No Slump for Trump

Who says there’s a housing crisis? In what might be the best news in months coming out of the real estate market, on Wednesday mogul Donald Trump announced the blockbuster sale of a Palm Beach mansion for $95 million. It’s believed to be the most expensive single-family home ever sold in the United States. “I love breaking records,” Trump said on Wednesday, “and this is a record.” “At the same time, I believe the buyer made an absolutely fantastic deal, and time will prove this right,” Trump said. The buyer is Russian fertilizer billionaire Dmitry Rybolovlev, who scooped up the Donald’s property at 515 N. Country Road. The official sale is to an entity known as County Road Property LLC.

Rybolovlev is said to be one of Russia’s wealthiest businessmen. The Forbes list of the world’s billionaires places him at No. 59, with an estimated net worth of $12.8 billion.

It proves once again that no matter what anybody might say about Trump, he definitely has a keen eye for real estate. He snapped up Maison de L’Amitie in 2004 for $41.35 million at auction-$7 million less than the list price. Previously the mansion of bankrupt health care magnate Abraham Gosman,the 43,000 square foot house has enough room for multiple homes or hotel rooms. The waterfront estate had a beauty salon, a full gym and tennis court, a sunken garden with a pool and fountain, and a tennis court among its many features. Although Trump renovated the property, the 6-acre property’s real appeal is still its 475 feet of unobstructed oceanfront.
It’s also a victory for the Palm Beach mansion market, which continues to prove resilient. “I think it’s a great sign for the area, a great sign for Palm Beach and all that Palm Beach represents,” Trump told reporters.

Via AP