Palm Beach Mansion Sells For $152 Million, Pioneering New Luxury Asset Class
The most expensive home sale in Palm Beach, Florida, closed last week for $152 million, and the developer who sold it says it's part of his efforts to create a new luxury asset class.
The 28,618-square-foot mansion on a 2.3-acre private island has 11 bedrooms and 15 bathrooms. It first hit the market in 2022 with an asking price of $218 million.
The property at 10 Tarpon Isle was renovated and expanded by spec developer Todd Glaser and his partners, who paid $85 million for the estate in 2021. It has 1,300 feet of water frontage along the Intracoastal Waterway, a lighted tennis court, two private docks, a new pool facing south, and a renovated pool facing east. It also includes a steam room, sauna, gym and wine room.
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Glaser told CNBC that his Miami-based company is creating a new asset class of homes valued at $100 million.
"Three years ago, there weren't that many," Glaser said. "In the last three years, there have been 205 to 30. It's a developing asset class."
Glaser pointed to billionaire Ken Griffin, founder and CEO of Citadel, who invested nearly $500 million in 25 acres of land on Palm Beach's Billionaire Row, which he is developing into a 50,000-square-foot estate that will be worth $1 billion — potentially the most expensive home on Earth.
"The vast majority of the properties Ken owns are in South Florida," Griffin spokesperson Zia Ahmed told The New York Post in October. "Palm Beach real estate is among the most valuable in the world because of the pro-growth and pro-business policies voted for by the citizens of Florida."
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Glaser also estimated former President Donald Trump's Mar-a-Lago Club to be more than $1 billion, including an undeveloped parking lot, which he said is worth about $700 million.
"If he was smart, he would put [the parking lot] on the market and see what kind of action he got," Glaser said.
The most expensive single-family home sale in Florida was Oracle billionaire Larry Ellison's $173 million acquisition of an estate in Manalapan in 2022.
Palm Beach boasts many listings exceeding $50 million compared to other prestigious markets in the United States, including New York City; the Hamptons on Long Island, New York; Malibu, California; and Aspen, Colorado.
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