Developer Zach Vella pays off ex-investor, moves forward with planned Venetian Islands waterfront mansion

Developer Zachary Vella paid off an investor and is now moving forward with plans to build a waterfront mansion on the Venetian Islands, The Real Deal has learned.  Vella was in litigation brought by the former investor, Charles Holzer’s Worth Capital Holdings 70 LLC, and paid him off via a recorded sale of the property at 228 and 302 West Dilido Drive in Miami Beach, according to Vella and public records. The deed was recorded for $17.8 million.  A Delaware entity managed by attorney John L. Penson of Miami Beach-based Asset Recovery Services is listed as the buyer. Vella said […]This article originally appeared on The Real Deal. Click here to read the full story.