Two next-door construction projects are in the works on Everglades Island, now that a developer has paid a recorded $16.325 million for a five-bedroom house at 576 Island Drive in Palm Beach.
Developer Todd Michael Glaser and two investors used an ownership company to buy the house in an off-market deal, Glaser told the Palm Beach Daily News.
In April, the house immediately to the north sold for a recorded $13.9 million to a different developer who plans to replace it with one to be built on speculation.
Glaser instead will remodel the house his ownership entity just bought, he said. The plans are to have the work done in time to put it back on the market in the fall with a price of $28 million, said Glaser, who heads his namesake company, Todd Michael Glaser.
The property was sold by Christine Fisher Grow, who owned it as trustee of a trust and shared the house with her husband, attorney Richard Grow Sr., according to the deed recorded Monday. He joined her on the deed recorded Monday.
The house last changed hands for a recorded $4.95 million in 2004, courthouse records show.
Standing on a lot of about a third of an acre, the house is the fourth one north of the Island Road bridge that connects Everglades Island to the rest of Palm Beach.
The two-story house was built in 1968 and has 7,037 square feet of living space, inside and out, courthouse records show. The property has a first-floor master bedroom and an attached two-car garage.
Glaser said he bought the house with Miami developer Jonathan Fryd and developer Scott Robins, president and CEO of Scott Robins Cos. in Miami Beach. The deed lists the buyer as 576 Island Drive LLC.
Fryd and Robins have invested in other properties Glaser has developed through his namesake firm, including a new house that just sold for $17.45 million in Midtown Palm Beach at 259 Pendleton Avenue. That house was just relisted by the buyers at $23.9 million by agent Margit Brandt of Brown Harris Stevens.
More: Palm Beach house that just sold for $17.45 million relisted at $23.9 million
The rear of the house Glaser’s company just bought on Island Drive faces east and looks across the swimming pool to the canal that separates Everglades Island from the Everglades Golf Course. The property offers dramatic views of the waterway and the golf course, Glaser said.
“It’s like having a piece of vacant land in front of you, with ponds and rolling land,” Glaser said. “The vista is incredible. That’s why we bought it.”
Agents Whitney McGurk and Liza Pulitzer of Brown Harris Stevens represented Glaser in the deal, McGurk confirmed.
Broker Lawrence Moens of Lawrence A. Moens acted on behalf of the sellers, his office confirmed.
More: Pollacks’ longtime home brings $13.9M on Everglades Island in Palm Beach
Fisher-Grow has deep family ties to Grosse Pointe, Michigan, and to Palm Beach, where her late parents, BettyJane and Alfred J. “A.J.” Fisher Jr., had a longtime winter home. Her father was a pioneer in the auto-safety industry in Detroit.
Her husband spent 46 years practicing law in Detroit; Washington D.C.; and Palm Beach, where he advised high-net-worth families on issues relating to gift and estate-tax issues.
Heard the latest? Read more Palm Beach real estate news
Glaser recently bought houses at 215 Indian Road and 870 S. Ocean Blvd., both of which he also plans to remodel for resale. By remodeling rather than building anew, he can have the projects finished in time for the coming season, he said.
Glaser made national headlines in March when he paid a recorded $18.5 million for the Palm Beach mansion that had been home for years to the late disgraced financier and sex offender Jeffrey Epstein. On April 19, his crews began demolishing the house at 358 El Brillo Way to make room for one Glaser said he will develop a house on speculation there.
Back on Everglades Island, the house being developed on speculation next door to the one that just sold is being planned by developer Carl Sabatello, who heads Sabatello Cos. in Palm Beach Gardens. Sabatello used an ownership company to buy the house at 584 Island Drive in a deal that saw agent Bill Yahn of the Corcoran Group representing his interests. Broker Linda Olsson of Linda R. Olsson represented the sellers, art dealers Deborah and Edward Pollack.
*
This is a developing story. Check back for updates.
dhofheinz@pbdailynews.com
@PBDN_hofheinz
Originally Appeared On: https://www.palmbeachdailynews.com/story/business/real-estate/2021/05/03/developer-buys-palm-beach-house-16-3-million-re-do-resale/7388265002/