Developer Todd Michael Glaser and his partners sold a non-waterfront Palm Beach home for $15.5 million, more than double the price they paid for the property last year. The deal adds to a recent string of sales for the spec home builder.
Property records show Glaser’s 215 Indian Road LLC sold the five-bedroom, five-and-a-half bathroom house to 29 Hexagon LLC. The buyer, a Massachusetts LLC, is managed by Sandra Edgerley, a philanthropist who is married to Paul Edgerley, a senior adviser at Bain Capital Private Equity, according to their bios. Paul was managing director of Bain Capital between 1990 and 2016 and oversaw the firm’s expansion into Asia.
Glaser’s entity paid $6.4 million for the 4,573-square-foot house in April of last year, and sold it last week for 142 percent more. His partners on the deal included Scott Robins and Jonathan Fryd.
Glaser said he renovated the 0.3-acre property, adding new windows and doors, bathrooms, a new kitchen and flooring. He also expanded the house; and his wife, Kim Glaser, handled the interior design. The home was built in 1950.
Suzanne Frisbie of The Corcoran Group represented Glaser. Stephen Hall with Compass brought the buyer.
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Though overall home sales fell in April across South Florida, the high end of the market continues to see pricey deals.
Glaser and his partners recently flipped two waterfront Palm Beach homes for a combined $70 million, $20 million more than they paid for them last year. They sold the seven-bedroom, 6,266-square-foot house at 1320 North Lake Way for $44.4 million, and the five-bedroom, 5,558-square-foot home at 576 Island Drive for about $25.8 million. In both cases, Glaser renovated the properties.
The longtime Miami Beach spec home builder pivoted to renovations last year to take advantage of heightened demand for luxury homes in Palm Beach. Since the pandemic began more than two years ago, Glaser and his investors have bought and sold many homes.
The most high profile purchases include: the entire Tarpon Island in Palm Beach, which Glaser and his partners are redeveloping, and at one point were asking more than $200 million for it; and the former home of convicted sex offender and financier Jeffrey Epstein, which Glaser demolished and sold to venture capitalist David Skok last year for $26 million.