Underneath-renovation dwelling bought for $28.5 million in Palm Beach, deed exhibits

An investment group led by developer Todd Michael Glaser has sold this Palm Beach house at 870 S. Ocean Blvd., which Glaser's group bought in January. The sale price for the under-renovation house was $28.5 million in the deal that closed Friday, according to Glaser.

The developer whose financial investment group in January paid nearly $13 million for a 1980s-era seaside dwelling in Palm Beach – and then embarked on a renovation for resale — has bought the property while in building. The price 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 front Everyday News.

The deed lists the consumers as California investor Kevin Douglas and his spouse, Michelle, as trustees of the K&M Believe in. The pair has an deal with north of San Francisco in Kentfield, California, the deed displays.

Kevin Douglas started and is chairman of Douglas Telecommunications, a family members investment workplace as a result of which he manages the Douglas family’s diversified investment portfolio, in accordance to a short on-line biographical sketch. His portfolio has integrated important investments in IMAX Corp., the significant-display movie-engineering and theater organization, where he sits on the board of directors.

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