A private island in Palm Beach could turn out to be the most costly home sold in Florida if the asking price is $218 million.
Developer Todd Michael Glaser and his partners bought 10 Tarpon Isle – Palm Beach’s only private island – for $85 million in 2021. They built a brand recent home, converted the prevailing constructing into a guesthouse and added a giant swimming pool, tennis courts and other amenities and have now re-listed the property.
“I paid $85 million without hesitation because there’s only one among them,” said Glaser. “You watch art, they sell. There’s a Mercedes 300 SLR that just sold for $142 million…. That is it… that is one among them.”
Tarpon Isle, a private island in Palm Beach, Florida, has been put up on the market for $218 million.
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When Glaser bought Tarpon Isle, he had a modest Forties home with numerous potential.
“I walked over the bridge, saw two trees and said, ‘Guys, let’s tear down the garage, the guest house and the maid’s quarters and construct a recent house,'” said Glaser.
The brand new predominant constructing is over 9,000 square feet. With a guesthouse, tennis pavilion, and other structures, the property now has over 21,000 feet of living space. There are 11 bedrooms, 15 full bathrooms and 7 half baths.
Tarpon Isle, a private island in Palm Beach, Florida, has been put up on the market for $218 million.
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Unlike many Palm Beach mansions, that are Mediterranean-style giants adorned with gold carvings and mahogany, Tarpon Isle is a study in modern simplicity where expansive water views on all 4 sides are the star of the home.
The master suite is a large complex of wardrobes, bathrooms and a seating area. The larger of the 2 bathrooms is a temple of white Italian marble covering the floors, countertops, ceiling and oversized shower. A big bathtub placed in front of the windows overlooks the Intracoastal Waterway.
An overwater bathroom in the predominant house on Tarpon Isle, a private island in Palm Beach, Florida, is up on the market for $218 million.
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“It’s one of the best bathroom I’ve ever done,” said Glaser. “My wife selected her and he or she did a tremendous job. I’ve never seen anything like this bathroom.”
Outside, there’s a recent 98-meter swimming pool overlooking the water to the south. The massive dock can accommodate many boats or a megayacht. The guesthouse offers resort-like facilities, including a spa, massage room, lounge and entertainment area.
“That is how we designed it,” said Glaser. “When people come to Palm Beach, they bring about their families, they’re on vacation.”
A dock serving Tarpon Isle, a private island in Palm Beach, Florida, is up on the market for $218 million.
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Glaser said the man-made island, built in the Forties, has a high sea wall. He said that since it is well protected in the Intracoastal and well elevated, it easily weathered large storms and tidal waves.
Granted, $218 million is an ambitious price, even for Palm Beach. The enclave’s record sale was Oracle founder Larry Ellison’s $173 million purchase of billionaire Jim Clark’s oceanfront estate last yr.
Living space in the predominant house on Tarpon Isle, a private island in Palm Beach, Florida, put up on the market for $218 million.
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In accordance with Douglas Elliman and Miller Samuel, Palm Beach is the most costly real estate market in the country, with a median selling price of nearly $13 million. In the course of the pandemic, the costs of many homes greater than tripled as highly affluent buyers from the Northeast fled to Florida, and coveted Palm Beach properties in particular.
Christopher Leavitt of Douglas Elliman, who lists the property next to Christian Angle Real Estate, said there was a lot of interest in the property, especially from hedge fund managers and finance chiefs trying to move south.
“The customer of this house is someone who wants the one private island on Palm Beach Island, surrounded by 360 degrees of water, accessible by boat or private bridge,” said Leavitt. “It’s someone who wants that one property that nobody else has, that one property of a trophy.”
Glaser declined to say what profit he would make if the home sold on the asking price. He added that he and his investors had spent “a fortune” on a recent home and enhancements. But he said the customer can be a long-term investment.
“Whoever buys this house shall be very pleased with the acquisition in five years,” he said. “It’s a hereditary property that they are going to have for the remainder of their lives.”
Tarpon Isle, a private island in Palm Beach, Florida, has been put up on the market for $218 million.
CNBC