A trust was on the buyer’s side of the sale of 1080 S. Ocean Blvd., which was developed by Todd Michael Glaser with investors Jonathan Fryd and Scott Robins.
A never-lived-in house developed on speculation near former President Donald Trump’s Mar-a-Lago Club in Palm Beach has changed hands for $21.8 million, the price recorded with the deed.
On the buyer’s side was the 1080 South Ocean Boulevard Trust, named after the property’s address. Palm Beach attorney Louis L. Hamby III, who acted as trustee, did not immediately return a phone message seeking comment.
Because of privacy rules governing trusts, no other information about the buyer was immediately available in public records.
Developer Todd Michael Glaser signed the deed recorded Monday as manager of the Florida limited liability company that sold the Mediterranean-style house. Glaser developed the residence with two of his Miami-based investment partners, Scott Robins and Jonathan Fryd.
The amount that changed hands in the deal was higher than the price recorded at the courthouse, because the buyer purchased the furnishings separately, Glaser told the Palm Beach Daily News.
Daniel Menard of La Berge & Menard designed the house with five bedrooms and 9,847 square feet of living space, inside and out.
On a lot of two-fifths of an acre, the house was completed in 2023 on the corner of Kings Road, two streets north of Mar-a-Lago.
The house offers ocean views from windows on the second floor, although the property is separated by South Ocean Boulevard from another house directly opposite on the beach.
The house that just changed hands, Glaser said, had a key selling point in a town where many buyers want move-in ready homes in prime condition.
“It was brand new, brand new, brand new,” said Glaser.
Broker Linda Olsson of Linda R. Olsson Inc. acted on behalf of the buyer. She declined to comment.
On behalf of the trust that bought the house, Hamby signed a $9 million, 30-year mortgage with lender JPMorgan Chase bank, courthouse records show.
Agent Suzanne Frisbie of the Corcoran Group represented Glaser’s side of the deal. She acquired the listing in November and set its asking price at $24.8 million.
The property had previously been on the market with other agents for a top price in November 2022 of $32 million, which later dropped to $28.85 million, the multiple listing service shows.
The floor plan includes a two-story oval-shaped stair hall, which connects the two wings that wrap around the pool area on the west side of the house. Major rooms access the poolside logia and patios through French doors.
French doors also open to the front lawn with its own outdoor seating area.
The first-floor layout includes a great room with an adjacent kitchen, family room and a wet bar. The ground floor also has a guest bedroom suite with a private entry.
Upstairs in the south wing are a bedroom suite and the two-bathroom primary bedroom suite, which accesses terraces on the east and west sides. In the west wing are two guest bedroom suites, which can access the west terrace via a hallway.
Frisbie, who declined to provide specifics about the transaction, told the Palm Beach Daily News the house “is in a lovely Estate Section location with lovely intermittent ocean views.”
The house also has a two-car garage.
Glaser’s management company paid a recorded $4.6 million for the property in December 2020 when it was home to a 1950s-era house, which was razed to accommodate the new one.
The topography of the land was notable for its unusually high elevation, Glaser told the Palm Beach Daily News last June in an article about the house.
“There’s a berm in that part of Palm Beach, so we could build three stories, with a ground floor that was below grade but above the flood level, giving us an extra 3,000 square-foot footprint, which was a bonus,” he said last summer.
On the lowest level are a game room, theater, wine room/card room, gym and bar.
Glaser’s wife, Kim Glaser, handled the finish-out of the interiors. She “staged” the house with furnishings from Meredith Baer.
The contractor was G7 Holdings of Miami.
Glaser has bought, built, renovated and sold a number of properties in Palm Beach over the past several years, sometimes with investors and sometimes alone or with his wife.
The developer — who heads his eponymous company, Todd Michael Glaser — spent the majority of his career in real estate in Miami-Dade County but has lately focused on projects in Palm Beach, where his company has an office.
Among their projects in Palm Beach, Glaser, Fryd and Robins renovated and expanded a 1940-era house on private Tarpon Island, which is listed at $187.5 million.
Fryd heads Fryd Properties in Miami, while developer Scott Robins runs Scott Robins Cos. in Miami Beach.