July 18, 2008
SPOTLIGHT PEOPLE
Trumping the US real estate slump
THE real estate market in the US might be slumping, but not for Mr
Donald Trump, who has sold a Palm Beach mansion for US$100 million
(S$135 million) to a Russian billionaire.
'In an age of so many people getting hurt in real estate, it shows
you can still do well,' he told The Associated Press in a recent
telephone interview.
His spokesman says US$100 million is the highest sum ever paid for an
estate in the United States, though there is no way to verify that
claim.
Russian fertiliser billionaire Dmitry Rybolovlev's new 60,000-sq ft
oceanfront home, called Maison de L'Amitie, is spread over several
buildings and includes coat closets and bathrooms off the main
entrance for easy entertaining.
Mr Trump had paid about US$41 million for it in 2004. The American
tycoon assigned renovations to Ms Kendra Todd, the winner in 2005 of
the third season of his reality TV show The Apprentice. She dressed
it up with marble and 24K gold fixtures.
Despite his upbeat assessment of the sale, the mansion did not quite
meet Mr Trump's target price. He originally put the pile on the
market in 2006 for US$125 million.
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