Todd Glaser Sues Over Golden Beach Mansion Build

Spec builder Todd Michael Glaser has sued over the yearslong construction of a mansion at 365 Ocean Blvd in Golden Beach, according to The Real Deal.

The outlet reported on Oct. 5 that Glaser filed the suit on Sept. 10 in Miami-Dade Circuit Court against the owner’s entity, which it ties to Richard Reinhart. The Real Deal says Glaser seeks about $4.9M in fees and up to $4.5M in damages.

Why it matters

Fee fights between builders and owners tend to surface late, after the schedule and the budget have both slipped. A suit of this size over a single oceanfront-corridor home is a reminder to builders that a long custom build is a credit exposure as much as a construction job. We have not seen the complaint, and the owner’s side of the dispute was not available to us.

The numbers

The Miami-Dade Property Appraiser lists 365 Ocean Blvd under Central Park Tower Corp, in care of an attorney. We could not confirm from the record that this is the entity named in the suit.

• Lot: 27,900 square feet, about 100 by 279 feet, zoned single family.
• Last sale: Aug. 26, 2019, for $10.75M, roughly $385 per square foot of land.
• 2026 market value: $19.53M, all of it land. The roll shows no building value.
• 2026 assessed value: $11.93M, after a non-homestead cap reduction of about $7.6M.

The land alone is now valued at about 1.8 times the 2019 price. The roll still classifies the parcel as vacant residential, so whatever has been built is not yet counted in the appraiser’s building value. Roll values are set as of Jan. 1, so that gap does not say how far along the house is.

What’s next

The case will turn on the contract and the payment history, which sit in the court file and not in the property record. Watch the docket for the owner’s answer and any counterclaim, and watch the appraiser’s roll for a building value once the structure is assessed.

Source: The Real Deal.