The only private island in Palm Beach, Florida is back on the market. With a price tag of $ 210 million, the waterfront property has become America’s most expensive listing.
Known as Tarpon Island, the property last changed hands for $ 85 million in July, the first time the property has been sold since 1998.
That summer sale price was “a record sale for a lakefront property in Palm Beach,” says Jim mccann of Premier Estate Properties. McCann represented the vendors in the case.
A developer, Todd Michael Glaser, bought the property and has big plans hence the huge price tag. Just five months after landing it, Glaser put the house on the market for $ 210 million.
This price must include a complete renovation of the house, courtesy of the developer. If Glaser’s ideas don’t fly with buyers, they can grab the space as is, for a lower price of $ 125 million.
The stratospheric price reflects continued interest in the region.
“Palm Beach has seen a dramatic increase in demand as businesses and individuals re-evaluate their work-life balances,” says McCann.
Palm Beach has grown beyond its roots as a seasonal destination for the ultra-rich.
“With the combination of newly constructed waterfront condominiums, Class A (‘Wall Street South’) office space, single-family homes and an exciting growth of both commercial and residential sites, Palm Beach has captivated the eyes of the world. , for those who wish to dive in this tropical oasis all year round, ”he says.
A little history
For a buyer ready to take the plunge, this tiny island could definitely be the ticket. Built in the 1930s by dredging crews, the man-made island sits on the Intracoastal Waterway and offers over 1,000 feet of waterfront on all sides. Located on 2.6 acres, the gated property is accessible by a bridge or by boat.
Spanning some 10,000 square feet, the colonial-style mansion has 11 bedrooms and 14 bathrooms. The grounds include a swimming pool, lighted tennis court and dock.
But its location on a low spit of artificial land is tenuous. In its current state, the historic structure could be inundated, according to a video from the Preservation Foundation of Palm Beach.
No renovations have yet been carried out.
Glaser’s plans to develop the place for the new owner include the partial demolition and renovation of the current building, as well as the addition of an adjacent 18,000-square-foot addition, according to the Palm Beach Post. The new construction would also include a six-car garage and two swimming pools.
Impossible to reproduce
As for its appeal?
“It’s one of a kind,” says Jeff Lichtenstein, owner and broker of Echo Fine Properties, a luxury real estate brokerage firm in Palm Beach County. He does not represent this house, but he knows the region intimately.
“It’s a real island, and the only one like that,” he adds. “There’s always a buyer who wants that elusive privacy, mixed with trophy status.”
Lichtenstein says he thinks the $ 125 million option to buy the place as is will be the one a luxury shopper appeals to.
“I imagine an end user of this stature would want to choose their own architect / builder and have it done according to their specifications and custom needs,” explains the broker.
If a buyer jumps on the fully developed option, the records will fall.
“It would be the most expensive property on the east coast of the United States to sell, if it reaches $ 210 million,” McCann said.
Laurent Moens with Lawrence A. Moens Associates holding the list.