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Venture capitalist David Schock is the buyer of late financier and convicted sex offender Jeffrey Epstein’s Palm Beach estate, which sold for $25.845 million this week, according to a person familiar with the deal.

Mr. Skok, a partner at Matrix Partners, purchased the waterfront property through a trust, property records show. The seller was real-estate developer Todd Michael Glaser, who bought the compound in March for $18.5 million, according to records. This spring, Mr. Glaser and his colleagues demolished the existing home and listed the vacant lot in May for $29.95 million.

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The Palm Beach property has a nearly 170-foot water frontage over the Intracoastal Waterway, as well as views of the Tarpon and Everglades islands. It is located about a mile from Mar-a-Lago, the private club of former President Donald Trump, and a few blocks from the Everglades Golf Course. Epstein bought the house in 1990 for $2.5 million, records show. Prosecutors have said it played a role in their alleged sex-trafficking plans.

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After the house was demolished, Mr Glaser planned to build a house in about 14,000 square feet, The Wall Street Journal reports. However, in July the Palm Beach Architectural Review Board rejected the design. Mr Glaser said he has presented a second set of plans, which he now wants to withdraw.

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Mr Glaser said land prices in Palm Beach are skyrocketing because there is very little inventory in the market. Meanwhile, the construction cost is also increasing.

“I just want to buy land, sit on it for six to eight months, knock down whatever it is, prepare it for someone else and boom, I’m out,” he said.

Mr. Glaser paid $85 million for Tarpon Island in July, setting a record for a non-oceanic home in Palm Beach. He is re-listing the private island for $120 million.

Mr Skok did not respond to requests for comment.

Lawrence A. Lawrence Moens of Moens Associates represented the seller. Paul Birmingham of Sotheby’s International Realty represented the buyer.