The Dirt: Gulfstream Hotel in Lake Worth Beach finally sells and is ready for renovation

Kimberly Miller, Palm Beach Post
Updated ·4 min read
A bridge connects private Tarpon Island to the rest of Palm Beach, which can be seen at the far left and rear. The renovated-and-expanded mansion at 10 Tarpon Isle is listed at $187.5 million.
A bridge connects private Tarpon Island to the rest of Palm Beach, which can be seen at the far left and rear. The renovated-and-expanded mansion at 10 Tarpon Isle is listed at $187.5 million.

Welcome to The Dirt! I’m real estate reporter Kimberly Miller with the latest developments in the sizzling market.

I was in Orlando last week doing my weather gig, which is in addition to the real estate gig, and might be ramping up this hurricane season with El Niño saying sayonara, so what'd I miss? Oh, I'm supposed to be telling you that!

Ok, well, we'll catch up together. Palm Beach Post county reporter Mike Diamond has a story about a new recreational vehicle park with large paved areas that may be coming to the Ag Reserve and that makes sense of course because the Ag Reserve was designed to protect rural areas and farming (sarcasm, folks). Van life anyone?

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Also, could Vanderbilt University be headed to West Palm Beach to build on the land that the University of Florida rejected? Remember that kerfuffle? There's been something in the works for about a year, writes lead business reporter Alexandra Clough.

And, we have another reality TV Realtor in our midst, or at least an office of a reality TV Realtor. Any guesses? He's known for his high kicks and hijinks, and he moved to Miami last year. Then there's news on the Gulfstream Hotel and millionaires galore!

Gulfstream Hotel sells and could be just 15 months away from a finished renovation

City of Lake Worth Beach elected officials spoke at a press conference at Bryant Park to announce the possible redevelopment of the Gulfstream Hotel on Tuesday, March 2, 2021.
City of Lake Worth Beach elected officials spoke at a press conference at Bryant Park to announce the possible redevelopment of the Gulfstream Hotel on Tuesday, March 2, 2021.

The saga of the Gulfstream Hotel in Lake Worth Beach is worthy of its own mini-series, or a mega-series considering its nearly 100-year history and the challenges it has faced since closing in 2005 (hello Netflix?). But there is light at the end of the hallway.

It finally sold and is under the control of Restoration St. Louis, which has promised to bring back its grandeur, which should create an economic boost to the quirky beach town. Sure, termites ate the historic bar and the pandemic stymied funding, but things are back on track and the new owner called the finished deal a "miracle."

Tarpon Isle is under contract and who in the heck can afford the $187.5 million price?

With a 98-foot swimming pool, a renovated-and-expanded house at 10 Tarpon Isle on a private island in Palm Beach is listed at $187.5 million. The tennis pavilion is at the far left, while the guest wing is at the far right.
With a 98-foot swimming pool, a renovated-and-expanded house at 10 Tarpon Isle on a private island in Palm Beach is listed at $187.5 million. The tennis pavilion is at the far left, while the guest wing is at the far right.

Admit it, you never thought 10 Tarpon Isle in Palm Beach would sell. But it has! And while the buyer and details of the sale price aren't known yet, the spec home with a 98-foot swimming pool and lighted tennis pavilion is listed as pending in the multiple listing service.

The price on the estate buoyed to $218 million before dipping to the bargain basement price of $187.5 million in November. It's got a private bridge for goodness sake! Lots of homes in Palm Beach have tunnels, but a bridge? Nope, this place is unique even among the ultra well-heeled affluent elite of the world.

We may be learning a lot about the Vanderbilt University Commodores

Vanderbilt University is being wooed by some municipal leaders and scions of development to open a business school in downtown West Palm Beach. The idea is that Vandy (can I call it that?) would educate the young Wall Street South executives so they could glide seamlessly into the towers at 360 Rosemary and One Flagler.

The school would be built on 2 acres of land owned by the City of West Palm Beach, and 5 acres owned by Palm Beach County, so I'm sure there will be a lot of public meetings and open discussion about the plan soon. Right?

Reality TV stars Fredrik Eklund, Mauricio Umansky and Ryan Serhant all put down roots in Palm Beach County real estate

Fredrik Eklund
Fredrik Eklund

Former reality-TV star Fredrik Eklund from the “Million Dollar Listing” series threw his hat into the Palm Beach County real estate realm with an office at the Jupiter Yacht Club a few years ago, but then this thing happened in 2020 and the announcement of the opening got a little overshadowed by a pandemic. Since then, Ryan Serhant and Mauricio Umansky opened offices to much more fanfare.

Eklund moved to Miami from California in 2023 and while he's focusing on Magic City projects for the time being, he has West Palm Beach and Palm Beach on his "vision board" while his agents wheel and deal in in the 561.

Personally, my vision board includes a winning Powerball ticket and a small oceanfront cottage near a never-fail surf break. How about you?

Live lightly.

Kimberly Miller is a veteran journalist for The Palm Beach Post, part of the USA Today Network of Florida. She covers real estate and how growth affects South Florida's environment. Subscribe to The Dirt for a weekly real estate roundup. If you have news tips, please send them to kmiller@pbpost.com. Help support our local journalism, subscribe today.

This article originally appeared on Palm Beach Post: Lake Worth Beach Gulfstream Hotel finally sells and ready for renovation