If Only... We Should All Be This Lucky!

While the rest of the entire country is having a difficult time selling their properties in this tough real estate market, it seems that life for those who live and sell property on Palm Beach island is a bit rosier and more surreal than ever. Palm Beach has experienced record breaking sales in 2008. Making it an extremely lucrative selling year for both the Sellers and the Realtors on the island.

Recently, the Addison Mizner-designed "Casa Nana Estate" has been put on the market for an astounding $72.5 Million! Not to shabby... since it was purchased back in 2003 for a then record price of $30.25 Million. It seems this property has a bit of a lucky streak, it has set three sales records in its history. Casa Nana's beauty has often been compared to another magnificent property on Palm Beach, "Mar-a-Lago" owned by Donald Trump.

Speaking of Mr. Trump, take a look a yesterday's Palm Beach Daily News:

Donald Trump Closed Record $95 Million Deal
For Palm Beach Mansion

Donald Trump closed the deal Tuesday on his record sale of 515 N. County Road, the former Abe Gosman estate, to Russian fertilizer mogul Dmitry Rybolovlev. The sale of the six-acre estate was announced in May. Palm Beach attorney Paul Rampell represented Trump in the transaction.

Though Trump calls it a $100 million deal, the deed lists the sale price as $95 million. Trump, in a call from his office in New York, said the higher figure includes closing costs. The document stamp for the deed is $665,000.

The slightly shaved price still sets the record for a Palm Beach property and possibly the United States. It demolishes the recent record, $81.5 million, paid in April for 1236 S. Ocean Blvd.

Trump said he was not sure whether reports indicating Rybolovlev purchased the property as an investment, rather than a personal home, are true.

"I really don't know for what purpose," Trump said. "I'd imagine it'd be for a home but I don't know, other than I know he made a great deal. I think time will prove that out."

The real estate developer and reality show star said reports that he spent $25 million to renovate the mansion are false.

Construction permits issued since Trump bought the property in 2004 have a listed value of $502,470, according to Jackie Kervey, records manager for the Town of Palm Beach.

"I always looked at it as a teardown," Trump said.

In any event, Trump said, the size of the sale is positive news for Palm Beach. "It's good because of the times," he said, referring to the nation's economic downturn.

Wednesday, July 16, 2008
Source: PalmBeachDailyNews.com
By: David Rodgers
Daily News Staff Writer

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The information herein is believed to be accurate but not guaranteed and may be subject to errors, omissions and changes without notice. This is not to be construed as a solicitation of property presently listed for sale. All information is derived from the Palm Beach County Property Appraisers website and the MLS.