Developer Todd Michael Glazer paid $7.9 million for a 1950 home at 291 Jamaica Lane. He says he will improve it and then resell it.
After selling a renovated mansion on Palm Beach’s private Tarpon Island for $150 million in May, developer Todd Michael Glazer has another speculative residential project, this one on the city’s north end.
A Palm Beach resident recently bought a 1950s home that he plans to renovate at 291 Jamaica Lane, he told the Palm Beach Daily News.
Using a limited liability company, Glazer paid $7.895 million for the three-bedroom home off North Lake Way.
The sale was quick. The property was under contract within three days of being listed for sale in late May for $7.995 million, the multiple listing service shows.
Glazer named Sotheby’s International Realty agent Patricia Mahan for his involvement, he told the Palm Beach Daily News.
After Mahaney learned the property would be on the market, Glazer said he called her the day before the listing, thinking she might be interested. The developer and his interior designer wife, Kim, have renovated and built many homes in Palm Beach over the past few years through his eponymous real estate company, Todd Michael Glazer.
Glazer said he immediately saw the possibilities in the home, which was built in 1950 with architecture reminiscent of California homes in Monterey and Montecito. The residence has 4,516 square feet of living space, inside and out.
The quarter-acre lot has a relatively high elevation on Coral Ridge just north of Palm Beach Country Club — another selling point because of buyers’ flooding concerns.
“It sits on this lot on this nice little block,” Glaser said.
The property was the home of the late Ann Tierney Manson, who He died on May 1 at the age of 92. He was an insurance broker named William J. Manson Jr.’s widow, who bought the home for $490,000 in 1991, property records show. he He died in 2009.
Ann Manson’s son James Todd Axt and stepdaughter Lisa Manson Degan were the sellers, acting individually and as co-trustees of the trust on behalf of Ann Manson, according to a deed recorded July 3.
Sheri Reback of Reback Realty, who handled the listing, said Ann Manson was one of her close friends. Reback runs the Palm Beach Gardens agency with her broker husband, Paul Reback, along with David Reback, John Reback, Christine Reback and Laura Reback Bennett.
The home was well maintained, Sherry Rebeck said. Outstanding interior features include peaked and beamed ceilings, skylights in the kitchen and a free-standing fireplace that separates the living room from the dining area.
Glazer said home projects include new hardwood floors and windows and a roof replacement.
Unlike the mansion on Tarpon Island, which he renovated and expanded with a group of investors, Glazer said he was the sole buyer of the Jamaica Lane home.
Glaser spearheaded the Tarpon Island project, which renovated and expanded an existing home in the property’s subdivision. According to the Wall Street Journal, the buyer was a company affiliated with Australian investment magnate Michael Torrell, although Torrell has apparently never publicly confirmed his involvement. Agent Margit Brandt of Premier Estate Properties represented the buyer in the Tarpon Island transaction, and agents Susan Frisby of the Corcoran Group and Chis Levitt of Douglas Elliman Real Estate acted for the sellers. Broker Christian Angle of Christian Angle Real Estate was also involved.
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Darrell Hofheinz is a Florida reporter for the USA TODAY Network who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes advice on real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz.