The only private island in Palm Beach just hit the market for an eye-watering $210 million. The rare island is back on sale after selling for a record-breaking $85 million over the summer, proving that the Florida real estate market is flaming hot.

Located West of Palm Beach, the 2.27-acre space is known as Tarpon Island. The secluded island has 1,300 feet of water frontage on all four sides. The only way to access the gated lake property is via a narrow bridge or accessing the private dock via boat.

Designed by renowned Palm Beach architect Howard Major, the island features a 12,321-foot British Colonial-style mansion. The island also features a well-lit outdoor tennis court, a rarity in Palm Beach.

The Island was re-listed again last week for $125 million as is, which is $35 million more than it sold for in July.

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The property was purchased by Palm Beach real estate developer Todd Michael Glaser who has big renovation plans for the island. Construction plans include adding almost 25,000 square feet to the house, two swimming pools, and a six-car garage on top of the six spacious bedrooms.

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Buyers who are waiting for the much-needed renovations will have to dish out a bit more for the private island. Glaser says the property will cost a jaw-dropping $210 million once the renovations are finished, shattering all previous records for not only Palm Beach but the entire state.

A post shared by Todd Michael Glaser (@toddmichaelglaser)

When explaining why the Palm Beach market was so hot compared to Miami, Glaser told Haute Living that a lot of unique properties were starting to come to the market, including Tarpon Island.

“A lot of stuff that had not come on the market for at least 50, 60, 70 years is starting to bubble up. They are big, expansive estates, and Miami Beach does not have that. The Palm Beach market, like Tarpon Island, really does not exist in Miami.”

The real estate market in Palm Beach has surged to levels never seen before, with record-breaking prices. While Tarpon Island broke the record for lakefront property, a beachfront mansion will cost you a bit more. A beachfront mansion on 2 acres was not only the most expensive single-family home ever sold in Palm Beach but at $123 million, it likely set a Florida price record as well.

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Sources: Wall Street Journal, Haute Living

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