In a tumbling real estate market where the prices for the top tier of luxury home are dropping at a stomach-churning rate, there are a few bright spots. This past May, mogul Donald Trump managed to sell his Palm Beach, Florida estate, the famed Maison de L’Amitie, for a cool $100 million. The buyer was fellow billionaire Dmitry Rybolovlev, a Russian chemical oligarch.
While the final sale amount seems impressive, the full story shows that this supposed bright moment in a dark time for sellers is a little bit dimmer than it appears. Rybolovlev received a whopping $25 million discount off of the asking price listed for the estate. This is the largest concession in price for a single residence ever recorded. Now that’s more in line with what we’d expect from this market.
Still, the sale was overall a good one for Trump. Considering he only spent $41.4 million when he purchased the Maison de L’Amitie four years prior, he still managed to turn a tidy profit.