Developer Michael Stern teamed up with Italian investor and TikToker Gianluca Vacchi in 2024. 

At the time, Stern said that Vacchi “understands new media and how to cut through the noise on social media in a way most real estate people don’t,” calling him an effective marketer and tastemaker. Online to his 22.1 million Instagram followers and 22.3 million TikTok followers, Vacchi has showcased his jetsetting lifestyle, workouts, cold plunges, and maybe most frequently, his dancing. 

Two years ago, Stern and Vacchi said they were 50-50 partners on a $4 billion pipeline of JDS Development’s projects (Stern’s firm). That included Mercedes-Benz Places Miami, the Dolce & Gabbana-branded 888 Brickell and the planned 1250 West Avenue project in Miami Beach. It later also encompassed a proposed condo buyout of the Casablanca Miami Beach. 

Since then, JDS and its partners have exited the 1250 West Avenue project. Both the Mercedes-Benz and Dolce & Gabbana condo projects are tied up in litigation, though sources previously told The Real Deal that JDS is in the process of securing new debt, and a new partner in developer Jeff Soffer for the stalled Mercedes-Benz Places, which would rescue the project. 

Meanwhile, Stern’s relationship with Vacchi has imploded. Vacchi sued Stern months ago, but that lawsuit was on hold, and further details of their dispute remained behind closed doors. 

Until recently.

Vacchi is accusing Stern of running a Ponzi scheme. In a new lawsuit, he alleges that Stern misrepresented the state of the projects, promising to use Vacchi’s investment in one development but instead diverting them to another. He also accuses Stern of violating a settlement agreement they reached this year. He wants Stern removed from the Mercedes-Benz project. 

Stern called Vacchi’s original lawsuit an abuse of the legal system that was filed “for the sole purpose of maliciously creating reputational destruction” and to extract a settlement from Stern, according to a separate lawsuit obtained by TRD. It’s unclear whether that suit was filed. Stern alleges that Vacchi failed to meet his capital obligations (in other words, didn’t invest on time, or at all). 

What we’re thinking about: What happens next with Stern? If the partnership with Soffer and the new financing closes, is all resolved? Send me a note at kk@therealdeal.com. 

CLOSING TIME

Residential: A trust paid $41.6 million for the 9,100-square-foot mansion at 8565 Old Cutler Road. The seller was 8565 Old Cutler LLC, which purchased the property in 2022 for $38 million. The property, considered a teardown, has previously housed former presidents of the University of Miami, including former U.S. Rep. Donna Shalala. 

Commercial: The industrial complex at 333 South West 12th Avenue in Deerfield Beach, the printing press for the Sun Sentinel newspaper, sold for $65 million. Gramercy Property Trust sold the property to 333 Deerfield Industrial LLC. 

— Research by Mary Diduch 

NEW TO THE MARKET 

The waterfront mansion at 9720 West Broadview Drive in Bay Harbor Islands hit the market for $36.5 million. The 0.3-acre property, with 83 feet of waterfront, a dock, boat lift, pool, outdoor kitchen, cabana and 2,000-square-foot deck, was recently developed. It’s listed with Daniela Levtov of NG International LLC. The 10,450-square-foot house has seven en-suite bedrooms, a home theater, office and library, according to the listing. Property records show Shaul and Danielle Dina own the home through a trust. 

A thing we’ve learned

Port Canaveral officials are backing a new federal bill that would make unauthorized drone flights over U.S. seaports a felony, after more than 500 drones flew over the port in 2025, raising concerns about the security of military, space and cruise operations.

Elsewhere in Florida

• West Palm Beach residents pushed back on the city’s rapid development and developer influence at a public meeting this week, WPTV reported. The proposed appointment of a Stephen Ross executive to the Downtown Development Authority fueled the protest. 
• About 50 cases of cyclosporiasis, a parasite that’s been sickening people in several states, have been confirmed in Florida. That includes five cases in Miami-Dade and five cases in Broward, according to NBC Miami. 
• The FBI is investigating whether Aventura-based TourProdEnter LLC funneled more than $300 million in Argentine Football Association sponsorship payments through U.S. banks for the personal benefit of top AFA officials, the Miami Herald reported. The company moved into an office in Aventura at the start of the year but moved out in the spring.