Private island sells for a whopping $228m. Picture: Daniel Petroni
A private island in Palm Beach, Florida, has just been snapped up for a whopping $US152 million ($A228 million), setting a new record for lakefront properties in the area.
This deal, involved the town’s only private island and its recently renovated mega-mansion.
The sale stands out as the most expensive residential sale in Florida — and possibly the entire United States — so far in 2024, the New York Post reported.
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Palm Beach’s only private island has sold for a record $228 million. Picture: Daniel Petroni
The pool opens out to water views. Picture: Daniel Petroni
The sun room. Picture: Daniel Petroni
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Tarpon Island, located in the Estate Section of Palm Beach, spans approximately 2.3 acres (100.1 square feet) and boasts an impressive 1,163 feet (354.4 metres) of waterfront views on all sides.
Previously listed for $US187.5 million ($A282.7 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-storey mansion with 11 bedrooms and 28,618 square feet (2658 sqm) of total living space.
The living room. Picture: Daniel Petroni
The outdoor kitchen and dining space. Picture: Daniel Petroni
The main kitchen. Picture: Daniel Petroni
Perks include a lighted tennis courts and two swimming pools, one of which is a 98-foot-long (29.8 metres) 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.
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One of 11 bedrooms. Picture: Daniel Petroni
Most bedrooms offer water views. Picture: Daniel Petroni
The tennis court. Picture: Daniel Petroni
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 $US85 million ($A128.1 million) in 2021 from William Toll and his wife, Eileen.
The name of the buyer has not been revealed.
While the $US152 million ($A228 million) sale is significant, it falls short of Palm Beach’s two priciest real estate deals from last year: an off-market $US170 million ($A256 million) sale of an oceanfront estate at 589 North County Road and a $US155 million ($A233 million) private transaction for the late Rush Limbaugh’s estate at 1495 North Ocean Boulevard.
Chris Leavitt of Douglas Elliman held the listing with Suzanne Frisbie of Corcoran. Margit Brandt of Premier Estate Properties represented the buyer. Broker Christian Angle of Christian Angle Real Estate was also involved on the sellers’ side.
Initially entering the market in October 2021 during a real estate boom induced by the pandemic, Tarpon Island was listed at $US125 million ($A188 million), which covered only the land and renovation plans for the original house.
The property was then priced at $US210 million ($A316 million) pre-construction and later at a high of $US218 million ($A328 million), before being relisted at $187.5 million ($A282.5 million) during the final stages of construction.
+ Additional reporting by Belinda Palmada
This story first appeared in the New York Post and was republished with permission.
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