The developer whose financial commitment group in January paid nearly $13 million for a 1980s-period seaside house in Palm Beach – and then embarked on a renovation for resale — has offered the property while in construction. The price recorded at $28.5 million for the estate at 870 S. Ocean Blvd.
The deal closed Friday, seller Todd Michael Glaser instructed the Palm Beach front Everyday News.
The deed lists the consumers as California investor Kevin Douglas and his spouse, Michelle, as trustees of the K&M Rely on. The few has an tackle north of San Francisco in Kentfield, California, the deed shows.
Kevin Douglas established and is chairman of Douglas Telecommunications, a relatives investment office through which he manages the Douglas family’s diversified financial investment portfolio, in accordance to a temporary online biographical sketch. His portfolio has bundled key investments in IMAX Corp., the big-display screen movie-technological innovation and theater organization, where by he sits on the board of administrators.
Glaser declined to comment on the consumers. But he mentioned he will oversee the completion of construction as the “owner’s agent,” although the renovation project will now be tailored for the potential buyers.
“The renovation is close to 50% to 60% carried out,” Glaser explained.
The Florida constrained liability organization that sold the property, 870 South Ocean LLC, is controlled by Glaser and two investors — Miami developer Jonathan Fryd of Fryd Properties and developer Scott Robins of Scott Robins Cos. in Miami Seashore.
When it marketed for $12.64 million earlier this calendar year, the house had six bedrooms and about 7,154 square ft of residing house on the corner of By means of Vizcaya. It is the next residence north of the point where coastal road meets South County Street.
The great deal measures four-tenths of an acre and includes a beach front parcel throughout the coastal road with 100 ft of shoreline.
In Could, the Architectural Commission turned down a layout for a 435-square-foot cabana and swimming pool Glaser wanted to add to the parcel. Glaser’s attorney, Maura Ziska, explained to the Day-to-day News that a new design will be submitted for the cabana.
The house was constructed in 1987 with a gated driveway, a remarkable two-tale foyer with a staircase and a swimming pool forgotten by the the living place and library.
In the sale that closed Friday, agent Suzanne Frisbie of the Corcoran Team acted on behalf of Glaser, who runs his eponymous improvement company with workplaces in Palm Beach and Miami Beach.
Frisbie began advertising the home for sale in the a number of listing provider in mid-June at $34.5 million. The home landed underneath contract June 25.
Agent Chad Carroll of Compass Florida confirmed he represented the buyer’s side of the transaction but declined to explore information about the sale.
Glaser and his investment group bought the house via a deed recorded Jan. 28 from a minimal liability business co-managed by Michal Ciomek and developer Zack Ciomek. The latter owns Palm Seaside-based Euro Properties, a developer of luxury houses.
This isn’t the initially time Glaser has marketed a Palm Seaside dwelling whilst it was getting renovated. In March, he and his spouse, Kim, offered, for a recorded $26.13 million, a landmarked mansion they purchased in June 2020 for a recorded $17 million and experienced partly renovated on 127 Dunbar Street. The buyer was a have faith in.
Glaser has been topic of other true estate headlines about the earlier yr. This month, he and an financial investment team that included Fryd and Robins shut an $85 million acquire of Tarpon Island, a personal island of 2.27 acres off Palm Beach’s Estate Area. Glaser options to renovate and expand for resale the 1930s-period household on the island, he stated. The island was sold by Eileen and William Toll, a personal investor who signed the deed recorded July 15 as trustee of a revocable trust in his name.
In March, Glaser bought – and later razed – the former Palm Seaside house of the late sex offender and disgraced financier Jeffrey Epstein. Glaser has declared programs to build a home there on speculation, although the assets has been listed as vacant land at just underneath $30 million with a new tackle – 360 El Brillo Way.
Glaser’s most up-to-date jobs also contain programs to build an oceanfront mansion at 1080 S. Ocean Blvd., a couple of blocks south of the residence he just marketed. He, Fryd and Robins bought that property in late December for a recorded at $4.6 million and the proposed household is under assessment by the Architectural Commission.
In May, Glaser, Fryd and Robins paid a recorded $16.325 million for a non-landmarked residence with plans to renovate it for resale at 576 Island Travel on Everglades Island.
This tale was current July 19, 2021, the working day the deed for the sale of 870 S. Ocean Blvd. recorded at the Palm Beach County Courthouse. This is a developing story. Look at again for any updates.