Developer Donald Trump says that in three weeks he plans to officially list a Palm Beach estate for $125 million. The price is likely the highest ever for a single-family home in the U.S.
But Trump has had trouble getting the property to the market. He says two hurricanes and a broadening of the original renovation plan forced construction delays. “I was going to do a minor job, but it turned into a major renovation,” the developer says. “We’re gutting the whole thing and redoing almost all of the property.” The house was first scheduled to go on the market in January, in a lavish opening ceremony. That date was moved to Feb. 4 and later to March 4. The high season in Palm Beach real estate, when most deals are reached, will end by Easter, local brokers say.
Though the home hasn’t been officially listed, Trump has been showing the property to prospective buyers, the brokers add.
Trump, 59, bought the seven-acre oceanfront property for $41.25 million in 2004 in an auction at U.S. Bankruptcy Court in West Palm Beach. Former health-care executive Abe Gosman had owned the house; he paid $12.1 million for just the land in 1986, county records show, and later built the dwelling. Gosman declared personal bankruptcy in 2001.
Trump says the renovations will cost about $25 million. They include overhauling the 54,000-square-foot French Regency-style main house, which will have 20-to-40-foot ceilings as well as a large ballroom, library and renovated conservatory with Venetian-style moldings and eight skylights.
Trump is adding two guest houses and a large pool. The property also has 475 feet of ocean frontage.
The house sits on North Ocean Boulevard, whose other big oceanfront properties include one owned by Wall Street financier Nelson Peltz, chairman of Triarc Cos.
If Trump’s property gets its asking price, it would surpass the three-step, $92 million sale of financier Ronald O. Perelman’s Palm Beach property, thought to be the highest price paid for a single-family home in the U.S.
Palm Beach has seen several large deals since Trump announced plans to list his property. Last September, home builder Bruce Toll, founder and vice chairman of Toll Brothers, paid $26.95 million for a 17,701-square-foot Palm Beach estate. Last October, Florida developer Edward Falcone paid $28.75 million for a 1.65-acre property. In January, investor Henry Kravis paid $50 million for a house on the Intracoastal Waterway — a record price for a nonoceanfront property in Florida, brokers say.
Howard Lorber, of Prudential Douglas Elliman, has Trump’s listing.
Actor’s Scottsdale fadeout
Actor Rick Schroder has agreed to sell his Scottsdale, Ariz., house for close to its $4 million asking price, while his Colorado ranch remains unsold.
The European country-style Scottsdale property sits on the 15th hole of DC Ranch, a golf course and residential community in the western foothills of the McDowell Mountains. The house, on 1.2 acres, has five bedrooms and five bathrooms and measures 7,400 square feet.
Schroder — perhaps best known for playing Detective Danny Sorenson on the TV show “NYPD Blue” — bought the property with his wife, Andrea, in 2001, public records show. He built a house on the land a year later. A purchase price for the land wasn’t listed on the deed, and Schroder’s prospective buyer wasn’t named.
As for the actor’s 15,000-acre ranch near Grand Junction, in western Colorado, that property has been on the market for more than a year with a $29 million asking price. Schroder bought the land 15 years ago and built a 2,500-square-foot custom log house. The property has three guest cabins and several sets of livestock corrals.
Last June, the Schroders bought a 21-acre ranch in Topanga, Calif., about 50 miles northwest of Los Angeles. The property, which had an asking price of $4.2 million, includes a main house that measures 4,600 square feet with five bedrooms, as well as a guest house.
Sandra Wilken and Gilles Paradis, of Sandra Wilken Luxury Properties, have the Scottsdale listing. Ranch Marketing Associates in Denver has the Colorado listing.