Iconic Palm Beach Island Sold To Aussie Buyer For $225 Million
— 29 May 2024

Iconic Palm Beach Island Sold To Aussie Buyer For $225 Million

— 29 May 2024
Garry Lu
WORDS BY
Garry Lu

Few blue chip properties have changed hands as much as Tarpon Island over the last couple of years — and rather unsurprisingly, the Florida mansion has once again been sold, this time for US$150 million (AU$225 million).

What’s even more interesting, however, is the identity of the latest custodian. According to The Wall Street Journal, this Palm Beach residence now belongs to none other than Australian infrastructure investor Michael Dorrell.

As the only private island in the area, access to the remarkable property comes via a gated private bridge, with the home itself having recently undergone a significant renovation that’s transformed it into an 11-bedroom/15-bathroom palace.

Tarpon Island Mansion

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Like we said before, by all accounts, the acquisition of Tarpon Island Mansion is just business as usual. Back in April 2021, The Wall Street Journal revealed it was in contract to sell for almost US$90 million (AU$135 million) as the latest in a long procession of the Floridian corner’s “big-ticket deals.”

Then in July 2021, it was officially sold to prolific South Florida developer — Todd Michael Glaser — for US$85 million (AU$128 million). Evidently, that wasn’t all she wrote. At least not for another calendar cycle.

Less than three months after the fact, Tarpon Island Mansion returned to the market with an asking price of US$120 million (AU$180 million); a little more than a year passed before it was next listed in December 2022; with an even steeper asking price of US$218 million (AU$328 million).

As for the most recent sale, it was originally commanded a listed price of US$187.5 million (AU$282 million) — making it the most expensive property ever on offer in the area. Though Dorrell appears to have negotiated a significantly lower figure, saving himself around AU$55 million off what was advertised (and AU$100 million from the property’s peak).

As per the AFR, Dorrell and his partner Trent Vichie run the New York-based infrastructure-dedicated investment firm Stonepeak, which currently boasts around US$60 billion (AU$90 billion) under its management.

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Known for his enthusiasm for high-priced real estate — including a US$41 million (AU$61 million) Upper East Side townhouse purchased from the Koch family — Dorrell is rumoured to have already made himself at home in Tarpon Island Mansion.

Located at 10 Tarpon Isle, this waterfront pad is truly one of a kind. Aside from over 28,600 square feet of space and genuinely panoramic views, Dorrell now enjoys a floodlit tennis court, private gym, spa + sauna + steam room + cold plunge, private docks, pools (plus a pool bar), and so much more.

Check it out for yourself below.

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Garry Lu
WORDS by
After stretching his legs with companies such as The Motley Fool and the odd marketing agency, Garry joined Boss Hunting in 2019 as a fully-fledged Content Specialist. In 2021, he was promoted to News Editor. Garry proudly retains a blue belt in Brazilian Jiu-Jitsu, black bruises from Muay Thai, as well as a black belt in all things pop culture. Drop him a line at [email protected]