Luxury spec homebuilder Todd Michael Glaser bought another Palm Beach house he plans to renovate and flip to take advantage of the frenzied luxury market on the tony island.
Glaser and his partners, Scott Robins and Jonathan Fryd, paid $16.4 million for the waterfront five-bedroom, five-and-a-half bathroom home at 576 Island Drive, he said. The property adds to Glaser’s growing portfolio of homes he is renovating in Palm Beach, instead of building spec homes from scratch.
Glaser said he’ll complete and list the renovated house by October to take advantage of the gap in inventory. The 7,073-square-foot home, built in 1968, sits on a 0.4-acre lot with a pool and dock. After a roughly $2 million renovation, the investors plan to list it for $28 million.
Property records show Christine Fisher-Grow, granddaughter of one of the founders of Fisher Body Corporation, sold the house. General Motors Corporation completed its acquisition of Fisher Body in 1926, according to published reports.
Lawrence Moens of Lawrence A. Moens Associates represented the seller, and Brown Harris Stevens agents Whitney McGurk and Liza Pulitzer represented the Glaser-led partnership.
Fisher-Grow paid nearly $5 million for the home in 2004, records show.
Glaser is also renovating three Palm Beach homes that could be completed in time for the high season later this year, he said. They include 215 Indian Road, which will be marketed for $14.4 million; and 870 South Ocean Boulevard, which will be asking $32 million once completed.
Glaser recently sold the completed house at 259 Pendleton Avenue in Palm Beach for $17.5 million. Within days of buying it, the new owners listed it with Brown Harris Stevens’ Margit Brandt for nearly $24 million, or 37 percent more.
Glaser is also building a new spec house on the Palm Beach property previously owned by Jeffrey Epstein.