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.
Glaser declined to comment on the prospective buyers. But he claimed he will oversee the completion of construction as the “owner’s agent,” although the renovation project will now be customized for the buyers.
“The renovation is roughly 50% to 60% accomplished,” Glaser mentioned.
The Florida confined liability corporation that bought the house, 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 Beach.
When it sold for $12.64 million earlier this year, the house had six bedrooms and about 7,154 sq. ft of dwelling space on the corner of By means of Vizcaya. It is the next dwelling north of the point where coastal road meets South County Road.
The large amount measures four-tenths of an acre and includes a beach parcel throughout the coastal road with 100 toes of shoreline.
In May perhaps, the Architectural Fee turned down a style and design for a 435-square-foot cabana and swimming pool Glaser wanted to add to the parcel. Glaser’s attorney, Maura Ziska, advised the Everyday Information that a new style and design will be submitted for the cabana.
The house was built in 1987 with a gated driveway, a remarkable two-story foyer with a staircase and a swimming pool neglected by the the living space 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 business with places of work in Palm Beach and Miami Beach front.
Frisbie began advertising the household for sale in the multiple listing company in mid-June at $34.5 million. The assets landed less than contract June 25.
Agent Chad Carroll of Compass Florida verified he represented the buyer’s side of the transaction but declined to focus on specifics about the sale.
Glaser and his investment group acquired the house via a deed recorded Jan. 28 from a constrained liability company co-managed by Michal Ciomek and developer Zack Ciomek. The latter owns Palm Seashore-based Euro Houses, a developer of luxury houses.
This is not the initially time Glaser has bought a Palm Beach dwelling whilst it was remaining renovated. In March, he and his wife, Kim, sold, for a recorded $26.13 million, a landmarked mansion they purchased in June 2020 for a recorded $17 million and had partly renovated on 127 Dunbar Highway. The purchaser was a rely on.
Glaser has been topic of other actual estate headlines in excess of the earlier 12 months. This month, he and an investment decision team that integrated Fryd and Robins closed an $85 million order of Tarpon Island, a non-public island of 2.27 acres off Palm Beach’s Estate Part. Glaser plans to renovate and expand for resale the 1930s-era residence on the island, he explained. The island was marketed 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 acquired – and later razed – the previous Palm Beach front house of the late sex offender and disgraced financier Jeffrey Epstein. Glaser has announced strategies to create a house there on speculation, whilst the residence has been stated as vacant land at just underneath $30 million with a new deal with – 360 El Brillo Way.
Glaser’s most current jobs also consist of strategies to build an oceanfront mansion at 1080 S. Ocean Blvd., a few of blocks south of the home he just marketed. He, Fryd and Robins acquired that property in late December for a recorded at $4.6 million and the proposed house is under overview 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 Drive on Everglades Island.
This tale was up-to-date July 19, 2021, the day the deed for the sale of 870 S. Ocean Blvd. recorded at the Palm Seaside County Courthouse. This is a developing tale. Check back for any updates.