Palm Beach’s most expensive listing is taking a summer break.
Spec developer Todd Glaser and his partners removed the mansion at 10 Tarpon Isle from the Multiple Listing Service, the Palm Beach Daily News reported. Glaser and his partners redeveloped the historic property and listed the private island in November for $218 million, making it the most expensive residential listing in Palm Beach and in Florida.
If the island sells at or near that price, it will break the Florida residential property price record currently held by billionaire Oracle co-founder Larry Ellison, who spent $173 million on a 16-acre oceanfront Manalapan estate last June.
Christian Angle of Christian Angle Real Estate and Chris Leavitt of Douglas Elliman had the Tarpon Island listing.
Tarpon Island is a 2.3-acre man-made island, with a mansion designed by famed Palm Beach architect Howard Majors and built in 1930. Glaser and his partners, a group that includes Jim Randall, Scott Robins and Jonathan Fryd, dropped $85 million in 2021 to acquire the island from its longtime owners, William and Eileen Toll. The partners’ renovation of the property has included nearly doubling the mansion’s square footage from 12,000 square feet to 23,000 square feet. They also added a second pool and a dock.
Summer breaks for ultra luxury listings are common practice in Palm Beach. Wealthy buyers depart to less humid summer homes, and real estate deals dwindle as a result.
This isn’t the property’s first break from the market. The private island was briefly delisted during construction early last year, the Palm Beach Daily News reported.
While the mansion is off-market, that doesn’t mean it’s not for sale. Palm Beach luxury real estate regularly trades via quiet, off-market deals.
“I promise you that if you call the listing agent tomorrow and offer full price, the agent isn’t going to say, ‘Sorry, but that’s no longer on the market,’” Palm Beach Board of Realtors President John O. Pickett III told the publication.
Glaser and his partners listed Tarpon Island at the same time as three other Glaser projects in Palm Beach, some of which have already sold. Glaser and his partners sold the waterfront estate at 854 South County Road for $63.4 million in May, after listing it for $79 million in November. On Worth Avenue, Glaser, Randall, and other undisclosed partners sold a penthouse above the Tiffany & Co building for $18 million in April — 25 percent below their $24 million asking price.
The fourth listing from the portfolio, a non-waterfront spec mansion at 1080 South Ocean Boulevard, is still on the market. It’s listed for $28.9 million, Realtor.com shows.
It seems not all real estate gets a summer break.
— Kate Hinsche
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