Developer Zachary Vella has resolved a legal dispute with a former investor and is proceeding with plans to build a waterfront mansion on the Venetian Islands in Miami Beach. Public records show that Vella paid off Charles Holzer’s Worth Capital Holdings 70 LLC through a recorded sale of the property at 228 and 302 West Dilido Drive for $17.8 million. While the deed lists a Delaware entity managed by attorney John L. Penson as the buyer, Vella confirmed he is the true purchaser.
“We paid [Holzer] back and cleaned up the structure,” Vella said. “We’re developing the project and moving forward.”
Vella initially acquired the double lot for $15.2 million in 2020 with intentions to build his family home. The property was later listed for sale, first at $28 million and then reduced to $25 million, as Vella had not yet finalized his plans for its use. The site, represented by Dora Puig of Luxe Living Realty, is approved for an 11,000-square-foot mansion designed by Saota and features 120 feet of water frontage with views of downtown Miami.
Vella stated he is currently pulling permits and will begin work on completing the seawall this week.
The legal dispute stemmed from a $2.5 million loan provided by Holzer in 2023. In early 2024, Holzer’s company obtained a judgment against Vella and related entities according to New York court filings.
In addition to his work on this project, Vella is also involved as a partner in Bob Zangrillo’s Magic City Innovation District in Miami’s Little Haiti neighborhood. Zangrillo resides on Di Lido Island within the Venetian Islands.
Before Vella’s ownership, Lionel Masson, founder and former CEO of Pharmacies Lafayette in France, owned the property.
This summer saw another significant transaction on the Venetian Islands when Tom and Patricia Kennedy sold their San Marino Drive mansion for $46 million—the highest price ever recorded for a home in that area.
“We paid [Holzer] back and cleaned up the structure,” Vella said. “We’re developing the project and moving forward.”
