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Russian billionaire buying Trump’s Palm Beach estate

Russian billionaire, Dmitry Rybolovlev, is buying Trump’s mansion in Palm Beach through one of his investment companies, according to the Wall Street Journal’s article today.  The  anticipated sale, reputed to be about $100 Million, will set a record for a Palm Beach residence. The purchaser is rumored to be tearing down Trump’s 33,000 square foot mansion. Obviously the value is in the 6.5 acres with 475 feet of frontage on the Atlantic Ocean. Too bad Trump didn’t save the costs of his cosmetic renovations and sell it when the market was hotter 2 years ago. He might have sold it faster if he’d torn the house down instead of renovating it – it wouldn’t be the first time that happened in Palm Beach.

In St. Petersburg (Florida, not Russia), we’re finding that the value is often in the waterfront lot and the house is just a bonus. Here, too, homes are being purchased and torn down so that new homes that meet the buyers desires can be built there.

For information on prime waterfront teardowns, as well as desirable homes, contact The Simms Team at RE/MAX Metro.

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