Developer buys Palm Beach house for $7.9M; plans to update for resale

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After selling a renovated mansion for a recorded $150 million on Palm Beach’s private Tarpon Island in May, developer Todd Michael Glaser has another speculative residential project in the offing, this one on the North End of town.

The Palm Beach resident just bought a 1950s-era house he plans to update for resale at 291 Jamaica Lane, he told the Palm Beach Daily News.

Using a limited liability company, Glaser paid a recorded $7.895 million for the three-bedroom house near North Lake Way.

The sale came together quickly. The property was under contract within three days of being listed for sale at $7.995 million in late May, the multiple listing service shows.

A Palm Beach house built on the North End's coral ridge at 291 Jamaica Lane has been purchased for $7.895 million by developer Todd Michael Glaser, who plans to upgrade it for resale.

Glaser credited agent Patricia Mahaney of Sotheby’s International Realty for his involvement, he told the Palm Beach Daily News.

After Mahaney learned the property would be entering the market, Glaser said, she gave him a call on the day before it was listed, thinking it might interest him. The developer and his interior-designer wife, Kim, have renovated and built a number of Palm Beach homes over the past several years through his eponymous real estate company, Todd Michael Glaser.

Glaser said he immediately saw possibilities in the house, 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 the coral ridge just north of the Palm Beach Country Club — another selling point because of buyers’ flood-plain concerns.

“It’s perched up on this lot on this pretty little block,” Glaser said.

The property had been the home of the late Anne Tierney Manson, who died May 1 at 92. She was the widow of insurance broker William J. Manson Jr., who bought the house for $490,000 in 1991, property records show. He died in 2009.

Anne Manson’s son, James Todd Axt, and stepdaugher Lisa Manson Degan were the sellers, acting individually and as co-trustees of a trust in Anne Manson’s name, according to the deed recorded July 3.

Sheri Reback of Reback Realty, who held the listing, said Anne Manson had been one of her close friends. Reback runs the Palm Beach Gardens agency with her broker husband, Paul Reback, along with David Reback, John Reback, Kristin Reback and Laura Reback Bennett.

The house has been well maintained, Sheri Reback said. Distinctive interior features include peaked-and-beamed ceilings, a skylight in the kitchen and a free-standing fireplace that divides the living room from the dining area.

Glaser said projects at the house will include new wood floors and windows and a roof replacement.

Unlike the mansion on Tarpon Island, which he renovated and expanded with a group of investors, Glaser said he was the sole buyer of the Jamaica Lane home.

Glaser spearheaded the Tarpon Island project, which renovated and expanded an existing house on the property in the Estate Section. The buyer was a company affiliated with Australian investments mogul Michael Torrell, according to the Wall Street Journal, although Torrell appears to have never publicly confirmed his involvement. In the Tarpon Island deal, the buyer was represented by agent Margit Brandt of Premier Estate Properties, while agents Suzanne Frisbie of the Corcoran Group and Chis Leavitt of Douglas Elliman Real Estate acted for the sellers. Broker Christian Angle of Christian Angle Real Estate also was involved.

Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz.

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