Florida developer Todd Glaser buys second Newport Beach home

Florida spec developer Todd Glaser got exactly what he wanted with his latest Newport Beach purchase, ending a more than year-long wait to scoop up the house.

Glaser closed on 1305 East Balboa Boulevard for $8 million, after buying a property about a block away earlier this year, both on the Balboa Peninsula. 

Glaser’s resume is a long one and includes selling Al Capone’s former Miami Beach home and last year’s sale of an Indian Creek spec property in South Florida with an asking price of $69 million, to music producer and DJ David Guetta in an off-market deal.

“We have the cabana on the ocean and then we have the bay house where we could keep a boat or paddleboard and we can swim in the backyard now,” Glaser said of his Newport Beach properties. “Instead of buying a super big $20 million house. I decided it was easier to manage two homes.”

Compass’ Katie Kelly Russell and Laurie Eastman had the listing, while Douglas Elliman’s Josh and Matt Altman represented Glaser. Property records show the seller was a trust tied to the wife of the late Andrew Dossett, an entrepreneur who started boating and yachting businesses.  

The Balboa Boulevard property was technically Glaser’s first choice for a home, after Josh Altman persuaded him to come visit Newport Beach for the first time. It was only available as a rental at the time and the homeowners were uninterested in selling.

Altman walked into the home after seeing work in progress on it to inquire about a purchase.

“They said they would only lease it; they would never sell it. So, over the next 12 to 14 months we kept following up,” Altman said.

The owners eventually changed their minds, with the property hitting the market for $8.2 million in May.

The three-bedroom, fourth-bath Spanish-style home was built in 1930 and features exposed wood beams, arched doorways and hand-painted tiles. It totals 2,634 square feet.

Glaser earlier this year paid $9 million for the 2,550-square-foot house at 1411 East Bay Drive in Newport Beach to serve as a summer property. His family had previously stayed in Nantucket during the summers but sold that home last year.

One Newport address wasn’t enough for the family.

“We have a big family, and the kids bring their friends over,” Glaser said of why a second home made sense. “Day two [of owning East Bay] I walk downstairs and there’s two people sleeping on my couch. I’m 60 years old and I’m past that.”  

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