Developer pays $23.3 million for Palm Beach estate it previously owned


Todd Michael Glaser extensively renovated the historic home at 125 Via Del Lago before selling it for $16.1 million in 2019.

Developer Todd Michael Glaser and his wife Kim paid $23.286 million for a historic Palm Beach estate they extensively renovated years ago before a Glaser-controlled company sold it in 2019 for 16, $1 million, according to sales prices documented in courthouse records.

Glaser, who has built and remodeled a variety of homes in Palm Beach for resale, and his wife, an interior designer, purchased the estate at 125 Via Del Lago in the Estate section via a registered deed Wednesday.

“It’s the best Mediterranean-style house I’ve ever renovated,” Glaser told the Palm Beach Daily News after the renovation was completed in 2018.

The seller this time around was 125 VDL LLC, the Forida Limited Liability Company that purchased the estate in 2019. This company was previously tied in the ownership records to Rhode Island-based Corvias, a privately held family of companies founded by real estate developer John G. Picerne, who is chairman of the board.

Attorney Bridget L. Mullaney of the law firm Cameron & Mittleman LLP in Providence, Rhode Island, signed the deed as manager of VDL LLC.

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The Mediterranean-style estate was built in 1929 and has a total of eight bedrooms in the main residence and a poolside guesthouse. Together, the buildings cover 12,641 square feet of living space, inside and out.

The house sits about a quarter of a mile north of Mar-a-Lago on land measuring eight-tenths of an acre. It is the third property west of South Ocean Boulevard and the beach.

Originally known as Casa Soñada and later Casa Vera, the house was designed by renowned company architect Marion Sims Wyeth. Among its most important exterior features is the arcaded loggia on the west side, which accesses a brick-paved terrace. From here, stairs lead down to the car field and a wide lawn.

Agent Suzanne Frisbie of the Corcoran Group handled both sides of the sale. She played those same roles in the 2019 deal, even though she was with Premier Estate Properties at the time.

Frisbie listed the house for sale about four months ago at $25.75 million.

The living room is crowned by a pointed cypress ceiling that soars over 25 feet and is decorated with stencils. The property’s list of amenities includes three fireplaces, two enclosed galleries, a sauna, wine cellar, and fitness room. The second-floor master suite encompasses the entire north wing. The house, which has an elevator and a full generator, was sold with deeded access to the beach.

The renovation completed by Glaser was his first residential project in Palm Beach. He was fresh from Miami Beach, where he built his career in real estate and founded his namesake company, which has since opened an office in Palm Beach.

Glaser paid a record $11 million for the estate in early 2018 with plans to renovate the house and resell it, he told the Daily News at the time. He planned the project with the blessing of the Landmarks Preservation Commission.

The most notable part of the project was reworking the driveway entrance to the estate. As with many houses of its day, the house’s original front door faced the side street.

Entrance plot in the Estate section: How Todd Michael Glaser Transformed a Historic Home at 125 Via Del Lago

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Glaser transformed the front door into a side entrance and moved the driveway giving access to Via Del Lago to the west. As a result, drivers entering the property today have a more spectacular view of the west side of the house, where twin stairs lead from ground level to a wide terrace.

“What drew me to it was its indescribable entrance,” Glaser told the Daily News in December 2017. “It was so odd for such an expensive house. It had no street appeal.

As part of the renovation, Glaser commissioned renowned landscape architect Harry Nelson to redesign the landscaping to emphasize the house’s revised approach.

The project also included the demolition of the existing pool to accommodate an extensive play area and the installation of a new pool near the existing pool house, a two-story structure adjoining the north wing. This structure is now the guest house of the estate.

Based in East Greenwich, Rhode Island, Picerne’s Corvias builds and manages housing for military, higher education and public sector clients through “public-private partnerships,” according to its website. Its projects include on-base housing for active military families and student housing, the website says.

Glaser has made a number of real estate purchases in Palm Beach since 2017, sometimes with investors and sometimes alone or with his wife. Among his most notable deals, he teamed up with investor Jonathan Fryd and developer Scott Robins in July 2021 to buy the private island of Tarpon for a record $85 million, setting a price record in the world. edge of the lake. Glaser oversees a renovation and expansion project at a 1930s house on the island in the Estate section.

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In late September, Glaser sold — for a record $25.845 million — the vacant Palm Beach land that once housed the infamous mansion of late disgraced financier and sex offender Jeffrey Epstein. Glaser had bought Epstein’s former home on El Brillo Way in March 2021, razed it and cleared the grounds.

In February, a limited liability company controlled by Glaser sold, for a registered amount of $31.67 million, a historic estate that he and his wife renovated and lived in at 210 Via Del Mar. The buyer of the estate at Lakeside was an affiliate of Palm Beach County Cardiologist. and real estate investor Dr. Robert Fishel.

His projects in Miami include the restoration of the 1927 Carl Fisher Estate, the construction of lavish contemporary-style custom homes, and the development of speculative homes and condominiums, including the downtown 1000 Museum Tower.

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The Palm Beach estate that just changed hands was designated a City Historic Landmark in 2011. Wyeth designed the home for Dr. Thomas L. Bennett, a pioneer in the field of anesthesia who worked in the late 19th and early 20th century, according to one report. prepared for the cue chart.

Subsequent owners included hedge fund manager George E. Hall, who founded Clinton Group Inc. in New York; former Tyco International executive Richard D. Power, who along with his wife, Maria, carried out an extensive restoration and expansion of the estate in 2000; and the late Jack Taylor, who founded Enterprise Rent-a-Car.

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This is a developing story. Check back for updates.

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Darrell Hofheinz is a reporter for the USA TODAY Network of Florida who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. It welcomes advice on real estate news on the island. E-mail dhofheinz@pbdailynews.com, call (561) 820-3831 or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.

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