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real estate developer boughtJeffrey Epstein 's former Palm Beach home and plans to demolish it. - The property sold for $18 million, $4 million under asking.
- It was one of six known luxury properties owned by Epstein.
Jeffrey Epstein's former Palm Beach mansion is planned for demolition, The Wall Street Journal first reported Monday.
The beachfront residence was first listed in July for $22 million, along with Epstein's New York townhouse. The funds from the sales will contribute to Epstein's estate, which will serve as a compensation fund for victims of Epstein's alleged abuse, some of which took place at the
Real estate developer Todd Michael Glaser told WSJ that he bought the property in a deal set to close in December. Another person told the paper that the price was about $18 million, about $4 million below asking price. The estate, which Glaser plans to demolish, has a 14,000-square-foot, six-bedroom main house, a three-bedroom staff house, and a pool house. It is located about a mile from Trump's private Mar-a-Lago club, with views of Everglades islands, all set along 170 feet of waterfront property, the WSJ reported.
When the home was first listed, listing agent Kerry Warwick of the Corcoran Group told The Wall Street Journal, "I believe the past ownership of the property will bear no relationship to its future" in regard to the price.
Epstein reportedly bought the home for $2.5 million in 1990. Glaser told WSJ that he plans to tear down the existing home to build a 14,000 square foot Art Moderne home, an architectural style that developed out of Art Deco.
"Palm Beach is going to be very happy that it's gone," Glaser told the paper.
Epstein's other properties are expected to hit the market as well.