Developer Todd Michael Glaser flipped a landmarked Palm Beach estate he was restoring — for roughly $10 million more than he paid for the home in June.
Glaser and his wife, Kim, sold the mansion at 127 Dunbar Road to a hidden buyer for $27.5 million, including commissions typically paid by the buyer in Palm Beach, he said. The recorded deed price is $26.1 million.
The Glasers paid $17 million for “Villa Fontana” in June. At the time, Glaser said he planned to restore it and live there with his family.
Glaser said he was hired as the new owner’s representative to complete construction within four to six months. Property records show the buyer is the 127 Dunbar Trust, managed by attorney Maura Ziska.
The estate includes an 8,384-square-foot main house and a 644-square-foot cabana, both built in 1925, according to property records.
The four-bedroom, seven-bathroom home features murals by the late John Eberhardt, the mansion’s previous owner, who was a scenic artist and set designer. It includes fountains, ponds, terraces and open-air loggias.
Glaser, an active spec home developer in Miami Beach, began investing in Palm Beach in 2017.
Earlier this month, Glaser paid $18.5 million for the former home of convicted sex offender Jeffrey Epstein, which he plans to bulldoze and replace with a modern mansion.
In Miami Beach, Glaser recently paid $5 million for a waterfront home at 4640 North Bay Road that once belonged to Billy Joel.