Renowned Miami-based commercial real estate developer and investor, Robert Rivani, is poised for a major real estate venture in California. Merely a year after acquiring a lavish Malibu residence from television executive Michael Lambert for $19.5 million, Rivani is preparing to list the opulent beachfront estate for a substantial profit. What’s even more intriguing is the origin of this venture – it all began with a bet.
As reported by The Wall Street Journal, a friend challenged the president of Black Lion to flip a high-end residential property, offering a seven-figure wager. Never one to shy away from a challenge, Rivani invested a substantial $5 million in the extensive renovation of the 1920s estate located on Carbon Beach, often referred to as Billionaire’s Beach. Rivani has now relisted the property with Chris Cortazzo of Compass for an impressive $42.5 million.
In a press statement, Rivani stated, “I wanted to create a transformative residence that is a true masterpiece and stands out from any other property in the area.” The home, scheduled for completion early next year, is approximately halfway through the renovation process, according to WSJ. Once finished, the residence will encompass 4,900 square feet, featuring five bedrooms and five and a half baths. The new design takes inspiration from the ultra-luxe Aman hotels.
The interior of the residence will showcase a palette of neutral tones, incorporating organic materials such as limestone, Onyx slabs, and walnut parquet flooring. The kitchen will boast custom Eggersmann cabinetry and top-of-the-line Miele appliances. The primary suite on the second floor will include dual walk-in closets and a spa-like bath with an infrared sauna.
Noteworthy features of the property will comprise a custom glass wine vault, a cantilevered hot tub, a central courtyard featuring a Zen garden, and an additional two-bedroom guest cottage. Additionally, there’s a summer kitchen for outdoor gatherings and, most notably, 60 feet of prime beachfront offering sweeping ocean views from Palos Verdes to the Malibu Pier.
Rivani expressed, “We are treating this property like a work of art and bringing a new level of elegance to Malibu. No detail was left unturned, with custom designs and the most high-end finishes, to deliver a retreat that makes you feel like you’re on a permanent vacation.”
