Auto dealership mogul Terry Taylor pays $18M for Palm Beach PH above Tiffany
Todd Glaser, Jim Randall and other undisclosed partners flipped the Worth Avenue unit
Developer Todd Michael Glaser and his partners flipped a penthouse in Palm Beach to car dealership mogul Terry Taylor for $18 million.
Glaser, his partner Jim Randall and other undisclosed partners sold the nearly 9,900-square-foot condo that sits on top of the Tiffany & Co. building on Worth Avenue to Taylor’s TW Apartment LLC, records show. Together with outdoor space, including a rooftop deck, the unit at 415 Hibiscus Avenue spans about 13,000 square feet.
Taylor is the largest private owner of auto dealerships in the country, according to Automotive News. He has also been assembling properties in Palm Beach and other luxury markets in South Florida.
The Palm Beach penthouse, built in 2021, is a shell that has plumbing, electrical and HVAC units. Taylor will likely spend millions on the buildout. The unit does include a main suite, housekeeper’s room, and could have five to six bedrooms, seven bathrooms and one half-bath, according to a press release.
The penthouse’s rooftop has an infinity edge pool, putting green, bar, dining area and fire pit, and as well as an air-conditioned lounge, billiard area, bathroom and gym, according to the release.
Jill Eber and Jill Hertzberg of Coldwell Banker’s The Jills Zeder Group represented the seller, along with Chris Leavitt of Douglas Elliman. Christian Angle Real Estate represented the buyer, according to the release.
Glaser’s 415 Hibiscus LLC paid $15.5 million for the penthouse in June. They bought it from Kean Development, led by John Kean, Fortress Investment Group and Hyde Retail Partners. The same trio sold the retail building underneath the penthouse to the Reuben Brothers in late 2020 for $26.4 million.
The penthouse hit the market in November for $24 million, and was most recently asking under $19 million. Glaser said that he and his partners lowered the price to generate more activity. He also said that due to the town’s moratorium on construction on Worth Avenue beginning just before Thanksgiving and ending May 1, no construction had been completed.
Glaser, who moved from Miami Beach to Palm Beach, referred to Palm Beach as the “strongest real estate market in the world.” He and his partners, including Randall of Los Angeles-based Randall Realty Group, listed a renovated and expanded Tarpon Island estate for $218 million late last year. A Glaser-led entity that also includes Randall paid $53 million for the waterfront Palm Beach mansion at 854 South County Road a year ago. It’s on the market for $69.5 million.
Taylor reportedly owns more than 120 dealerships, many of which are in the Southeast.
He has owned the oceanfront mansion at 780 South Ocean Boulevard in Palm Beach since 2003, records show. He also paid $7.5 million nearly a year ago for a gut-renovated oceanfront condo at 2770 South Ocean Boulevard in Palm Beach. Christian Angle represented him in that deal as well. In Miami-Dade County, Taylor paid $25 million for a penthouse at Porsche Design Tower in Sunny Isles Beach about six years ago.