A Palm Beach specification house that was once part of former President Donald Trump’s property is set to sell for around $ 140 million, according to an updated multi-listing service.
The most expensive listing in a city already known for over-the-top estates, the 21,000-square-foot mansion, as the Wall Street Journal first reported, was tacitly launched for $ 140 million a few weeks ago.
If the property closes at that price, as a source states, it would be the second expensive single-family home sold in the US to date, just behind the Warner property that Amazon CEO Jeff Bezos sold for $ 165 million last year. Bought dollars.
The nine-bedroom waterfront mansion was recently completed, but the property has a long history: it was once part of a Trump estate known as the Maison de L’Amitié, which he bought in 2004 for $ 41.35 million.
That property owned a 61,744-square-foot residence that Trump sold to Russian fertilizer billionaire Dmitry Rybolovlev in 2008 for $ 95 million. While Trump tried to inflate and promote it as his first $ 100 million sale, it was still the most expensive sale in the country when it sold. (“I love breaking records,” Trump said at the time he was still on The Apprentice. “And that’s a record.”)
After the sale, Rybolovlev demolished the mansion at 515 North County Road and divided it into three separate lots. The current one was sold to Florida home builder Mark Pulte in 2017 for $ 37 million.
The seller was a Pulte-controlled limited company, while the anonymous buyer, according to WSJ, is a New Yorker moving to Florida as part of the pandemic. Lawrence Moens of Lawrence A. Moens Associates represented the seller, while Ryan Serhant of Serhant and Christopher Leavitt of Douglas Elliman worked with the buyer.
Despite being divided into three lots, the property has been controversial due to its association with Trump. When investigated for possible Russian collusion during the 2016 campaign, Oregon Senator Ron Wyden urged the Treasury Department to release financial records and investigate how the value could have nearly doubled in four years.
In 2005, apprentice winner Kendra Todd was hired to oversee a $ 25 million renovation of the property. A demolition request filed by the New York Times in 2016 was limited to a new kitchen, bedroom, bathroom and “minor interior changes to doors and frames” and windows. “
“I don’t care about the house,” Trump told Miami gossip blogger José Lambiet in 2013, according to a 2013 Gossip Extra report. “I bought it for $ 41 million, applied $ 3 worth of paint, and cleaned it well – and I sold it for the highest price ever for a single family home. “
While the reasons for the high cost of the renovation were never revealed (Todd once told Inman that the allegations that the $ 25 million wasn’t put into the property were false), real estate professionals were the ones who worked during the 2004-2008 housing bubble worked in Florida This type of price jump was characteristic of the region at the time – real estate values rose at rates that had not been seen decades before the now historic real estate crash.
“In my opinion, Trump was in the right place at the right time from 2004 to 2008 – Florida -” South Florida real estate agent Jim Weix told Inman in 2018. “Though his number was greater, he just did what everyone else did, [which was] take advantage of crazy revaluation rates. “
However, given the January 6th riot at the Capitol and his tumultuous presidency, Trump’s name has become a scarlet letter that many Palm Beach residents do not wish to be associated with.
Last month, residents of Trump Plaza Palm Beach voted to officially remove his name from the building while others sought to part with Mar-A-Lago and the overwhelming presence of the Trump family in the city.
“In the last four years there have been many protests starting there and leading to Mar-a-Lago,” real estate agent Tim Frater told Inman. “I don’t know how that affects sales.”
Email Veronika Bondarenko