Russian fertilizer billionaire Dmitry Rybolovlev could make a nice profit off of Republican presidential nominee Donald Trump.
Rybolovlev, through an LLC, paid a recorded $95 million for the beachfront estate on Billionaires Row in Palm Beach, and now brokers say that once subdivided, the three lots could sell for $40 million each.
The Palm Beach Daily News reported that the town council gave conditional approval to subdivide the 6.3-acre property into three similarly sized lots that Lawrence Moens is marketing for sale.
Rybolovlev is knocking down the 11-bedroom, 62,000-square-foot mansion at 515 North County Road. The demolition should be completed by the first week of September and then the council can sign off on the subdivision, according to the Palm Beach Daily News.
The newspaper cited several real estate observers who said “a price of around $40 million for each would not surprise them.” When divided, each lot will have about 150 feet of beachfront.
County Road Property LLC paid $95 million for the estate in 2008, although Trump has repeatedly said he sold it for $100 million. Regardless, the deal marks the priciest in Palm Beach County history.
As part of his highly publicized $4.5 billion divorce with wife Elena, Dmitry Rybolovlev was outed as the home’s true owner. Forbes pegs his net worth at $7.7 billion, and reported that he made his fortune off investing in Russian industries like potassium fertilizers. [Palm Beach Daily News] – Katherine Kallergis