Spec home developer Todd Glaser, partners buy entire Tarpon Island in Palm Beach for $85M

Investor William M. Toll sold the 2.3-acre island

Miami /
Jul.July 07, 2021 12:30 PM
Todd Michael Glaser with 10 Tarpon Isle (Todd Michael Glaser)

Todd Michael Glaser with 10 Tarpon Isle (Todd Michael Glaser)

UPDATED, July 8, 1:20 p.m.: Developer Todd Michael Glaser and his partners closed on an $85 million purchase of a small island in Palm Beach.

Glaser and an investment group that includes Jim Randall, Jonathan Fryd and Scott Robins acquired the 2.3-acre Tarpon Island, according to Glaser. It’s between Everglades Island and the Palm Beach barrier island, on the Lake Worth Lagoon.

Randall, of Randall Realty Group, made the bulk of his fortune in 2014 when he sold his aerospace rivet manufacturing company, Allfast Fastening Systems, for $360 million. He is a 30 percent partner in the Tarpon Island property.

Glaser is planning to expand and renovate the five-bedroom, 12,321-square-foot estate on the island. It will be listed for sale once it’s under construction. If not sold, it will be listed again as a completed 25,000-square-foot mansion.

“This hasn’t been available to anybody,” Glaser said. “This is a house for Jeff Bezos, Bill Gates, Mark Zuckerberg. This is a once-in-a-lifetime opportunity to be in Palm Beach on your own private island.”

Property records show the sellers of 10 Tarpon Isle are William M. Toll and his wife, Eileen.

The property was built in 1930 and includes a pool and tennis court.

Glaser plans to add a second pool, upgrade the tennis court and add a six-car garage to the estate. He and his partners will invest roughly $12 million to $15 million on the project, which is expected to be completed in about 10 months.

Suzanne Frisbie, who recently moved her license to the Corcoran Group from Premier Estate Properties, represented Glaser in the off-market deal. Jim McCann of Premier Estate Properties represented the sellers along with Adam McPherson of Douglas Elliman.

Tarpon Island is accessible via a private bridge, boat or seaplane. The Palm Beach Daily News previously reported that the property was originally owned by Edmund Steuart Davis, who led a medical manufacturer company.

The sale marks one of the highest-priced to close in Palm Beach since the start of the year, though some estates have traded for more than $100 million. In June, German entrepreneur and philanthropist Dr. Ernst Langner sold his ocean-to-lake estate at 1840 South Ocean Boulevard for nearly $110 million.

“It’s just crazy [that] I pulled this off,” Glaser said. “We had to come up with $38 [million] or $39 million to close with a $50 million mortgage.” Fryd and Robins are financing and equity partners.

Glaser has been busy in Palm Beach and in the Miami area. He, Randall, Robins and Fryd recently paid $23.8 million for the waterfront Indian Creek home of longtime “Sábado Gigante” host Don Francisco.

In Palm Beach, he paid the same amount for a lakefront estate at 210 Via Del Mar that he said he is renovating for his family.

Glaser is also building a new spec mansion on the former Palm Beach property of the late sex offender and disgraced financier Jeffrey Epstein.






    Related Articles

    arrow_forward_ios
    Fued Sadala with the Bay Harbor Islands home (Photos via Dreampact Ventures and Douglas Elliman)
    Venture capitalist pays record price for waterfront Bay Harbor Islands home
    Venture capitalist pays record price for waterfront Bay Harbor Islands home
    The $24.5 million Boca Raton mansion (Coldwell Banker via Compass)
    AutoLenders CEO buys waterfront Boca Raton estate for record $25M
    AutoLenders CEO buys waterfront Boca Raton estate for record $25M
    Alec Scheiner, former Cleveland Browns president, with 249 Sandpiper Drive in Palm Beach (RedBird Capital, Sotheby's International Realty)
    Ex-Cleveland Browns president scores Palm Beach home
    Ex-Cleveland Browns president scores Palm Beach home
    (Pacheco-Martinez & Associates)
    $65M sale of waterfront Coconut Grove spec mansion sets new record in Miami-Dade: sources
    $65M sale of waterfront Coconut Grove spec mansion sets new record in Miami-Dade: sources
    DataDirect Networks President Paul Bloch, Oceanfirst Realty principal Eddy Chabli and renderings of the house Bloch plans to build (DDN, Kobi Karp Architecture)
    Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
    Tech mogul Paul Bloch buys waterfront Miami Beach lot, plans mansion
    Grupo Marquise’s Jose Carlos Pontes with the property (Compass, Facebook via Grupo Marquise)
    Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
    Grupo Marquise co-founder sells waterfront Miami Beach mansion for $27M
    Q2’s largest retail transaction: Regal Acquisitions’ $34 purchase of CVS-anchored retail at Boulan South Beach hotel (Google Maps)
    South Florida’s retail market slowly emerges from pandemic woes in Q2
    South Florida’s retail market slowly emerges from pandemic woes in Q2
    Inventory for single-family homes and condos fell, indicating a seller’s market (Getty)
    South Florida residential sales soar to $8B in June, led by luxury buys
    South Florida residential sales soar to $8B in June, led by luxury buys
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...