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Joel, Darcie Glazer Kassewitz buy Intracoastal estate at 850 S. County for $20.5M

Posted On: 03-18-2010

Joel, Darcie Glazer Kassewitz buy Intracoastal estate at 850 S. County for $20.5M

By DARRELLHOFHEINZ

Posted: 7:18 p.m. Thursday, March 18, 2010

Palm Beach real estate observers who have bemoaned the lack of $20 million-plus sales over the past year should be thankful for billionaire Malcolm Glazer and his family.

A trustee’s deed shows that Glazer’s daughter and her husband this week bought a waterfront home for $20.5 million, marking the island’s largest recorded transaction so far this year. The purchase came on the heels of Malcolm Glazer’s sale in December of a historic Palm Beach home for $24 million — the largest transaction of 2009.

Darcie Glazer Kassewitz and husband Joel Kassewitz, who already owned a house in Palm Beach, on Wednesday bought 850 S. County Road, according to a deed filed with Palm Beach County. The house has more than 200 feet of frontage on the Intracoastal Waterway and stands in the historic Estate Section.

Selling the house, which has 16,491 square feet, were Florida West Coast developers and brothers Miles C. Collier and Barron G. Collier II, acting individually and as co-trustees of the Isabel Collier Read Trust, named for their late mother, the trustee deed stated.

Appraised at nearly $15.5 million for the county’s 2009 tax rolls, the house had not been listed for sale publicly. The sale was arranged by real estate agent Gregory K. Weadock, a senior associate in Brown Harris Stevens’ Palm Beach brokerage. Weadock, who represented both the buyers and sellers, declined Thursday to confirm the names of those involved or give specific details about the deal.

“This sale demonstrates that substantial properties like this one in Palm Beach still achieve very respectable numbers in the marketplace and will always be desirable,” Weadock said.

The Kassewitzes bought their first Palm Beach house on North Lake Way in 2004. Several siblings of Darcie Glazer Kassewitz also have bought homes here.

Malcolm Glazer owned the Addison Mizner-designed La Bellucia at 1200 S. Ocean Blvd. until last December, when he sold it through a holding company to Los Angeles real estate developer Jeffrey Greene. Glazer and his wife, Linda, own another Palm Beach mansion at 1482 S. Ocean Blvd.

The Kassewitzes’ new house had been the home of philanthropist Isabel Collier Read, who died in February 2008. She was the daughter-in-law of Barron Gift Collier, who developed thousands of acres on the West Coast and was the namesake of Collier County. Isabel Collier Read married Barron Collier’s son, who died in 1954. In 1959, she married William A. Read Jr.

Weadock, who has sold real estate in Palm Beach for 15 years, said the sale of the South County Road house “proves that the Palm Beach real estate market continues to be a solid and strong investment vehicle for buyers and sellers.”

He also said it was “an honor and a privilege to help all the involved parties with putting this deal together and bringing it to a successful conclusion. Everyone is very pleased with the outcome.”

Darcie Glazer Kassewitz has been active with the Make a Wish Foundation of Southern Florida in Palm Beach and is co-president of the Glazer Family Foundation, which supports charitable projects in west-central Florida. Joel Kassewitz is a partner in Sterling Palm Beach, which recently withdrew its controversial redevelopment plan for Royal Poinciana Plaza.

Malcolm Glazer holds controlling stakes in the Manchester United soccer team and owns the NFL Tampa Bay Buccaneers. He was ranked number 400 on the latest Forbes list of the world’s most wealthy.

Source: Darrell Hofheinz, March 18, 2010, Palm Beach Daily News

http://www.palmbeachdailynews.com/business/joel-darcie-glazer-kassewitz-buy-intracoastal-estate-at-392870.html

Daily News Staff Writer

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