The waterfront mansion in Palm Beach, Fla., formerly owned by Jeffrey Epstein is currently under contract, but don't expect to see it for much longer once the developer who bought it officially gets the keys. CNN Business reports the $22 million, 14,000-square-foot home along the Intracoastal Waterway will be razed by developer Todd Michael Glaser so that he can erect an art moderne residence he hopes to sell for about $40 million. Glaser, who specializes in demolitions like this, isn't knocking down the mansion due to its ties to Epstein, though—it's simply a business decision based on demand for high-end homes in the area. "We would have knocked it down either way," he says. "There are $50 million buyers and no houses for them to buy."
That's not to say Glaser doesn't recognize the significance of making Epstein's mansion disappear. "Palm Beach is going to be very happy that it's gone," he tells the Wall Street Journal. Local real-estate agents concur. "It's a good thing," a luxury property agent tells Realtor.com. "There was a definite stigma attached to the house. It'll be a betterment to the community to get rid of the house and the bad energy attached to it." Glaser is staying mum about what he actually paid for the home, which Epstein purchased in 1990 for $2.5 million. A source close to the deal, which Glaser says is set to close next month, says it was around $18 million. Still up for grabs: Epstein's townhouse on the Upper East Side of Manhattan, currently listed for $88 million. (Read more Jeffrey Epstein stories.)