Former Trump Property Sold for a Record-Setting Price in the Town of Palm Beach

Former Trump Property Sold for a Record-Setting Price in the Town of Palm Beach

Former President Trump’s name has been connected to several Town of Palm Beach real estate headlines recently. Although the first family’s continued presence at Mar-a-Lago has attracted media attention, details regarding another Trump-connected property have also been in the news. In February, news broke that a Palm Beach property once owned by the former president closed for the highest recorded single-family sales price in the town’s history. Here is more on the former Trump property that sold for a record-setting price in the Town of Palm Beach.

The Record-Breaking Sale of 535 N. County Road

After being on the market for a short time, the fully-furnished, beachfront speculation mansion located at 535 N. County Road closed for a recorded $122.695 million. According to reports, this transaction set a new residential sales record for the Town of Palm Beach and possibly the entire state of Florida. The sales price is also reportedly the second-highest for a single-family home on record in the United States.

The property was purchased using a limited liability company named 535 NCR LLC, which acted as trustee of an ownership entity, the NCR Land Trust, a Florida land trust. According to reports, the buyer was Scott Shleifer, co-founder of private equity investment firm Tiger Global Management.

According to a recent article, the second-most-expensive price for a residential property in the Palm Beach Board of Realtor’s Multiple Listing (MLS) was entered in 2017. The property, a 5.5-acre landmarked ocean-to-lake estate located at 1500 S. Ocean Blvd. owned by internet pioneer Jim Clark, sold for $115 million.

The Estate at 535 N. County Road

The recently sold expansive estate at 535 N. County Road sits on 2 acres along the area often referred to as the North End’s Billionaire’s Row. This two-story mansion offers 21,066 square feet of living space inside and out, including the main dwelling and guest property, totaling nine bedrooms. The home was designed in contemporary-style by William M. Boyle of Boyle Architecture, featuring clean lines, large expanses of glass throughout, extensive stone and tile work, with a white stucco exterior. The interior design work was completed by Marc-Michaels Interior Design of Winter Park, and Boca Raton decorated the house and chose its interior finishes and furnishings. The spacious home faces 150 feet of shoreline, has a main property pool with loggia and includes a separate guest house pool.

535 N. County Road and Former President Trump

The lot at 535 N. County Road was once part of a 6.26-acre tract owned by former President Donald J. Trump. According to a recent article, the then real estate investor purchased the property in 2004 at a bankruptcy auction for approximately $41 million. He then made renovations and sold the land and a mansion on the property for $95 million. According to reports, in 2016, the new owner, Russian billionaire Dmitry Rybolovlev, had the home razed and subdivided the land into three parcels. The lot at 535 N. County Road was sold to an ownership entity linked to developer Mark Pulte of Mark Timothy Inc. in April of 2018 for $37 million. The company then built the home that is now located at 535 N. Country Road on the site.

Contact the Florida Board Certified Real Estate Attorneys of Rabideau Klein

At Rabideau Klein, we have extensive experience handling multi-million-dollar transactions for high-end commercial real estate in the Town of Palm Beach and Palm Beach County. David E. Klein, Esq. and Guy Rabideau, Esq. are also Florida Bar Board-Certified Real Estate attorneys with the expertise and experience you need to protect your interests during your Palm Beach luxury real estate matter.  Contact Rabideau Klein today to discuss your Palm Beach real estate legal needs.

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