Business & Finance
Brought to you by: Monaco Life
Monaco resident and majority owner of the AS Monaco football club, Dmitri Rybolovlev, is demolishing the Palm Beach, Florida, mansion he bought from Donald Trump in 2008 for $95 million, according to local press reports.
Backhoe loaders and dump trucks have started crushing and carting away the 5,736 square metre French provincial home on the 2.4-hectare beachfront estate known as Maison de l’Amitié.
Also coming down is 7,618 square metre tennis house, a pool house and a carriage house. While such teardowns have become common in Palm Beach and other high-end resort towns, the demolition of this famous estate represents a new level of disposable wealth, Stuff reports.
Bought by Trump in 2004 for $41 million, the residence has featured as one of the top ten most expensive homes in the world. It has sat empty since the sale to Rybolovlev – a monument to the housing bubble and to Trump’s salesmanship.
Locals are asking what will come next for one of Palm Beach’s biggest white elephants, and whether its value can ever reach its 2008 record price.
According to town planning documents, the owner plans to split the property into three parcels that will be sold. Last week, the Palm Beach Town Council approved a proposal to subdivide the property. It’s unclear when the properties will be listed. Brokers say each parcel, at around two acres, would have to sell for $35 million to $40 million for the owner to make a profit.
Trump put the home on the market in 2006 for $125 million, making it the most expensive listing in America at the time. When no buyers emerged and Trump replaced several brokers, he trimmed the price to $120 million, eventually selling to the current owner. (Source: Stuff)
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