Yahoo Finance Todd Glaser, partners sell Palm Beach’s priciest private island estate for $152M
Palm Beach’s most expensive home for sale is officially off the market, after the $152 million deal closed on Friday.
The sale of the 28,618-square-foot mansion at 10 Tarpon Isle marks the highest priced residential trade this year in Florida and likely in the U.S. It is also one the top five single-family home sales ever in Florida.
Still, spec home developer Todd Michael Glaser and his partners, Jim Randall, Scott Robins and Jonathan Fryd listed, sold the property at a 30 percent discount off its original asking price.
The 2.3-acre private island estate with 11 bedrooms and 15 bathrooms hit the market in 2022 for $218 million. It was most recently asking $187.5 million.
The $152 million sale price was recorded late Friday on the Multiple Listing Service. The buyer is unknown.
Corcoran Group’s Suzanne Frisbie and Douglas Elliman’s Chris Leavitt were the listing agents. Margit Brandt of Premier Estate Properties represented the buyer. It went into contract in late March.
Frisbie, Leavitt and Brandt declined to comment on the sale. Glaser did not respond to a request for comment.
Christian Angle of Christian Angle Real Estate also represented the seller.
Glaser and his partners paid $85 million for the Palm Beach home in 2021. The spec home developer renovated and expanded the estate to include a new main mansion, a new pool and landscaping.
It has 1,300 feet of water frontage along the Intracoastal Waterway with views of West Palm Beach; a lighted tennis court that was grandfathered in; two private docks; a new south-facing pool and a renovated east-facing pool; a wellness wing with a salon, massage room, steam room and sauna; a gym; wine room and home office.
The most expensive home on the market in Florida is a 9-acre gated compound in Naples that’s asking $295 million as of February.
Florida’s priciest single-family home sale ever is Oracle billionaire Larry Ellison’s $173 million purchase of an estate in nearby Manalapan in 2022. Billionaire Netscape co-founder Jim Clark sold the 16-acre compound to Ellison.
Palm Beach has more listings of over $50 million than other trophy markets in the U.S, such as New York City, the Hamptons, Malibu and Aspen. The limited supply of homes on the 16-mile-long barrier island has caused a surge in pricing.
The sale of Tarpon Island adds fuel to the recent boom in sales activity in the ultra luxe South Florida market. A handful of big-ticket closings have occurred in recent weeks, in part fueled by price reductions from Miami Beach to Palm Beach.
Just this week, interior designer Victoria Hagan and her media mogul husband, Michael Berman, sold the renovated estate at 130 Banyan Road in Palm Beach for $60.4 million, marking one of the priciest non-waterfront homes ever sold on the island.
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This article originally appeared on The Real Deal. Click here to read the full story.
