Developer Zachary Vella has resolved a legal dispute with former investor Charles Holzer’s Worth Capital Holdings 70 LLC and is proceeding with plans to build a waterfront mansion on the Venetian Islands in Miami Beach. Public records show that Vella paid off Holzer through a recorded sale of the property at 228 and 302 West Dilido Drive for $17.8 million.
Although a Delaware entity managed by attorney John L. Penson of Asset Recovery Services is listed 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 originally acquired the double lot in 2020 for $15.2 million, intending to build his family home. The property was later listed for sale, initially at $28 million before being reduced to $25 million, as Vella considered his options regarding its use. The site is approved for an 11,000-square-foot mansion designed by Saota and offers 120 feet of water frontage with views of downtown Miami.
The property was marketed by Dora Puig of Luxe Living Realty. Vella stated he is now pulling permits and expects to begin work on completing the seawall this week.
Legal filings indicate that in early 2024, Holzer’s company secured a judgment against Vella and related entities over a $2.5 million loan provided in 2023.
Holzer was previously charged by the Securities and Exchange Commission (SEC) in 2022 with insider trading involving Dun & Bradstreet Corp., resulting in a civil penalty of $1.2 million and restrictions from violating antifraud provisions of securities law.
Vella also holds a partnership role in Bob Zangrillo’s Magic City Innovation District project planned for Miami’s Little Haiti neighborhood; Zangrillo resides on Di Lido Island within the Venetian Islands area.
Prior to Vella’s purchase, Lionel Masson—founder and former CEO of France’s Pharmacies Lafayette—owned the property.
In another recent transaction on the Venetian Islands, Tom and Patricia Kennedy sold their San Marino Drive waterfront mansion for $46 million this summer, setting a new record as the most expensive home ever sold in that neighborhood.
