Known as Tarpon Island, the property last changed hands for $85 million in July, the first time the property had been sold since 1998.
That summer sale price was “a record sale for a lakefront property in Palm Beach,” says Jim McCann of Premier Estate Properties. McCann represented the sellers in the deal.
A developer, Todd Michael Glaser, bought the property and has big plans—hence the huge price tag. Just five months after snagging it, Glaser placed the home on the market for $210 million.
That price is to include a complete renovation of the home, courtesy of the developer. If Glaser’s ideas don’t fly with the buyers, they can snag the space as is, at the lower price of $125 million.
The stratospheric price reflects the continued interest in the area.
“Palm Beach has seen a dramatic rise in demand, as companies and individuals re-evaluate their work-life balances,” McCann says.
Palm Beach has grown beyond its roots as a seasonal destination for the ultrarich.
“With the combination of newly built waterfront condominiums, Class A office space (‘Wall Street South’), single-family residential homes, and lots of exciting growth in sites both commercial and residential, Palm Beach has captured eyeballs from all over the world, for those who wish to dive into this tropical oasis year-round,” he says.
A little history
For a buyer ready to take the plunge, this little island certainly could be the ticket. Built in the 1930s by dredging crews, the artificial isle sits on the Intracoastal Waterway, and offers over 1,000 feet of waterfront on all sides. Set on 2.6 acres, the gated property can be accessed by bridge or by boat.
Spanning some 10,000 square feet, the Colonial-style mansion includes 11 bedrooms and 14 bathrooms. Grounds include a pool, lighted tennis court, and boat dock.
But its location on a low-lying, artificial spit of land is tenuous. In its current state, the historic structure could be at risk for flooding, according to a video by the Preservation Foundation of Palm Beach.
No renovations have been performed as yet.
Glaser’s plans to develop the place for the new owner include partially demolishing and renovating the current building, as well as adding an 18,000-square-foot adjacent addition, according to the Palm Beach Post. The new construction would also include a six-car garage and two swimming pools.
Impossible to replicate
As for its appeal?
“It’s a one of a kind,” says Jeff Lichtenstein, the owner and broker of Echo Fine Properties, a luxury real estate brokerage in Palm Beach County. He doesn’t represent this home, but he knows the area intimately.
“It’s a real island, and the only one like that,” he adds. “There is always a buyer who wants that elusive privacy, mixed with trophy status.”
Lichtenstein says he believes that the $125 million option to buy the place as is will be the one that appeals to a luxury buyer.
“I would imagine an end-user of this stature would want to pick their own architect/builder and have it done according to their custom specifications and needs,” the broker says.
If a buyer jumps at the fully developed option, records will fall.
“It would be the most expensive East Coast property in the United States to sell, if it achieves $210 million,” McCann says.
Lawrence Moens with Lawrence A. Moens Associates holds the listing.