In December, Tom Ford paid $51 million for a one-acre estate in Palm Beach, setting a record for non-beachfront real estate on the island. Then he decided to scale up, trading a 1.6-acre property in a swap deal that could be worth more than $100 million.
In March, Rush Limbaugh’s old residence on the island sold for $155 million, and a month later luxury car dealer Michael Cantanucci sold it for $170 million. Buys a beachfront estate, setting a new Palm Beach record.
“It’s kind of like a game,” says Katherine Kallergis, real dealThe Housing Secretary, Digging Deeper Insanity TRDPodcast Deconstruction. “They’re moving around, they’re figuring out what they want, and they’re still spending more than they used to.”
On the latest episode of Deconstruct, Kallergis talks about why Palm Beach has managed to retain its status as a preeminent market for billionaires, and takes us inside the most expensive property on the island, a $218 million property developed by Todd Michael Glaser mansion.
Kallergis shared clips of her tour of the estate, as well as her interview with Glaser and luxury broker Chris Leavitt, about what drove the town’s record sales.
Palm Beach “was the market with the biggest price increases” during the pandemic as wealth poured into South Florida. “It’s like a whole different world. It’s quiet and everything is manicured. There’s a lot of control to keep it just as it is.”
Listen to the full episode now apple, spotify music, Pandora, stapler Now on TheRealDeal.com.
