Since the coronavirus outbreak, buyers have been competing to buy high-end properties in the exclusive Town of Palm Beach, Florida. This seller’s market has recently seen several area homes sell at or above their multi-million dollar asking prices. However, not every property in the area has been easy to sell. Not far from Mar-a-Lago, at 358 El Brillo Way sits the house once owned by convicted sex offender Jeffrey Epstein. Despite its prime location, Epstein’s home sat for months without a buyer. When the property finally sold, it was for $4 million below its original asking price. What does the future hold for the former Epstein property?
The Epstein Property
In 1990, Epstein bought 358 El Brillo Way for $2.5 million. The sprawling six-bedroom property has three bedrooms in the main dwelling, a three-bedroom staff house, a pool, and a pool house. On August 10, 2019, Epstein died while in federal custody on charges for operating a sex-trafficking ring between his Manhattan residence and his Palm Beach home. The property was listed at $22 million in July of 2020 and ultimately went under contract for $18 million. Sale proceeds will go into a fund to compensate Epstein’s victims.
The Sale and Plans for the Property
The buyer, Florida-based developer Todd Michael Glaser, purchased 358 El Brillo Way. Glaser is known for building Palm Beach spec mansions. The developer indicated that he plans to demolish the former Epstein residence and rebuild it as a 14,000-square-foot Art Moderne home. The rebuild should be completed by spring of 2022, and the new estate will go on the market for approximately $40 million. The Epstein property is located on the Intracoastal Waterway. Glaser anticipates that a premium newly built home at this location will appeal to luxury buyers.
Glaser recently said that the demand for new construction luxury homes is high in the area. He said, “There are $50 million buyers and no houses for them to buy.” Glaser went on to comment that “I’ve never seen a pent-up demand like this. There is no inventory.”
Recently, two of Glaser’s spec mansion developments—111 and 113 Atlantic Ave sold in Palm Beach. Glaser razed the residence on-site and commissioned Coral Gables architect Rafael Portuondo of Portuondo-Perotti Architects to design the two new properties creating 111 and 113 Atlantic Avenue. Glaser and an investment group developed and built a Mediterranean style home located at 113 Atlantic Avenue. The property sold for a recorded $9.41million in December of 2019. The neighboring 111 Atlantic Avenue sold in June 2020 for $10.665 million.
Contact the Board-Certified Florida Real Estate Attorneys of Rabideau Klein
At Rabideau Klein, David E. Klein, Esq. and Guy Rabideau, Esq. are dedicated, Florida Bar Board-Certified Real Estate Attorneys with the Palm Beach County expertise and experience you need to ensure that your interests are protected throughout your real estate matter in the Town of Palm Beach. Contact Rabideau Klein today to discuss your Palm Beach area real estate legal needs.