Luxury home developer Todd Michael Glaser and his partners flipped an oceanfront Palm Beach home for $28.5 million.
Glaser, Scott Robins and Jonathan Fryd sold the property at 870 South Ocean Boulevard to K&M Douglas Trust, led by Kevin and Michelle Douglas. Kevin is a board member of IMAX Corp. and the chairman and founder of Douglas Telecommunications, a family office.
Glaser and his partners paid $12.6 million for the four-bedroom, 6,124-square-foot house in January, and it is now under construction to become a six-bedroom, 7,589-square-foot home. The Mediterranean-style house is expected to be completed later this year with a renovated beachfront cabana and pool. The majority of the property is on the west side of Ocean Boulevard, leaving a sliver of oceanfront land on the east side.
Suzanne Frisbie of the Corcoran Group represented the seller, 870 South Ocean LLC. Chad Carroll at Compass represented the buyer.
Glaser has largely pivoted to renovations of existing properties from doing ground-up construction, due to the huge demand for luxury waterfront homes. In the second quarter, single-family closings in Palm Beach rose 90 percent to 57 closings, according to a Douglas Elliman report.
Glaser has been taking advantage of that hot Palm Beach market. This month, he and partners Jim Randall, Robins and Fryd paid about $85 million for a small island in Palm Beach called Tarpon Island. They plan to renovate and expand the existing mansion and list it for sale.
In May, Glaser paid nearly $24 million for a lakefront estate at 210 Via Del Mar in Palm Beach that he is renovating.
Glaser is also building a new spec mansion on the former Palm Beach property of the late sex offender and disgraced financier Jeffrey Epstein.
Farther south in Indian Creek village, Glaser, Randall, Robins and Fryd acquired the waterfront home of longtime “Sábado Gigante” host Don Francisco.