Commercial real estate investor Robert Rivani sold a waterfront Miami Beach mansion for $25 million, just $2 million more than he paid roughly six months ago.
The buyer? A company led by Jose Mas of the billionaire Mas family and architect Cesar Molina, who have been working together to acquire and redevelop homes in South Florida.
Property records show Rivani’s RJR LV LLC sold the 9,200-square-foot mansion at 16 Palm Avenue to CMA Homes 16 Palm Ave LLC. The buyer financed the deal with a $15 million mortgage from City National Bank of Florida.
Douglas Elliman’s Dina Goldentayer represented the seller. It was on the market for $27.5 million.
Rivani paid $22.9 million for the six-bedroom, six-and-a-half-bathroom home in November and renovated the property. The house was built in 1930 and sits on a 0.8-acre lot with 220 feet of water frontage.
Palm Island is one of Miami Beach’s gated islands that’s attracted wealthy buyers seeking privacy. Last year, gaming mogul Richard Skelhorn paid a record $45 million for the waterfront mansion at 40 Palm Avenue, making it the most expensive home ever sold on the island.
Rivani, who leads his Miami-based firm Rivani, formerly called Black Lion, lives in Miami’s Morningside and purchased the home as an investment.
Late last month, Jose Mas, CEO of MasTec and a co-owner of the Major League Soccer franchise Inter Miami, also teamed up with Molina to buy the waterfront home at 6500 North Bay Road in Miami Beach for $18.9 million. Jason Rubell and Michelle Simkins sold the 0.4-acre lot to CMA Homes 6500 N Bay Rd LLC, which is controlled by Mas, Molina and contractor Gonzalo De La Iglesia.
The Mas family, which includes Jose’s brother, board chairman and co-founder of MasTec Jorge Mas, has also bought and sold homes in Coral Gables. Last year, a company tied to Jorge sold a waterfront property in Miami’s Coconut Grove for more than $100 million, The Real Deal previously reported.
Read more
Residential
South Florida
Resi roundup: Thalía, Tommy Mottola sell for record price in Bal Harbour, Jose Mas buys teardown
Development
South Florida
Robert Rivani finds buyer for waterfront Palm Island flip asking $28M