The Real Deal Miami

Russian billionaire’s waterfront Palm Beach lots can now be subdivided

Subdividing the 6.3-acre property can now move forward

October 04, 2016 08:45AM

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515 North County Road (Credit: RobertStevens.com) and Dmitry Rybolovlev (Credit: Francknataf)

515 North County Road (Credit: RobertStevens.com) and Dmitry Rybolovlev (Credit: Francknataf)

A hedge requirement that stood in the way of Russian billionaire Dmitry Rybolovlev subdividing his waterfront Palm Beach lot has now been chopped down. 

The Palm Beach Architectural Commission essentially ruled to eliminate a privacy hedge requirement that was required of the previous owner of the 6.3-acre property.

Rybolovlev, a Russian fertilizer billionaire who’s net worth currently stands at about $7.8 billion, has knocked down the home that he paid $95 million for in 2008. Nursing-home magnate Abe Gosman lost his house in bankruptcy to the Republican presidential nominee, Donald Trump, who later sold it to Rybolovlev.

Once divided, the lots at 515 North County Road could sell for $40 million each, brokers have said. They larger of the three will have 173 feet of oceanfront and 2.35 acres, and the remaining two will be close to 2 acres with 150 feet of beachfront.

The Palm Beach board did deny the owner’s attorney’s request to immediately rip out the hedge. [Palm Beach Daily News] – Katherine Kallergis

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