Developer Robert Rivani appears to have pulled off a quick Palm Island play. He has a buyer under contract for his waterfront estate at 16 Palm Avenue, a roughly 0.81-acre spread with a 9,200-square-foot mansion he picked up in November 2025. The property was put back on the market this spring in the $27.5 million to $28 million range, as Rivani floated plans for a multimillion-dollar makeover. The buyer’s identity and exact contract price are still under wraps.
According to The Real Deal, Rivani’s Palm Island property surfaced in last week’s roster of high-end contracts. That weekly snapshot, compiled by the Eklund-Gomes team at Douglas Elliman, logged 21 luxury home contracts in Miami-Dade during the period. The same report points out that top-tier listings are often sitting for months, a reminder that true trophy waterfronts tend to play by their own rules compared with the broader market.
Property Details And Listing
The listing with Douglas Elliman pegged the asking price at $27.5 million for the 0.811-acre estate, which includes about 220 feet of south-facing dockage. Amenities advertised on Douglas Elliman include a theater, gym, dual steam rooms and a wine cellar, a lineup that makes clear this is not exactly a starter home.
Public listing feeds on Compass and Realtor back up the roughly 9,200-square-foot size and peg the home’s construction to 1930, a combination that helps explain why the property is being pitched as either a candidate for a careful restoration or a ground-up redevelopment.
Rivani paid about $23 million for the Palm Island estate in November 2025 and said at the time that he intended to invest heavily in a redesign, per earlier coverage from The Real Deal. That acquisition price sets up a paper spread of roughly $4.5 million between what he paid and the current ask, before factoring in any renovation spending or carrying costs.
What It Means For The Market
The pending contract lands during an active run for Miami-Dade’s luxury segment. The Eklund-Gomes weekly report that flagged the Palm Avenue deal tracks signed contracts and total asking-price volume across the county, offering a rolling scorecard for high-end activity. Recent single-family contracts at the luxury level have carried average asking prices in the low to mid tens of millions, underscoring how waterfront trophy lots remain central to ultra-luxury demand.
If Rivani’s deal closes near the asking price, it would mark a notable bump from his November purchase number, although any real profit will depend on how much he ultimately sinks into upgrades and what it costs to close. Regardless, the contract adds another headline to Palm Island’s steady stream of big-ticket trades and flips, where privacy and substantial dockage continue to lure buyers who want turnkey waterfront estates and are willing to pay accordingly.
