Two months after buying a private Palm Beach island for $85 million, its new owner is planning to relist the private paradise for $120 million.
After purchasing and demolishing a Palm Beach mansion that belonged to convicted pedophile Jeffrey Epstein, developer Todd Michael Glaser bought nearby Tarpon Island off the Intracoastal Waterway for approximately $85 million in July. He announced plans to develop the 2½-acre island — which is currently only accessible by private bridge, boat, helicopter or seaplane — to double the size of its solitary 1930s-era home to 22,000 square feet.
Glaser is planning to list Tarpon Island again in October, with an asking price of $120 million for the property as-is or $200 million with the planned renovation, according to the Wall Street Journal. Those plans have also included adding a tennis pavilion, a second 120-feet-long swimming pool and a golfing area. The property was listed with Lawrence A. Moens Associates.
“A $100 million house isn’t that crazy any more, believe it or not,” Glaser told the Journal, adding that waiting for the renovation means that the price could go up.
A popular town with one percenters like former President Donald Trump, Palm Beach has seen its real estate prices skyrocket since the start of the pandemic. By May 2021, the median price of a single-family home reached $475,000, a 30 percent increase from the same time last year.
Nonetheless, those kind of price leaps are usually observed with homes that cost less than $5 million. Uber-expensive properties tend to sit on the market for longer due to the small size of the buyer pool.