Spec home developer Todd Michael Glaser and his partners are in contract to sell Tarpon Isle, the highest priced home in Palm Beach and the second most expensive in the state.
The estate at 10 Tarpon Isle sits on its own 2.3-acre man-made island. It is asking $187.5 million and went into contract on Monday, according to listing websites. Suzanne Frisbie of the Corcoran Group and Douglas Elliman’s Chris Leavitt have the listing. Margit Brandt of Premier Estate Properties is representing the buyer, according to sources.
The sale price and buyer are unknown.
Frisbie and Leavitt declined to comment. Glaser did not respond to a request for comment.
Glaser and his partners, Jim Randall, Scott Robins and Jonathan Fryd, paid $85 million for the island home in 2021. Glaser renovated and expanded the estate to include a new main mansion, a new pool and landscaping. They listed the property for $210 million in 2021 before it was completed, then re-listed it for $218 million with top Palm Beach broker Christian Angle and Elliman’s Leavitt.
The 11-bedroom, 15-bathroom compound was removed from the market last summer, and put back on the Multiple Listing Service in late November.
Tarpon Isle has 1,300 feet of water frontage along the Intracoastal Waterway with views of West Palm Beach; a lighted tennis court that has been grandfathered in; two private docks; a new south-facing pool and a renovated east-facing pool; a wellness wing with a salon, massage room, steam room and sauna; a gym; wine room and home office.
The most expensive home on the market in Florida is a 9-acre gated compound in Naples that’s asking $295 million. It was listed for sale in February.
Many of the priciest listings statewide are in Palm Beach.
The concentration of wealth on the tony island has ballooned since the pandemic, with more billionaires buying real estate than ever before. A number of waterfront trophy estates have traded or are on the market for more than $50 million. Nearly a year ago, luxury car dealer Michael Cantanucci paid $170 million for the oceanfront mansion at 589 North County Road. Green Mountain Coffee Roasters founder Bob Stiller and his wife Christine sold the property, setting a record for single-family home sales on the island.
Just south of Palm Beach, billionaire Larry Ellison is holding the statewide record with his $173 million purchase of an oceanfront estate in Manalapan in 2022.
Still, price reductions for some properties at the top of the market across South Florida are becoming more common, as the velocity of sales has slowed down.
Cosmetics heir William Lauder recently relisted his two adjacent, vacant Palm Beach parcels of land for a combined $178 million with a new broker, down from $200 million. The oceanfront properties at 1063 and 1071 North Ocean Boulevard are now on the market with Angle of Christian Angle Real Estate. They are each on the market for $88.9 million now. The 2.3-acre assemblage includes about 360 feet of beachfront.
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