Trump’s Palm Beach Pad Sells for $95 Million

Donald Trump's Palm Beach Estate

It’s official: Donald Trump’s Palm Beach mansion has been sold. The Donald claims the deal went down for $100 million, but give or take $5 million dollars, the official price on the deed is $95 million, sold Tuesday to Russian fertilizer billionaire Dmitry Rybolovlev.

Although The Donald will part ways with Maison de L’Amitie (rough translation is “Best wishes house”), a new name for the property could be “Cette Maison va etre Demoliegot” (roughly, “House to be torn down”). It is rumored that Rybolovlev wanted the property for its waterfront location and land value and he would raze it and redevelop to maximize the land’s value. Oh mon dieu!

This sale is the ultimate flip for Trump: He bought it in a bankruptcy auction for $41 million in 2004, put in $25 million in renovations and sold it four years later for a profit of $29 or $34 million, depending on that $5 million fudge number. He was originally asking $125 million for the property, but nevertheless, this $95 million deal is allegedly the most expensive real estate transaction in the U.S. to date.

Here are some other recent pricey Palm Beach sales, according to the Palm Beach Post:

• 1236 S. Ocean Blvd., Palm Beach — Sold in 2008 for $77,500,000. Billionaire businessman and philanthropist Sidney Kimmel sold his property to John L. Thornton, 54, a former Goldman Sachs partner and chairman of the Brookings Institution.
• 60 Blossom Way, Palm Beach – Sold in 2008 for $68,500,000. Sold by George L. Lindemann to White Sea Holdings LLC. (Hmmm, who is that?)

Related post on the Trump sale.