A private island in Palm Beach could become the most expensive home ever sold in Florida, if it gets its asking price of $218 million.
Developer Todd Michael Glaser and Associates purchased 10 Tarpon Island – Palm Beach’s only private island – for $85 million in 2021. They built a brand new home, converted the existing structure into a guesthouse, added a huge pool, tennis courts and other amenities and have now refurbished the property. .
“I paid $85 million without hesitation because there is only one of them,” Glaser said. “You see art, they sell. There’s a Mercedes 300 SLR that just sold for $142 million… That’s what it is… It’s one of one.”
Tarpon Island, a private island in Palm Beach, Florida, is for sale for $218 million.
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When Glaser bought Tarpon Island, she had a modest 1940s home with a lot of potential.
“I came across the bridge, saw the two trees and said, ‘Guys, let’s tear down the garage and the guest house and the maid’s quarters and build a new house,'” Glaser said.
The new main home is over 9,000 square feet. With the guest house, tennis pavilion, and other buildings, the property now includes over 21,000 feet of living space. There are 11 bedrooms, 15 full baths, and seven half baths.
Tarpon Island, a private island in Palm Beach, Florida, is for sale for $218 million.
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Unlike many Palm Beach mansions, which are Mediterranean-style behemoths adorned with gold carvings and mahogany, Tarpon Island is a study in modern simplicity, the star of the home commanding water views on all four sides.
The master bedroom suite is a large complex of closets, bathrooms and sitting areas. The two largest bathrooms are a pagoda of white Italian marble covering the floors, worktops and ceiling, and an oversized shower. A large bathtub in front of the windows overlooks the Intracoastal Waterway.
A waterfront bathroom inside the main home on Tarpon Island, a private island in Palm Beach, Florida, is for sale for $218 million.
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“It’s the best bathroom I’ve ever seen,” Glaser said. “My wife chose it, and it did a great job. I’ve never seen anything like this bathroom.”
Outside, a new 98-foot pool commands water views to the south. The large berth can fit several boats or a huge yacht. The guest house features resort-like amenities, including a spa, massage room, salon, and entertainment area.
“That’s how we designed it,” Glaser said. “When people come to Palm Beach bringing their families, they’re on vacation.”
A dock serving Tarpon Island, a private island in Palm Beach, Florida, is for sale for $218 million.
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The man-made island, which was built in the 1940s, has a high seawall, Glaser said. He said that because it is so well sheltered in the Intracoastal and so well elevated, it has easily weathered large storms and tidal surges.
Granted, $218 million is an ambitious price, even for Palm Beach. The pocket record sale was Oracle founder Larry Ellison’s $173 million purchase of billionaire Jim Clark’s oceanfront estate last year.
Living space inside the main home on Tarpon Island, a private island in Palm Beach, Florida, is for sale for $218 million.
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Palm Beach is the most expensive real estate market in the country, with an average sale price of nearly $13 million, according to Douglas Elliman and Miller Samuel. Many homes have seen their prices more than triple during the pandemic as affluent buyers fled the Northeast for Florida, and sought-after Palm Beach real estate in particular.
Interest in the property has been strong, said Christopher Levitt of Douglas Elliman, who lists the property alongside Christian Angel Properties, particularly from hedge fund managers and CFOs looking to move south.
“The buyer of this home is someone who wants Palm Beach’s only private island, which is surrounded 360 degrees by water and accessed by your own boat or private bridge,” Levitt said. “It’s someone who wants that property that no one else has, that memorial property.”
Glaser declined to say what profit he would make if the house sold for its asking price. He added that he and his investors spent “a fortune” on the new home and improvements. But he said the buyer would make a long-term investment.
“Whoever buys this house, in five years they will be very happy with the purchase,” he said. “It is a heritage property that they will own for the rest of their lives.”
Tarpon Island, a private island in Palm Beach, Florida, is for sale for $218 million.
CNBC