Private island with renovated mansion in Palm Beach sees price drop to $187.5 million

Darrell Hofheinz, Palm Beach Daily News
Updated ·5 min read
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Palm Beach’s only private island and its renovated-on-speculation mansion just got a new lower price of $187.5 million. And another real estate agent has joined the sales team.

The property was listed last season at $218 million but had taken as a hiatus from the multiple listing service in June. The listing re-entered the MLS late Tuesday with the price tag lowered by $30.5 million.

Even with the lower price, the mansion at 10 Tarpon Isle remains the most expensive house ever listed for sale in Palm Beach. The estate had carried the higher price since November 2022, when it was finishing up construction.

With panoramic views of the Lake Worth Lagoon and Intracoastal Waterway, the artificial island in the Estate Section measures about 2.3 acres. The island has a combined 1,163 feet of waterfront on all four sides. A picturesque bridge connects the island to Tarpon Way, which leads to the rest of Palm Beach via Island Road.

The 11-bedroom mansion has 28,618 total square feet of living space, inside and out, and a long list of amenities, including a 98-foot lakefront swimming pool with a whirlpool spa and a “cold plunge” pool.

With a 98-foot swimming pool, a renovated-and-expanded house at 10 Tarpon Isle on a private island in Palm Beach has been re-listed with a lower price of $187.5 million, down from the $218 million price tag it carried lasts season.
With a 98-foot swimming pool, a renovated-and-expanded house at 10 Tarpon Isle on a private island in Palm Beach has been re-listed with a lower price of $187.5 million, down from the $218 million price tag it carried lasts season.

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The property was re-developed by Palm Beach and Miami developer Todd Michael Glaser with two real estate investors, Jonathan Fryd of Fryd Properties in Miami and developer Scott Robins of Scott Robins Cos. in Miami Beach.

Agent Suzanne Frisbie of the Corcoran Group has joined agent Chris Leavitt of Douglas Elliman Real Estate in listing the property, while broker Christian Angle of Christian Angle Real Estate remains involved, the Palm Beach Daily News has confirmed.

“The price has been adjusted given construction is now fully completed,” Frisbie said Wednesday. “While under construction, (the property's) ownership left room in the price in case a prospective buyer might like to add or make changes to the home.”

Other Palm Beach properties that came online during the pandemic-driven real estate boom have seen price adjustments as the market has stabilized over the past year. Prices in Palm Beach are no longer escalating as rapidly they were during the boom, but they are still far higher than before the pandemic surfaced in early 2020, according to sales reports issued by companies that do business in town.

Leavitt declined to comment. Glaser and Angle could not immediately be reached.

A bridge connects private Tarpon Island to the rest of Palm Beach, which can be seen at the far left and rear. The renovated-and-expanded mansion at 10 Tarpon Isle is listed at $187.5 million.
A bridge connects private Tarpon Island to the rest of Palm Beach, which can be seen at the far left and rear. The renovated-and-expanded mansion at 10 Tarpon Isle is listed at $187.5 million.

Estate's amenities include one of Palm Beach's only lighted tennis courts

The estate comprises the new main residence on the west side of Tarpon Island. The original 1937 house was converted into a guest pavilion and includes an ultra-luxury fitness-and-beauty area.

Among the property’s features are a five-car garage and one of the town's only lighted tennis courts. Other amenities include a paneled library; a home gym; and an entertainment room with a fireplace, wine storage, billiards area and movie lounge.

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Fryd and Robins have invested in other Glaser-controlled projects in Palm Beach and Miami-Dade County, where the developer built his career before turning his attention to buying, renovating and selling homes in Palm Beach several years ago. Glaser’s eponymous company has offices in Miami Beach and Palm Beach.

The buyers set a town lakefront price record when they bought the property and its 1930s-era house for $85 million in July 2021 from its longtime owners, private investor William Toll and his wife, Eileen.

In October 2021, the property was listed at $125 million for the land and renovation plans for the original house. At the same time, the property was also listed then at a pre-construction price of $210 million, which would have included the renovated house.

The main living space at 10 Tarpon Island in Palm Beach has glass doors that open onto a poolside patio with dramatic water views.
The main living space at 10 Tarpon Island in Palm Beach has glass doors that open onto a poolside patio with dramatic water views.

Glaser and his investors saw two sizable Palm Beach sales this year

Glaser and investors have sold two major properties in Palm Beach since the start of the year.

In May, Glaser and an investment group that included Jim Randall of Randall Realty Group sold a 2-acre lakeside estate at 854 S. County Road in the Estate Section for a land-value price recorded at $63.43 million. The buyer was a limited liability company named after the property's address and managed by West Palm Beach attorney Paul Krasker. The Corcoran Group handled both sides, with Frisbie representing the sellers and Corcoran Group agents Dana Koch and Paulette Koch acting for the buyer.

In April, a company managed by Glaser and affiliated with real estate investor Mark Mashburn sold an unfinished condominium atop the Tiffany Building facing tony Worth Avenue for a recorded $18 million. Florida car-dealership tycoon and longtime Palm Beach resident Terry Taylor was on the buyer's side of the condo sale at 415 Hibiscus Ave., according to courthouse documents. Angle acted for the buyer. On the listing side were Leavitt and agents Jill Eber and Jill Hertzberg of The Jills Zeder Group at Coldwell Banker Realty in Coral Gables and Miami Beach.

The most expensive property listed for sale in Palm Beach remains a $200 million listing for two vacant side-by-side oceanfront lots owned by entities linked to Estee Lauder cosmetics billionaire William P. Lauder. Addressed as 1063 and 1071 N. Ocean Blvd., the lots combined measure 2.34 acres with 362 feet of direct beachfront. Agent Jim McCann of Premier Estate Properties holds the listing.

The tennis court viewing pavilion, 10 Tarpon Island, Palm Beach
The tennis court viewing pavilion, 10 Tarpon Island, Palm Beach

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To see more photos of 10 Tarpon Isle, click on the photo gallery at the top of this page.

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This story was updated from a previous version to clarify the listing agents for 10 Tarpon Isle. This is a developing story. Check back for updates. 

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Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz.

This article originally appeared on Palm Beach Daily News: Palm Beach private island with mansion sees price reduced to $187.5M