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 the property at 228 and 302 West Dilido Drive was sold for $17.8 million, with a Delaware entity managed by attorney John L. Penson listed as the buyer. Vella stated he is the actual buyer.
“We paid [Holzer] back and cleaned up the structure,” Vella said. “We’re developing the project and moving forward.”
Vella originally purchased the property in 2020 for $15.2 million through an LLC, intending to build his family home. The site was later listed for sale, initially at $28 million before being reduced to $25 million, as Vella had not decided on its future use. The double lot, which offers 120 feet of water frontage and views of downtown Miami, is approved for an 11,000-square-foot mansion designed by Saota and was marketed by Dora Puig of Luxe Living Realty.
Vella said he is now pulling permits for construction and expects to begin work on completing the seawall this week.
The litigation between Holzer’s company and Vella stemmed from a $2.5 million loan provided in 2023. In early 2024, Holzer’s firm secured a judgment against Vella and related entities according to New York court filings.
In addition to his work on this property, Vella is also involved as a partner in Bob Zangrillo’s Magic City Innovation District project planned for Miami’s Little Haiti neighborhood.
Holzer was previously charged by the Securities and Exchange Commission (SEC) with insider trading related to options in Dun & Bradstreet Corp., resulting in a civil penalty of $1.2 million in 2023 and restrictions under securities law.
The previous owner of the Venetian Islands property was Lionel Masson, founder and former CEO of Pharmacies Lafayette in France.
Recently, Tom and Patricia Kennedy sold their San Marino Drive mansion on the Venetian Islands for $46 million, setting a new record for home sales in that area.
