Palm Beach’s only private island sells for a record $152M

In a groundbreaking transaction, the sale of Tarpon Island for a sky-high $152 million has set a new record for lakefront properties in Palm Beach, Florida.

This deal, involving the town’s only private island and its recently renovated mega-mansion, was officially recorded on Friday under the address 10 Tarpon Isle.

This sale marks the highest price ever paid in Palm Beach for a property on the Intracoastal Waterway without additional ocean frontage. Although the buyer’s identity remains undisclosed, local sources told the Palm Beach Daily News, which broke news of the transaction, that the new owner has already taken up residence in the sprawling estate.

This deal stands out as the most expensive residential sale in Florida — and possibly the entire United States — so far in 2024, the outlet notes.

Tarpon Island, located in the Estate Section of Palm Beach, spans approximately 2.3 acres and boasts an impressive 1,163 feet of waterfront views on all sides.

Previously listed for $187.5 million, the property holds the record for the most expensive home ever marketed in Palm Beach’s MLS.

The island’s amenities feature a two-story mansion with 11 bedrooms and 28,618 square feet of total living space.

Perks include a lighted tennis courts and two swimming pools, one of which is a 98-foot-long lakefront pool with a whirlpool spa and a cold plunge pool.

Developer Todd Michael Glaser, through his Miami Beach-based real estate company, spearheaded the extensive renovation and expansion of the property.

Despite a confidentiality agreement that restricts him and others from discussing the sale details, Glaser previously highlighted the unique appeal of Tarpon Island.

“It has its own bridge. How many houses in Palm Beach have a bridge? None,” he said in a December interview with the Palm Beach Daily News.

The island, also accessible by boat, had previously set the record for Palm Beach’s most expensive lakefront property when Glaser and his investment group purchased it for $85 million in 2021 from William Toll and his wife, Eileen.

While the $152 million sale is significant, it falls short of Palm Beach’s two priciest real estate deals from last year: an off-market $170 million sale of an oceanfront estate at 589 N. County Road and a $155 million private transaction for the late Rush Limbaugh’s estate at 1495 N. Ocean Blvd.

Chris Leavitt of Douglas Elliman held the listing with Suzanne Frisbie of Corcoran. Margit Brandt of Premier Estate Properties represented the buyer.

Initially entering the market in October 2021 during a real estate boom induced by the pandemic, Tarpon Island was listed at $125 million, which covered only the land and renovation plans for the original house.

The property was then priced at $210 million pre-construction and later at a high of $218 million, before being relisted at $187.5 million during the final stages of construction.