Todd Michael Glaser and his partners bought another site in Palm Beach with plans to build a multimillion-dollar spec home.
Glaser, Scott Robins and Jonathan Fryd paid $6.25 million for the 19,600-square-foot lot at 259 Pendleton Avenue, Glaser said. It backs up to the Breakers golf course.
Llewellyn Legacy LLC, led by Schuyler and Elizabeth Tilney of Houston, sold the property, records show.
Plans are already approved and permits issued for an 8,000-square-foot house, designed by Palm Beach-based SKA Architect+Planner, he said. It will be listed for about $19 million.
Construction will begin within the next two weeks, with completion expected within 10 months, Glaser said. The partners expect to spend about $4 million to build the house.
City National Bank financed the purchase and the construction with a $7.4 million loan to the buyer’s entity, 250 Pendleton Avenue LLC, records show.
Suzanne Frisbie of the Frisbie Group at Premier Estate Properties represented the buyers in the off-market deal, Glaser said.
Palm Beach’s luxury single-family home market has exploded during the pandemic.
Three years ago, Glaser, an active spec home developer in Miami Beach, turned his sights on Palm Beach, and he and his partners have developed several high-end spec homes since then.
In October 2018, Glaser, Robins, Fryd and Philip Levine bought a property at 111 Atlantic Avenue in Palm Beach for $9 million to build two spec homes. Earlier this month, Glaser sold one of the houses for $10.7 million. In February, the partners sold the adjacent spec home at 113 Atlantic Avenue for $9.1 million.
The partnership also developed two spec villas with a courtyard at 237 Brazilian Avenue in Palm Beach, which recently hit the market for $7.9 million each.
In June, Glaser and his wife, Kim, paid $17 million for the landmarked Palm Beach estate at 127 Dunbar Road, with plans to restore it and live there.