Jeffrey Epstein's notorious $22 million Palm Beach mansion In Palm Beach, Florida, is set to be demolished, according to a developer who recently purchased the property. Florida-based property developer Todd Michael Glaser said that the existing building will be demolished to make room for a larger and more expensive building on the property. He said that the local residents of Palm Beach will be happy to see the building go.
Luxury real estate agent Mary Jane "MJ" McElwaney, of the Nicklaus Vance Realty Group in North Palm Beach, told realitor.com that there was a stigma attached to the house.
"It'll be a betterment to the community to get rid of the house and the bad energy attached to it,” McElwaney said.
Glaser said he intends to build an Art Moderne residence which he expects to be completed in the spring of 2022. the property was initially on the market for $22 million, but Glaser did not say how much he actually paid in the final sale. He did reveal that he hopes to eventually put the new house on the market for $40 million. This price would not be unusual for the area, a home in the area that was once owned by John Lennon and Yoko Ono recently sold for $36 million, after being listed for nearly $50 million.
Glaser said that there is a high demand in this area because so much of the real estate is already spoken for, which drives up the cost of the remaining houses. Epstein's home was likely purchased for a comparatively small rate because of the reputation of its former owner.
"There are $50 million buyers and no houses for them to buy. I've never seen a pent up demand like this. There is no inventory," Glaser said.
The property sits along the Intracoastal Waterway, which is a very high demand area.
Glaser works exclusively in Palm Beach, Miami Beach, and Nantucket, so he won't be going after any of Epstein's other US properties. Epstein's townhouse on the Upper East Side of Manhattan is still on the market for $88 million, according to a listing with the Modlin Group. Epstein had numerous properties all over the world that are being liquidated with his estate. Much of his estate will be going towards a victim compensation fund.
New details about Epstein’s crimes and his associates are expected to be revealed during the upcoming criminal trial against Ghislaine Maxwell. Epstein and Maxwell were connected with major players on both sides of the political spectrum, including the Clintons and the Trumps, who have a lot to lose if Maxwell discusses their involvement with Epstein’s trafficking ring. With how many people that Epstein was connected to there is no telling what can be revealed in the upcoming trial.
Epstein was arrested again on July 6, 2019, on federal charges for the sex trafficking of minors in Florida and New York. He died in his jail cell on August 10, 2019. The medical examiner ruled the death a suicide. Epstein's lawyers have disputed the ruling, and there has been significant public skepticism about the true cause of his death.