A Palm Beach developer is putting four homes, including one on a private island, up for sale for a combined $353 million in one of South Florida’s ritziest enclaves.
Todd Michael Glaser and his partners are seeking to sell 10 Tarpon Isle, a man-made private island with a newly renovated mansion, for $218 million. Glaser is also listing three other properties, including a 10,000-square-foot (929-square-meter) house that comes with approved plans to double its size for $79 million, a newly constructed house for $32 million, and a penthouse condo for $24 million.
“We’ve been working very hard to get these things ready,” Glaser said in an interview. “There’s no inventory and we’re bringing inventory from $24 million to $218 million in an area that has no product, especially finished.”
Glaser and investors have been renovating a 1930s era mansion on the island that they bought for $85 million in July 2021. A few months after the purchase, the group listed the property for $125 million, with the option for buyers to spend an additional $85 million on renovations to the 12,000-square-foot house. Glaser said the upgrades to the house will be done in roughly two months.
The developer is also planning to list another property, at 1080 South County Road, which features a newly built home and is listed for $32 million.
“People don’t want to have to deal with supply-chain issues, contractors,” said Corcoran Group’s Dana Koch, who is selling the home with his mother, Paulette Koch. “Brand-new construction and renovated homes are still king in Palm Beach,” he said.
The other homes Glaser is listing are not yet renovated but the developer plans to upgrade the properties if they don’t sell in a few months, when town rules allow for more extensive construction projects. One is 854 South County Road that’s listed for $79 million by Suzanne Frisbie of the Corcoran Group. The property is located on more than 2 acres (0.8 hectares) with space along the waterfront. While a buyer would have the option of living in the existing house, Glaser has already secured some town approvals to double its square footage.
Glaser is also selling the penthouse atop the Tiffany & Co. store on Worth Avenue, which is listed for $24 million. He and his partners bought it for $15.5 million in June, with plans at the time to renovate. Glaser has drawn up a potential floor plan, but the space is still unfinished. Chris Leavitt of Douglas Elliman Real Estate, as well as Miami agents Jill Eber and Jill Hertzberg of Coldwell Banker, will work to sell the condo.
Glaser is seeking to make a splash by listing all of the properties at once. He picked four brokerage teams from Palm Beach, as well as one from Miami, to help find more buyers.
“There’s a lot of information getting to us by dealing with four or five brokers,” Glaser said. “You’re hearing about deals, who’s looking, who’s buying and not buying. Not that we know who the person is, but there’s an $80 million buyer out there now, which we wouldn’t have known.”
Christian Angle, who has the island listing, pointed to auction house Christie’s $1.5 billion sale this week of art owned by the late Microsoft Corp. co-founder Paul Allen—including several works that went for $100 million or more—as an indication that luxury markets remain strong.
“Anything that is the gold standard or so unique, one-of-a-kind” has buyers out there, Angle said. Glaser is choosing to list all these properties because “he’s in the business of selling real estate, not holding real estate.”
—With assistance from Amanda L Gordon.
This article was provided by Bloomberg News.