The developer whose investment group in January paid nearly $13 million for a 1980s-period seaside home in Palm Beach – and then embarked on a renovation for resale — has offered the property while in building. The value recorded at $28.5 million for the estate at 870 S. Ocean Blvd.
The deal closed Friday, seller Todd Michael Glaser advised the Palm Beach Day by day News.
The deed lists the consumers as California investor Kevin Douglas and his spouse, Michelle, as trustees of the K&M Have faith in. The couple has an deal with north of San Francisco in Kentfield, California, the deed shows.
Kevin Douglas established and is chairman of Douglas Telecommunications, a relatives financial commitment office through which he manages the Douglas family’s diversified financial commitment portfolio, in accordance to a brief on line biographical sketch. His portfolio has provided key investments in IMAX Corp., the massive-monitor film-technologies and theater organization, in which he sits on the board of directors.
Glaser declined to comment on the purchasers. But he explained he will oversee the completion of construction as the “owner’s agent,” although the renovation project will now be personalized for the customers.
“The renovation is around 50% to 60% done,” Glaser claimed.
The Florida limited legal responsibility corporation that bought the assets, 870 South Ocean LLC, is controlled by Glaser and two buyers — Miami developer Jonathan Fryd of Fryd Properties and developer Scott Robins of Scott Robins Cos. in Miami Beach front.
When it sold for $12.64 million earlier this 12 months, the house had six bedrooms and about 7,154 sq. feet of dwelling house on the corner of By way of Vizcaya. It is the second property north of the point in which coastal road meets South County Street.
The good deal measures four-tenths of an acre and includes a beach parcel throughout the coastal street with 100 toes of shoreline.
In May possibly, the Architectural Fee rejected a structure for a 435-square-foot cabana and swimming pool Glaser wanted to add to the parcel. Glaser’s attorney, Maura Ziska, told the Day by day Information that a new style and design will be submitted for the cabana.
The house was developed in 1987 with a gated driveway, a dramatic two-tale lobby with a staircase and a swimming pool overlooked by the the living area and library.
In the sale that closed Friday, agent Suzanne Frisbie of the Corcoran Group acted on behalf of Glaser, who runs his eponymous development company with workplaces in Palm Beach front and Miami Beach.
Frisbie began advertising the dwelling for sale in the several listing assistance in mid-June at $34.5 million. The home landed under contract June 25.
Agent Chad Carroll of Compass Florida confirmed he represented the buyer’s aspect of the transaction but declined to talk about facts about the sale.
Glaser and his investment group bought the house via a deed recorded Jan. 28 from a minimal liability firm co-managed by Michal Ciomek and developer Zack Ciomek. The latter owns Palm Beach front-based Euro Properties, a developer of luxury properties.
This isn’t the very first time Glaser has bought a Palm Seashore home although it was being renovated. In March, he and his spouse, Kim, bought, for a recorded $26.13 million, a landmarked mansion they bought in June 2020 for a recorded $17 million and experienced partly renovated on 127 Dunbar Road. The buyer was a rely on.
Glaser has been matter of other serious estate headlines in excess of the past calendar year. This month, he and an expense group that incorporated Fryd and Robins closed an $85 million acquire of Tarpon Island, a private island of 2.27 acres off Palm Beach’s Estate Portion. Glaser designs to renovate and expand for resale the 1930s-era home on the island, he claimed. The island was offered by Eileen and William Toll, a personal trader who signed the deed recorded July 15 as trustee of a revocable trust in his title.
In March, Glaser purchased – and later razed – the previous Palm Beach front house of the late intercourse offender and disgraced financier Jeffrey Epstein. Glaser has declared designs to develop a residence there on speculation, even though the residence has been listed as vacant land at just less than $30 million with a new tackle – 360 El Brillo Way.
Glaser’s newest tasks also contain options to construct an oceanfront mansion at 1080 S. Ocean Blvd., a couple of blocks south of the property he just sold. He, Fryd and Robins purchased that property in late December for a recorded at $4.6 million and the proposed household is under critique by the Architectural Commission.
In May, Glaser, Fryd and Robins paid a recorded $16.325 million for a non-landmarked household with plans to renovate it for resale at 576 Island Push on Everglades Island.
This story was up to date 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 producing tale. Check out again for any updates.