Miami Beach developer Todd Michael Glaser sold a gut-renovated Palm Beach estate for $16.1 million, property records show.
Glader’s 125 Via Del Lago LLC sold the eight-bedroom, 9,271-square-foot mansion at 125 Via Del Lago to 125 VDL LLC, which is managed by a Providence, Rhode Island law firm. It’s unclear who the true buyer is. Goldman Sachs provided a $9.72 million loan to the buyer.
Suzanne Frisbie of Premier Estate Properties was the listing agent and brought the buyer, Glaser said. The home first hit the market in October for $22.5 million and most recently was asking $17.9 million.
The non-waterfront property was first built in 1928 and designed by Marion Sims Wyeth on a 36,246-square-foot lot. Glaser redeveloped the interiors and exteriors and landscape architect Harry Nelson designed the landscaping and gardens.
The home includes three fireplaces, two galleries, an elevator, sauna, wine cellar, massage and fitness room, separate guest house, poolside cabana, full house generator and a cooling tower.
Property records show Glaser’s LLC paid $10.95 million for the estate in November 2017.
Glaser has been an active spec home builder, and recently built the 27,000-square-foot mansion at 22 Star Island for Lennar Corp. chairman Stuart Miller, a property that reportedly has a whisper price in the upper $60 million range.
The Miami Beach developer has since shifted his attention to the Palm Beach area.
In October of last year, Glaser and partners Philip Levine, Scott Robins and Jonathan Fryd paid $9 million for the site at 111 Atlantic Avenue in Palm Beach where they are building two luxury spec houses.