Todd Glaser, partners sell waterfront Palm Beach estate for $63M

UPDATED, May 31, 10:10 a.m.

Todd Glaser and his partners sold a Palm Beach estate for $63.4 million, from a portfolio of properties they listed for $353 million in November.

Records show 854 South County LLC, a Florida entity registered to Glaser, sold the mansion at 854 South County Road to another Florida LLC named for the address and managed by local attorney Paul Krasker. The true buyer is unknown. 

Suzanne Trapani Frisbie of the Corcoran Group had the listing, and mother-son duo Paulette and Dana Koch, also with Corcoran, brought the buyer.

Glaser and his partners bought the 2-acre estate for $53 million in February of last year from Joel Kassewitz and Darcie Glazer Kassewitz, a co-owner of the Tampa Bay Buccaneers, who is the daughter of late billionaire Malcolm Glazer.

When they bought it, Glaser told The Real Deal that he planned to invest $19 million to expand the 10,200-square-foot mansion to 25,000 square feet, and list it for $115 million.

The Palm Beach Landmarks Preservation Commission approved Glaser’s expansion plan in April of last year. The home was designed in 1936 by Palm Beach architect Howard Major, and is part of the town’s historically significant buildings program. Homes with historically significant designations have more flexibility related to redevelopment, as compared to landmarked buildings, per the town’s code. 

Ultimately, Glaser and his partners only updated the seawall before selling the estate. While he never met the buyers, he understands they plan to renovate the home rather than tear it down.

Glaser listed the five-bedroom, eight-and-a-half-bathroom mansion for $79 million in November.  At the same time, he and his partners listed their Tarpon Island mansion for $218 million, a spec mansion at 1080 South Ocean Boulevard for $32 million, and the Tiffany & Co. penthouse on Worth Avenue for $24 million. Combined, the listings equated to $353 million in asking prices.

Car dealer Terry Taylor bought the penthouse for $18 million in April, and Glaser said he received an offer for the spec mansion last week. No takers on the private island yet.

“We’ve been showing it a lot,” Glaser said.

Palm Beach experienced a rapid fire series of trophy property sales over $50 million throughout the winter and spring, the island’s busy season. While the market has cooled compared to the pandemic era, Glaser still sees strength.

“Everything that’s happened signifies the market’s on fire,” he said.