Todd Michael Glaser & David Edelstein Acquire Oceanfront Property In Palm Beach For $160 Million

A 2.21-acre oceanfront property located at 911 North Ocean Boulevard in Palm Beach, FL is currently under contract for a total price of $160 million. The asset is categorized as a single-family residence. The buyers intend to demolish the existing mansion and plan to construct two speculative homes on the site, expecting to spend around $80 million per lot for development, with projected sales of each completed home at approximately $200 million.

Summary of transaction details:

• Property Type: Single Family
• Transaction Amount: $160,000,000
• Buyers: Todd Michael Glaser & David Edelstein
• Seller: Joan M. Goodman
• Market: Palm Beach, FL
• Acres: 2.21

Luxury homebuilder Todd Michael Glaser and developer David Edelstein are behind the acquisition, which is expected to set a residential sales record for Palm Beach once the homes are sold. The construction phase is projected to last at least three years, marking a significant investment in the local real estate market.