The developer, who plans to demolish the late sex offender Jeffrey Epstein’s Palm Beach estate, sold a listed mansion across town for $ 26.13 million, which he bought last summer and partially renovated on Dunbar Road Has.
Todd Michael Glaser and his wife Kim paid $ 17 million in June for the Fontana Villa at 127 Dunbar Road on the nearby North End of Palm Beach.
The Glasers sold the property to real estate attorney Maura Ziska, who in her professional capacity acted as trustee of the 127 Dunbar Trust, according to the deed recorded on Tuesday. Ziska declined to comment, and due to rules governing trusts, no further information was available in public records about the buyer’s side of the sale or anyone else associated with the trust.
Todd Glaser is not stepping down from the property. He will act as the “owner’s representative” for the buyer and oversee a contractor who will complete the renovations, Glaser said on Tuesday. He declined to identify anyone on the buy side of the deal.
“The house is probably 50% renovated,” he said. “We put on a new roof, installed all new impact-resistant (resistant) doors and windows, and all new frames are ready.”
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With Spanish and Italian architectural influences, the house is the third west of the beach. It has six bedrooms and a guest apartment with two bedrooms. According to the property, the property has a total living space of 10,977 square meters (inside and outside).
The home was built in 1920 but was expanded significantly within 10 years of the devastating 1928 hurricane.
Lawrence A. Moens Associates real estate agent Lawrence Moens began marketing the property for sale in late August at a post-renovation price of $ 34.7 million. Moens also handled both sides of the sale last summer.
Agent Spencer Schlager of Douglas Elliman Real Estate handled the buy side of the sale this week.
The long-time owner of the house, the late John H. Eberhardt, has changed its interior for decades by hand-painting elaborate murals for walls, floors and ceilings. Some of this work – mainly ceiling paintings – was preserved during the partial renovation, said Todd Glaser.
The house’s exterior projects were approved by the Landmarks Commission before Glaser began work. The new owners will be making some changes to the house.
“They only modify some of the things in the interior,” said the developer.
If nothing changes in the planned work, he hopes to finish the work by July or August.
During Eberhardt’s tenure, the property was often the venue for parties and charity events, many of which were held in the extensive gardens on the west side of the property. The property measures almost one hectare.
More: EXCLUSIVE: Jeffrey Epstein’s home was sold to Glaser for $ 18.5 million in Palm Beach
The Glasers bought the house from William H. Eberhartdt of Fort Lauderdale. In his 2014 obituary in the Palm Beach Daily News, he was listed as the sole survivor of John Eberhardt.
The house was built as the Villa Firenze in 1920 and 1921 by prolific Palm Beach builder Cooper C. Lightbown, an early Palm Beach mayor. Lightbown leased the house to actress Billie Burke and impresario Flo Ziegfeld before selling it in 1922 to the heir of the Boston department store, John Shepard Jr., who was later elected mayor of Palm Beach.
In 1928, the Shepard family commissioned the company’s well-known architect, Maurice Fatio, to design a second-floor extension that spanned the front wings of the U-shaped house to create a central courtyard. This is evident from the report that was drawn up for the city before the property was awarded landmark protection in 2013. The project also added a porte-cochere on the east side of the house.
Fatio returned in 1930 to design an adjoining loggia, pavilion, garden walls, and fountain on property immediately west of the main house.
Todd Glaser heads Todd Michael Glaser, his real estate development and investment company with offices in Palm Beach and Miami Beach. Over the past few years he has renovated, built, and sold various homes in Palm Beach.
About two weeks ago, he bought the Epstein house at 358 El Brillo Way for $ 18.5 million, where the shamed financier sexually assaulted underage girls and young women in a multi-year sex trafficking, according to federal prosecutors. Glaser plans to demolish the house on the lake and replace it with a house that he will develop based on speculation.
The October Palm Beach Daily News carried news that Glaser had made an undisclosed offer to buy the property. Moens acted on behalf of Glaser, said Glaser. The listing agent was Kerry Warwick from Corcoran.
While in federal detention, Epstein hanged himself in a prison cell in New York City in August 2019 after being charged with conspiracy and sex trafficking.
This is a developing story. Check for updates again.