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Glaser and his wife, Kim Glaser, moved into the $23.3 million Palm Beach home they bought in August
Developer Todd Glaser has sold his Miami Beach home for $11.8 million, according to The Real Deal.
Glaser and his wife, Kim Glaser, sold the home at 3681 Flamingo Drive to a buyer from Boston, according to Glaser and listing agent Nelson Gonzalez of Berkshire Hathaway HomeServices EWM Realty. Terrence Brewer of Grove Real Estate, Title and Legal Services brought the buyer.
The deed has not yet been registered and the exact identity of the buyer is unknown.
Many wealthy out-of-state buyers have moved to Florida in search of a tax haven. Massachusetts passed a “millionaire’s tax” in November that kicks in this year, adding an additional 4 percent annual income tax to those making $1 million or more, CNBC reported.
Todd Glaser is a South Florida spec developer focusing on the luxury market. In November, he and his partners listed a remodeled estate on Tarpon Island in Palm Beach for $218 million. This property is directly across the street from Jeffrey Epstein’s infamous former Palm Beach estate, which Glazer sold to a venture capitalist for $26 million in 2021.
The Glasers bought the Miami Beach property for $1.8 million in 2003, according to records. The deal included a land swap with the late Mickey Sawitz, whose family owns the Miami Beach establishment Joe’s Stone Crab, Glazer said.
The 0.7-acre estate, built in 1936, includes a 7,360-square-foot, seven-bedroom main house, a one-bedroom guest house and a garage with staff quarters, Gonzalez said. The estate has a total of seven bathrooms and one half bathroom, records show. The one-bedroom guest house includes a kitchen, dining room, living room and bathroom, according to Gonzalez.
The property also has a pool, 100 feet of frontage on the Intracoastal Waterway and a dock with a boat lift, the listing shows.
Over the past 20 years, the Glasers renovated the bathrooms and kitchen and did restoration work to preserve the historic character of the home, which was designed by Carlos Schoeppl. Schoeppl was a Mediterranean-style architect who designed prominent Miami Beach estates during the early half of the 20th century, according to published accounts and Gonzalez.
The main draw for the property was its unusual size, compared to typical Miami Beach properties, Gonzalez said. “Large lots are hard to come by and this was a 32,000 square foot lot,” he said. “Anything over 20,000 square feet is considered huge.”
The Glasers listed the property on-and-off starting in 2014, Realtor.com shows. The asking price peaked at $13.9 million in 2021, dropping to $11.8 million when it was relisted earlier this month.
Gonzalez attributes the back-and-forth to Kim Glaser’s concern about the sale.
“That wasn’t really Todd Glaser’s house, that was Kim Glaser’s house,” he said, joking. Once the couple bought a Mediterranean-style home designed by Marion Sims Wyeth in Palm Beach in August for $23.3 million, they were ready to sell the Miami Beach home, according to Gonzalez.
But waiting has its cost. The South Florida market has cooled significantly in recent months, showing a sharp drop in sales volume. Prices, which rose during the region’s real estate gold rush, have remained strong so far.
“Prices are holding up,” Gonzalez said. “Sellers are not lowering their prices.”
Katerina Kallergi contributed to the report.
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