Oceanfront mansion Trump sold to Russian billionaire for $95 million in 2008 is to be torn down.
It was the largest single residential sale ever in Palm Beach. Trump made an estimated $55 million profit from the sale.
Trump snapped up the mansion at 515 N. County Road in 2004 at a court-ordered auction for $41.4 million. He then renovated the property before selling it to fertilizer mogul Dmitry Rybolovlev in July 2008. It appears the reason why Dmitry Rybolovlev overpaid for the estate is that he was trying to move assets out of the reach of his ex-wife. Trump reportedly never met Dmitry Rybolovlev prior or during the sale of the estate, but dealt through an intermediary. A probably intermediary is Wilbur Ross, the new Commerce Secretary (see Rachel Maddow’s piece on Trump and Wilbur Ross).
The main house encompasses 62,000 square feet. Other buildings on the property bring the total square footage to 81,738. The property is 6 acres with 475 feet of oceanfront, and sits about a mile north of Royal Poinciana Way.
According to The Palm Beach Daily News:
Known as Maison de L’Amitie, the estate was the longtime home of the late health-care magnate Abe Gosman, who lost it in bankruptcy. He died in 2013.
Over the past several years, the estate was among the disputed assets in contentious divorce proceedings, stemming from 2009, between Rybolovlev and his ex-wife, Elena. Last June, a Swiss judge reduced her $4.8 billion payout to about $604 million, but the couple reportedly settled for an undisclosed amount said to be close to $1 billion. Details were also not disclosed about whether ownership of the North County Road house had changed.
Commissioners discussed the project, but newly elected chairman Richard Sammons recused himself from the agenda item because of conflict, although he did not provide specifics as to why. Anthony Mauro of Mauro Brothers LLC spoke on behalf of the owner’s representatives at the meeting.
Courthouse records show the estate is owned by County Road Property LLC, the same limited liability company that bought it from Trump. That entity has been managed since the sale by David A. Lifson, although the company’s New York City address changed several years ago, according to state business records. Today its address is in care of Crowe Horwath at 488 Madison Ave., property records show. When Trump sold the property, the company’s address was identified as being in care of Hays & Co., which had a different Madison Avenue address.