Developer Zachary Vella has resolved a legal dispute with former investor Charles Holzer’s Worth Capital Holdings 70 LLC and is moving forward 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. While 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 initially acquired the property in 2020 for $15.2 million with intentions to build his family home. The lot was listed for sale earlier this year at $28 million before being reduced to $25 million. According to the listing, it 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 explained that he had put the property on the market because he had not yet decided what to do with it but now plans to proceed, starting with seawall work and pulling permits.
The litigation between Holzer’s company and Vella arose after Holzer provided a $2.5 million loan in 2023, leading to a judgment against Vella and related entities in early 2024, according to New York court filings.
In addition to this dispute, Holzer faced charges from the Securities and Exchange Commission (SEC) in 2022 for insider trading related to options in Dun & Bradstreet Corp., resulting in a $1.2 million civil penalty and restrictions from violating antifraud provisions of securities law.
Vella also serves as a partner in Bob Zangrillo’s Magic City Innovation District, which is planned as a large-scale development project in Miami’s Little Haiti neighborhood.
The previous owner of the Venetian Islands property was Lionel Masson, founder and former CEO of France-based Pharmacies Lafayette chain.
Earlier this summer, Tom and Patricia Kennedy sold their San Marino Drive mansion on the Venetian Islands for $46 million, setting a new record for residential sales in that area.
