Michael Dorrell Buys Tarpon Island in Palm Beach for Record-Breaking $150 Million

According to sources familiar with the transaction, Michael Dorrell, an Australian infrastructure investor, has purchased Florida’s Tarpon Island for $150 million. This sale, first reported by the Wall Street Journal, marks a record for lakefront properties in the area. Officially recorded last Friday, the sale of 10 Tarpon Isle set a new benchmark despite selling at a significant discount from its most recent listing price of $187.5 million.

Dorrell, the chairman and CEO of Stonepeak, an infrastructure investment firm based in New York, has previously made headlines with high-profile real estate acquisitions. He spent $34 million on a waterfront teardown in Coral Gables, Florida, and $41 million on an Upper East Side townhouse from Julia Koch, widow of billionaire David Koch.

Dorrell’s latest acquisition is the approximately 2-acre Tarpon Island, Palm Beach’s only private island. The property features a 29,000-square-foot mansion with 1,163 feet of waterfront, a lighted tennis court, a tennis pavilion, two private docks, a pool, and an outdoor kitchen. The compound includes 11 bedrooms, 15 bathrooms, and a wellness wing with a massage room, a hair and nail salon, a steam room, a sauna, and a home gym. Additionally, it boasts a five-car air-conditioned garage with two Tesla chargers.

Originally purchased by developer Todd Michael Glaser in 2021 for $85 million, Tarpon Island underwent extensive renovations and expansion. Glaser emphasized the uniqueness of the property due to its private bridge, a feature not found in other Palm Beach homes. The renovations transformed the estate into a luxurious 11-bedroom, 15-bathroom palace, incorporating the island’s original 1930s home as a guest pavilion and wellness facility.

The sale was handled by Chris Leavitt of Douglas Elliman, along with Suzanne Frisbie of the Corcoran Group, and Christian Angle of Christian Angle Real Estate. Leavitt described the property as a rare and unique asset, akin to a rare Picasso or vintage car, underscoring its singularity as the only private island in Palm Beach.

The transaction, while below the most recent asking price, highlights the enduring desirability of Palm Beach waterfront properties. Leavitt noted the continued strong demand for such properties, suggesting that the market is far from reaching its peak.

Michael Dorrell, whose connection to high-value real estate is well-documented, has added another significant asset to his portfolio with the purchase of Tarpon Island. This acquisition reflects his continued investment in prime luxury properties across the United States.