Glazers Snatch $10 Million Profit

December 26th, 2009

This news is a few weeks old, but it didn’t make the rounds among Bucs fans and the MSM, so Joe thought he’d throw it out there.

Joe caught the item while perusing the pages of the Tampa Bay Business Journal. The Glazer clan has dumped an estate on Florida’s east coast at a tidy profit.

Malcolm Glazer, owner of the Tampa Bay Buccaneers, closed Palm Beach’s biggest deal of the year with the sale of his home for $24 million, according to the Wall Street Journal.

In a report online, the Journal said the nearly 12,000-square-foot home, which has nine bedrooms and nine-and-a-half bathrooms set on 3.8 acres, had a price tag of $27.5 million and was on the market for less than 30 days. The buyer was Los Angeles real estate investor Jeff Greene.

The home was built in 1924 and Glazer’s company, First Allied Jacksonville Corp. bought it in July 2000 for $14 million, the report said. The Glazers never lived in the home, called La Bellucia.

Not bad work if you can get it: buy for $14 million and sell for $24 million.

Joe’s never been of the belief that the Glazers are hurting for cash. Although, of course, that doesn’t mean they aren’t committed to running the Bucs on a tight budget.

3 Responses to “Glazers Snatch $10 Million Profit”

  1. Paul Wiezorek Says:

    Nice profit, however those numbers don’t include cost of ownership. Taxes, insurance, etc.. Still a very good deal, taxes on something like that are not a drop in the bucket.

  2. Paul Wiezorek Says:

    Also forgot closing costs. I don’t know the millage rate in their area, but their property tax bill could exceed $3,000,000 over those 9 years, not to mention the other costs.

  3. admin Says:

    Joe here,

    Understood, Paul. But we also don’t know whether the Glazers were renting the home for a tidy sum, or what tax writeoffs the property generated. It was held by one of their companies.

    Regardless, it surely was a money-maker, and something to think about for everyone who loves every morsel of Bucs-related news.