Real estate developer Todd Michael Glaser, along with his business partners, launched four extraordinarily high-end homes collectively priced at $353 million onto the market Friday in the exclusive South Florida enclave of Palm Beach.
Mr. Glaser, who did not immediately respond to a request for comment, acquired the big-ticket property portfolio piecemeal between the tail end of 2020 and the summer of 2022 for more than $158 million, records with PropertyShark show.
The trophy home among the group is a $218 million estate that occupies the entirety of Tarpon Island, the only private island in Palm Beach, according to the listing with Christian Angle of Christian Angle Real Estate.
Mr. Glaser, using a limited liability company, snapped up the island for $85 million in 2021, records show. That same year, he shopped the compound around for $125 million and then upped the ask to $210 million before taking it off the market.
The property is currently “undergoing a stunning renovation and addition,” with the end result comprising an 11-bedroom mansion, a clay tennis court, a south-facing pool with a spa and cold plunge, and an indoor spa with a massage room, hair salon, steam room and sauna, the listing said.
About a mile south, the second of the offerings is a megamansion on the market for $79 million with plans in place and approved to double the size of the home.
Formerly the home of the Tampa Bay Buccaneers co-owner Darcie Glazer Kassewitz, Mr. Glaser purchased the palatial property in February for $53 million.
“If you’re lucky enough to be shopping in this area, I don’t know of a better property available,” said listing agent Suzanne Frisbie of Corcoran.
The planned addition stretches down the south side of the property and would expand its footprint “from 11,400 square feet to a house that’s over 21,000 square feet,” she said. “There’s a lot of unknowns they’ve cleared.”
Ms. Frisbie started working with Mr. Glaser and his group a little over two years ago. “What I can say with a high degree of certainty is that his group is extremely well capitalized, extremely astute, [and have] beautiful eyes for real estate and the markets they’re in. They can see value that isn’t always readily apparent.”
The third home to hit the market Friday is an under-construction Mediterranean-style villa asking $32 million. Mr. Glaser paid $4.6 million for the underlying property in 2020, records show. It’s on the market with Corcoran’s Dana Koch and Paulette Koch.
The fourth and final property among the offerings is a duplex penthouse sitting atop the Tiffany building on the town’s Worth Avenue, on the market for $24 million with Jill Eber and Jill Hertzberg of The Jills Zeder Group, affiliated with Coldwell Banker Realty, and Chris Leavitt of The Leavitt McIntosh Team at Douglas Elliman.
“The possibilities for this residence are limitless for the right luxury buyer, as the property comes decorator ready to accommodate individual tastes. It is a blank canvas to create the perfect home,” Ms. Hertzberg said in a news release. Mr. Glaser bought the pad for $15.5 million in June.
Palm Beach is fresh from a third quarter that saw a slump in the number of luxury homes changing hands, a result of inventory levels that were half of what they were pre-pandemic, according to data from Douglas Elliman.
“The scarcity of product available is historically low, but the desire to be here is high,” Ms. Frisbie said. “If you have something spectacular to bring to market and it’s well positioned, the timing is terrific.”
Article Source: Mansion Global