Todd Glaser, partners buy waterfront Palm Beach mansion with plans to re-list it for $115M
Co-owners of the Tampa Bay Buccaneers and Manchester United sold the estate
The co-owners of the Tampa Bay Buccaneers and Manchester United sold their waterfront mansion in Palm Beach to Todd Michael Glaser and his partners, who plan to renovate and expand the property and list it for sale, asking $115 million.
Joel and Darcie Kassewitz sold their six-bedroom, 10,171-square-foot estate at 854 South County Road, according to property records and the Multiple Listing Service. Glaser, a spec home developer, and his partners, paid $53 million for the property, he said.
Glaser declined to disclose his partners, but said together they plan to invest up to $19 million in demolishing part of the house and building a new addition, to complete a roughly 25,000-square-foot mansion. It will likely hit the market for $115 million, he said. The deal closed on Thursday.
The Kassewitzes hired Douglas Elliman’s Gary Pohrer to list the Palm Beach home in September for $55 million. Lawrence Moens of Lawrence A. Moens Associates represented Glaser.
Darcie Glazer Kassewitz is the daughter of the late billionaire businessman Malcolm Glazer, who owned the Buccaneers football franchise as well as the Manchester United Soccer Club, both of which are now in the control of the late Malcolm Glazer’s family. Glazer’s investments included commercial real estate, food service equipment, health care, oil and gas.
The buyer, Glaser, said he plans to build a new primary suite, kitchen, dining and living rooms, and add a pool fronting the water. The property “has an unreal downtown view of West Palm Beach,” he said.
The house, built in 1936, sits on a 2-acre lot fronting the Intracoastal Waterway. The Kassewitzes paid $20.5 million for the property in 2010, records show. It has 220 feet of water frontage.
Ultra high-end home sales have slowed in Palm Beach as a result of limited inventory, and brokers say most deals are now off-market.
Weeks ago, Glaser flipped the estate at 210 Via Del Mar for $31.7 million, 33 percent more than $23.8 million he paid for the house in May.
Other recent deals include builder Carl Sabatello’s $39 million purchase of an oceanfront lot at 7 Ocean Lane, as well as the $33 million sale of a non-waterfront Palm Beach mansion. The latter property was sold by a company linked to the family office of billionaire William E. Ford.