A private island in Palm Beach could become the most expensive home ever sold in Florida if it reaches the asking price of $218 million.
Developer Todd Michael Glaser and his partners bought 10 Tarpon Isle — the only private island in Palm Beach — for $85 million in 2021. They built a brand new home, converted the existing structure into a guest house and added a huge pool and tennis courts and other amenities and have now relisted the property.
“I paid $85 million without hesitation because there’s only one of them,” Glaser said. “They see art, they sell themselves. There’s a Mercedes 300 SLR that just sold for $142 million. … That’s what this is … it’s one of a kind.”
Tarpon Isle, a private island in Palm Beach, Florida, is up for sale for $218 million.
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When Glaser bought Tarpon Isle it contained a modest 1940’s house and lots of potential.
“I came over the bridge, I saw the two trees, and I said, ‘Guys, let’s tear down the garage and the guest house and the maids and build a brand new house,'” Glaser said.
The new main house is over 9,000 square meters. With the guest house, tennis pavilion and other buildings, the property now has 21,000 feet of living space. There are 11 bedrooms, 15 bathrooms and seven toilets.
Tarpon Isle, a private island in Palm Beach, Florida, is up for sale for $218 million.
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Unlike many Palm Beach villas, which are Mediterranean-style giants adorned with gold carvings and mahogany, Tarpon Isle is a study in modern simplicity, where the star of the home is the expansive water views from all is four sides.
The master bedroom suite is a large complex of closets, bathrooms and sitting areas. The larger of the two bathrooms is a temple of white Italian marble covering the floor, countertops, ceiling and oversized shower. A large bathtub in front of the windows overlooking the Intracoastal Waterway.
A waterfront bathroom in the main home on Tarpon Isle, a private island in Palm Beach, Florida, is selling for $218 million.
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“It’s the best bathroom I’ve ever done,” Glaser said. “My wife picked it and she did an amazing job. I’ve never seen anything like this bathroom.”
Outside there is a new 98 foot pool overlooking the water to the south. A large dock can accommodate multiple boats or a mega yacht. The guest house offers resort-like amenities, including a spa, massage room, salon, and entertainment area.
“That’s how we designed it,” said Glaser. “When people come to Palm Beach, they bring their families, they vacation.”
A dock serving Tarpon Isle, a private island in Palm Beach, Florida, is selling for $218 million.
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Glaser said the man-made island, which was built in the 1940s, has a high dike. Because it’s well-protected and well-elevated in the intracoastal, it’s weathered major storms and tidal waves with ease, he said.
Admittedly, $218 million is an ambitious price even for Palm Beach. The record sale in the enclave was when Oracle founder Larry Ellison bought billionaire Jim Clark’s oceanfront estate last year for $173 million.
A main home living space on Tarpon Isle, a private island in Palm Beach, Florida, is selling for $218 million.
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According to Douglas Elliman and Miller Samuel, Palm Beach is the most expensive real estate market in the country, with an average selling price of nearly $13 million. Many homes have seen their prices more than triple during the pandemic as ultra-wealthy buyers from the Northeast fled to Florida, and in particular coveted Palm Beach real estate.
Christopher Leavitt of Douglas Elliman, who lists the property alongside Christian Angle Real Estate, said interest in the property has been strong, particularly from hedge fund managers and CFOs looking to move south.
“The buyer of this home is someone who wants the only private island on Palm Beach Island, surrounded by 360 degrees of water and accessible by your boat or a private bridge,” Leavitt said. “It’s someone who wants that one quality that nobody else has, that one trophy quality.”
Glaser declined to say what profit he would make if the house sold for the asking price. He added that he and his investors spent “a fortune” on the new home and improvements. But he said the buyer will make a long-term investment.
“Whoever buys this house will be very happy with their purchase five years from now,” he said. “It’s a legacy they will have for the rest of their lives.”
Tarpon Isle, a private island in Palm Beach, Florida, is up for sale for $218 million.
CNBC