The Palm Beach mansion owned by the late Jeffrey Epstein is set to be demolished to make way for an even more extravagant home.

The property, purchased by the financier and convicted sex offender, is estimated to be worth more than $22 million.

The 14,000 square foot Palm Beach mansion features six bedrooms, a staff house and a large swimming pool. After his death in prison last year, the property was put on the market.

The property was allegedly part of Epstein's reported sex-trafficking enterprise along with his swanky townhouse on the Upper East Side of Manhattan. His Manhattan property is still available for sale at a list price of $88 million.

Luxury real estate company The Corcoran Group closed a contract for purchase for one of its clients, Florida-based developer Todd Michael Glaser. The developer is well known for his multimillion-dollar makeovers and teardowns across the world.

According to Glaser, the decision to demolish the mansion was a business decision and had nothing to do with the negative reputation of its previous owner.  Glaser did not disclose the price he had paid for the property but it was previously listed on the open market for $22 million.

The demolition of the mansion is welcomed news for the residents of the high-end neighborhood. Glaser said that most residents, mostly ultra-wealthy seasonal owners, didn't appreciate how the mansion had tainted the reputation of the exclusive Estate Section of Palm Beach.

After it is demolished, Glaser plans to build an "Art Moderne" home that he said should be completed by 2022. He added that plans to resell the property at around $40 million once construction is completed. The price is on par with the selling price of other properties in the neighborhood. One property, owned by John Lennon and Yoko Ono, is listed for sale at nearly $50 million.

According to local real estate brokers, demand for ultrahigh-end properties in the area remains elevated. Extremely wealthy buyers are particularly on the lookout for newly constructed homes. The Epstein property is located in a relatively desirable location as it is situated along the Intracoastal Waterway.