South Florida spec developer Todd Glaser buys Newport Beach house for $9M
“I don’t want the state of California getting ahold of me”
In a flip of the trend, a Florida man has bought a California house.
South Florida spec developer Todd Glaser bought a waterfront Newport Beach house for $9 million, he confirmed to TRD. Kimberly Bibb of Coldwell Banker Realty had the listing for the house at 1411 East Bay Drive, and Douglas Elliman’s Josh and Matt Altman represented Glaser.
The East Bay Drive house was built in 1946 on just over a tenth of an acre on the water, facing Balboa Island, and was listed for about $9.68 million, according to Redfin. Spanning 2,550 square feet, the house has four bedrooms, four bathrooms, one half-bathroom, a private beach and a dock, the listing shows.
Glaser and his partners regularly flip and develop ultra-luxury homes in South Florida’s priciest markets.
His projects include flipping Al Capone’s former Miami Beach house, selling the Tiffany & Co Palm Beach penthouse to car dealer Terry Taylor for $18 million, and selling David Guetta an Indian Creek spec estate for a reported $69 million in August. In 2022, Glaser and his partners sold Jeffrey Epstein’s former waterfront Palm Beach home to a venture capitalist for $26 million.
Glaser’s current pursuits include Tarpon Island, a private island in Palm Beach with a historic mansion that Glaser and his partners bought for $85 million in 2021. After an extensive renovation, they listed the 2.3-acre man-made island for $218 million in 2022. After a summer break from the market, the estate is now asking $187 million.
Glaser said he was looking for a new summer spot after selling his family’s Nantucket home last year, when Josh Altman invited him to Newport Beach. He and his wife, interior designer Kim Glaser, plan to renovate the home and keep a boat at the property.
“We’re just going to fluff it, fold it and make it nice,” he said.
As for expanding his spec development projects to the Golden State, Glaser wasn’t so sure. He’s not interested in subjecting himself to the California tax code.
“I don’t want the state of California getting ahold of me,” he said. “It’ll be a shitshow.”