A waterfront double-lot on the Venetian Islands in Miami Beach sold for $24.5 million, according to a March 20 report. The property, which was previously associated with developer Zach Vella, includes approved plans by SAOTA for an 11,000-square-foot mansion.
The sale highlights growing interest in undeveloped residential land in the area. Records show that 228 West Dilido, a Delaware limited liability company managed by attorney John Penson, sold the half-acre site at 228 and 302 West Dilido Drive. Penson is also listed as the lender’s representative under Miami Beach-based Asset Recovery Services.
Vella had intended to develop the property into a home featuring six bedrooms, eight bathrooms, four half-baths, a gym, spa, library and media room. The site offers 120 feet of water frontage with views of downtown Miami. Dora Puig of Luxe Living Realty served as the listing agent while Mick Duchon from the Corcoran Group represented the buyer. Duchon declined to comment on the transaction.
The property has been involved in litigation brought by former investor Charles Holzer’s Worth Capital Holdings 70 LLC. In 2020, a Vella-led entity purchased it for $15.2 million with plans to build his family home. It was listed last year for $28 million before being reduced to $27 million.
Puig said land prices are starting to rise again in Miami Beach. This week, hedge fund manager Nick Maounis paid $31.5 million for a neighboring half-acre property on La Gorce Island at nearly $1,600 per square foot—one of the highest rates recorded locally.
Despite these sales, demand remains strongest for turnkey waterfront homes. Last summer, Alex Karp—CEO of Palantir Technologies—paid $46 million for a San Marino Island home on the Venetians after Palantir announced its headquarters relocation to South Florida earlier this year. Other recent deals include Mexican popstar Paulina Rubio’s sale of her Di Lido Island waterfront home for $16.8 million in December.
