Donald Trump has sold the Palm Beach estate he bought for $US41.35 million in 2004 for $US100 million.
The lowdown of what the buyer is getting for their money:
- 6 acres
- 475 feet of oceanfront
- 62,000-square-foot home with nine bedrooms
- Media room
- Wine room
- Art gallery
- 4,100-square-foot conservatory
- Two guest houses
- 48-car garage
The 80,000-square-foot property at 515 N. County Road sits on 6 acres and has 475 feet of unobstructed oceanfront, making the price per linear foot $210,526.
The deal reflects the still-booming mansion market in Palm Beach, a market seemingly immune to the gyrations in the residential real estate industry.
The unnamed buyer is considering tearing down the recently remodeled mansion and possibly subdividing the property, according to sources. Although bulldozing an 80,000-square-foot luxury estate might seem bizarre for the average homeowner, it’s nothing new for ultra-rich buyers willing to pay huge sums for precious oceanfront property.
Trump paid the fire-sale price of $41.35 million for the estate in 2004. He bought it from bankrupt Abe Gosman, a former health-care magnate and Palm Beach philanthropist, then poured $25 million into a renovation overseen by Kendra Todd, winner of the third season of Trump’s TV show The Apprentice. The redo resulted in a 62,000-square- foot mansion with nine bedrooms, a ballroom, a conservatory and a 48-car garage.
But as proof that even the super-rich are not completely immune to the whims of the market, Trump did have to come down from his original asking price of $125 million.
When he put the estate up for sale in October 2006, it was the most expensive property listed for sale in the United States at the time. The part-time Palm Beach resident, owner of Mar-a-Lago, only recently dropped the price to $100 million.