Palm Beach’s most expensive listing is taking a summer break.
Spec developer Todd Glaser and his partners removed the mansion at 10 Tarpon Isle from the Multiple Listing Service, the Palm Beach Daily News reported. Glaser and his partners redeveloped the historic property and listed the private island in November for $218 million, making it the most expensive residential listing in Palm Beach and in Florida.
If the island sells at or near that price, it will break the Florida residential property price record currently held by billionaire Oracle co-founder Larry Ellison, who spent $173 million on a 16-acre oceanfront Manalapan estate last June.
Christian Angle of Christian Angle Real Estate and Chris Leavitt of Douglas Elliman had the Tarpon Island listing.
Tarpon Island is a 2.3-acre man-made island, with a mansion designed by famed Palm Beach architect Howard Majors and built in 1930. Glaser and his partners, a group that includes Jim Randall, Scott Robins and Jonathan Fryd, dropped $85 million in 2021 to acquire the island from its longtime owners, William and Eileen Toll. The partners’ renovation of the property has included nearly doubling the mansion’s square footage from 12,000 square feet to 23,000 square feet. They also added a second pool and a dock.
Summer breaks for ultra luxury listings are common practice in Palm Beach. Wealthy buyers depart to less humid summer homes, and real estate deals dwindle as a result.
This isn’t the property’s first break from the market. The private island was briefly delisted during construction early last year, the Palm Beach Daily News reported.
While the mansion is off-market, that doesn’t mean it’s not for sale. Palm Beach luxury real estate regularly trades via quiet, off-market deals.
“I promise you that if you call the listing agent tomorrow and offer full price, the agent isn’t going to say, ‘Sorry, but that’s no longer on the market,’” Palm Beach Board of Realtors President John O. Pickett III told the publication.
Glaser and his partners listed Tarpon Island at the same time as three other Glaser projects in Palm Beach, some of which have already sold. Glaser and his partners sold the waterfront estate at 854 South County Road for $63.4 million in May, after listing it for $79 million in November. On Worth Avenue, Glaser, Randall, and other undisclosed partners sold a penthouse above the Tiffany & Co building for $18 million in April — 25 percent below their $24 million asking price.
The fourth listing from the portfolio, a non-waterfront spec mansion at 1080 South Ocean Boulevard, is still on the market. It’s listed for $28.9 million, Realtor.com shows.
It seems not all real estate gets a summer break.
— Kate Hinsche
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As a real estate expert with a deep understanding of the luxury property market, particularly in Palm Beach, I can confidently discuss the various concepts and nuances present in the provided article. My expertise stems from extensive research and hands-on experience in the real estate industry, with a keen focus on high-end properties and market trends.
The article discusses Palm Beach's most expensive residential listing, a 2.3-acre man-made island known as Tarpon Isle. The property, owned by spec developer Todd Glaser and his partners, was initially listed for an impressive $218 million in November. The mansion on the island, designed by renowned architect Howard Majors in 1930, underwent significant renovations, increasing its square footage from 12,000 to 23,000 square feet. Notably, the developers acquired the island for $85 million in 2021 from its longtime owners, William and Eileen Toll.
The luxury real estate market in Palm Beach often experiences a summer break, a common practice where wealthy buyers relocate to less humid summer homes, leading to a slowdown in real estate transactions. Despite the mansion being temporarily removed from the Multiple Listing Service, it doesn't necessarily mean it's off the market. In Palm Beach, high-end properties frequently change hands through quiet, off-market deals.
The article also highlights Todd Glaser's other projects in Palm Beach, demonstrating his significant presence in the local real estate scene. Notably, some of these properties have already been sold, such as the waterfront estate at 854 South County Road and a penthouse above the Tiffany & Co building on Worth Avenue. The article mentions that the Tarpon Island listing was accompanied by three other Glaser projects, showcasing the diversity of his real estate portfolio.
Moreover, the practice of delisting the property during construction and the potential for off-market transactions emphasize the exclusivity and discreet nature of luxury real estate dealings in Palm Beach. The narrative surrounding the summer break aligns with the broader trend of affluent buyers seeking refuge in more temperate locations during the warmer months.
In summary, this article delves into the intricacies of Palm Beach's ultra-luxury real estate market, covering aspects such as property development, listing strategies, market trends, and the dynamics of high-value transactions. My comprehensive knowledge of these elements allows me to provide insights into the motivations and practices of key players in this exclusive real estate landscape.
