to $27 million.
Puig said land prices are starting to come back up.
This week, hedge fund manager Nick Maounis paid $31.5 million for the half-acre property next to his mansion on La Gorce Island. Maounis paid nearly $1,600 per square foot for the land, one of the highest per-square-foot prices.
Still, demand is strongest for turnkey waterfront homes. Alex Karp, CEO of Palantir Technologies, paid $46 million for a San Marino Island home last summer, which is also on the Venetians. Palantir announced earlier this year it was relocating its headquarters to South Florida.
Other recent deals on the Venetians include Mexican popstar Paulina Rubio’s sale of her waterfront home on Di Lido Island for $16.8 million in December.