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Palm Beach lot formerly owned by Donald Trump sells for $34M

Sold by Russian billionaire Dmitry Rybolovlev

One third of Donald Trump’s former six-acre estate just sold in Palm Beach, per The Real Deal, with Russian billionaire Dmitry Rybolovlev netting $34.34 million ($290 a foot):

Records filed on Friday show County Road Property LLC sold the 2.72-acre plot to 515 North County Road Trust. The true identity of the buyer is unknown, but the trust is managed by attorney Maura Ziska. Ziska was also involved in the deal when Rybolovlev bought the land.

Earlier this year, the Palm Beach Daily News reported that lots could sell for $40 million each, citing brokers, but the largest lot is the first to sell at about $6 million less than previous estimates.

Highlighting the largest of the three lots is the 173 feet of beachfront.

The New York Times featured Trump’s sale in August, titling it “Only in Palm Beach: The $95 Million Tear-Down.” Within the piece, it states Trump lied about the price of the sale and that Rybolovlev bought it purely as an investment.

Mr. Trump maintains he sold the property for $100 million, yet people involved in the deal, as well as the sales deed, put the price at $95 million.

At the time, Mr. Rybolovlev said he bought the property as an investment. “This acquisition is simply an investment,” he said in a statement and “does not represent a decision by me to live in the U.S.”

Meanwhile, if Rybolovlev sells the other two plots for the same $290 a foot, his investment would end up being a futile one, totaling around $91 million, which would be $4 million less than the purchase price.

Tour the full estate here.