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Former Trump property aims to be Palm Beach's most expensive ever
PALM Beach real estate is on a hot streak attributed variously to Covid-19, the state and local tax, and Florida's own zero per cent income tax rate.
Now, the thin barrier island's boom market will face its greatest test yet: on Monday, the Palm Beach Post reported, a fully furnished spec home at 535 North County Road hit the market for US$140 million.
If it sells at ask, it would be the most expensive real estate transaction in Palm Beach history.
To date, the record is held by a 70,000-square-foot home on 2.42ha, which sold in 2019 for US$111 million. This new listing, represented by broker Lawrence Moens, sits on 0.81ha and has about 21,000 square feet of interior space.
The premium, Corcoran broker Paulette Koch says, comes from the home's newness. "This is a property where you can move into it tomorrow. There's a value to that. Buyers in that price category like ease."
The property has set records before. US President Donald Trump bought a 2.42ha lot at a bankruptcy auction in 2004 for around US$41 million, and then in 2008 flipped it to the Russian fertiliser billionaire Dmitry Rybolovlev, who purchased the land for an unprecedented US$95 million.
After holding onto the property for nine years, Mr Rybolovlev subdivided it and sold the 0.81ha lot in question for what the Palm Beach Daily News reported as US$37 million to Mark Pulte, a real estate developer in Boca Raton.
After multiple setbacks from Palm Beach's notoriously strict architectural board, Mr Pulte was given the green light for construction of a home designed by architect Bill Boyle.
The completed house has nine bedrooms, 12 baths, and seven half-baths. The house sits on the ocean, with 45.7m of shoreline. It has a large pool, manicured hedges, and a trim green lawn that leads to the beach.
The house is not just furnished - it is stocked, similar to mega-mansions that recently flooded the Los Angeles market, for a ready-made lifestyle. BLOOMBERG