In a groundbreaking transaction, Tarpon Island, Palm Beach's only private island, has sold for a record $150 million. This sale, recorded under the address 10 Tarpon Isle, marks the highest price ever paid for a property on the Intracoastal Waterway without additional ocean frontage in Palm Beach. The ultimate sale price of $150M represented a 30% discount off the original asking price. According to the Palm Beach Board of Realtors, Margit Brandt of Premier Estate Properties represented the buyer. All the agents involved have declined to comment to multiple outlets, citing an NDA, Margit Brandt’s Instagram channel showed a short aerial video of the property which quickly racked up 45,000 views.
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Tarpon Island, located in the Estate Section of Palm Beach, spans approximately 2.3 acres and boasts 1,163 feet of waterfront views. The two-story mansion features 11 bedrooms and 28,618 square feet of living space, a lighted tennis court, and 2 swimming pools, one of which is a 98-foot-long lakefront pool with a whirlpool spa and cold plunge while the other is a jet pool.
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Developer Todd Michael Glaser, through his Miami Beach-based real estate company, led the extensive renovation and expansion of the property. Despite a confidentiality agreement restricting discussion of sale details, Glaser previously noted the unique appeal of Tarpon Island, highlighting its one-of-a-kind private bridge. The island, also accessible by boat, was purchased for $85 million in 2021, prior to the development of the island into what it is today.
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The $150 million sale is the third largest residential transaction in Palm Beach history, just behind two deals from last year: an off-market $170 million sale of an oceanfront estate at 589 N. County Road and a $155 million private transaction for the late Rush Limbaugh’s estate at 1495 N. Ocean Blvd.
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The Tarpon sale represents the largest transaction not just in Palm Beach so far in 2024, but also in Florida and likely in the United States – showing that Palm Beach County continues to be a top national destination for real estate investors, families, and companies alike. Since 2019, the transaction is the 10th largest in the ultra-luxury residential market, joining the likes of the Jay-Z & Beyonce Malibu property at $190M, Ken Griffin’s purchase of a Central Park South penthouse for $239M, and Larry Ellison’s purchase of the Ziff estate (dubbed Gemini) in Manalapan, FL for $173M.
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All in all, 40% of the 10 largest sales in America since 2019 have transacted in Palm Beach County. 100% of the top 4 sales in Florida, in the same time period, have taken place in Palm Beach County. Tarpon Island was the 4th largest sale in Florida since 2019.
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Initially listed in October 2021 during a pandemic-induced real estate boom, Tarpon Island was first priced at $125 million for the land and renovation plans. The property was later listed at $210 million pre-construction and peaked at $218 million before being relisted at $187.5 million during the final construction stages. It holds the record for the most expensive home ever marketed in Palm Beach’s MLS.
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