Hedge holds up subdividing former Trump lot now owned by Russian billionaire

Miami /
Sep.September 26, 2016 01:33 PM

What stands between a Russian billionaire and the breakup of a prime piece of Palm Beach’s waterfront? As it turns out, a hedge.

Russian fertilizer billionaire Dmitry Rybolovlev is planning to split up a beachfront property, formerly owned by Donald Trump, and sell them.

Rybolovlev is requesting that the Palm Beach Architectural Commission eliminate the privacy hedge requirement, also known as a “restrictive covenant” that required a “previous owner” of 515 North County Road to maintain the green divider, according to the Palm Beach Daily News. The architectural commission meets on Wednesday.

An LLC controlled by Rybolovlev bought the 6.3-acre property from the Republican presidential nominee for $95 million in 2008, and recently decided to split it up and sell the parcels individually. Brokers have told the Daily News that once subdivided, the three lots could sell for $40 million each. When divided, each lot will have about 150 feet of beachfront.

Removing the hedge requirement would “allow the lots to be sold without such encumbrance,” according to the newspaper.

Rybolovlev knocked down the 11-bedroom, 62,000-square-foot mansion on the property. 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


Related Articles

arrow_forward_ios
Shahla and Hushang Ansary with Sun and Surf One Hundred building in Palm Beach (Getty, Google Maps)

Billionaire’s wife pays $14M for Palm Beach penthouse and cabana

Billionaire’s wife pays $14M for Palm Beach penthouse and cabana
Widow of late San Francisco Giants owner buys Palm Beach home

Widow of late San Francisco Giants owner buys Palm Beach home

Widow of late San Francisco Giants owner buys Palm Beach home
8 Windsor Court and Jonathan Sack (Google Maps)

Attorney buys Palm Beach mansion for $13M

Attorney buys Palm Beach mansion for $13M
Lawrence Kaplan and Bart Halpern with 2299 Ibis Isle Road East, Palm Beach (Getty, Corcoran) 

Textile designer pays $7M for waterfront Palm Beach home

Textile designer pays $7M for waterfront Palm Beach home
Scott and Kimberly Goodwin and 232 Bahama Lane, Palm Beach (Patrick McMullan/Getty, Corcoran)

Hedge funder buys Palm Beach spec home for nearly $6M

Hedge funder buys Palm Beach spec home for nearly $6M
249 Seabreeze Ave, Palm Beach

Driving away: Taxi magnate sells Palm Beach home for $6M

Driving away: Taxi magnate sells Palm Beach home for $6M
South Florida’s residential markets bounced back in the third quarter

South Florida’s residential sales rise in Q3, led by surge in Palm Beach County

South Florida’s residential sales rise in Q3, led by surge in Palm Beach County
Caryn Zucker and 167 Seabreeze Ave (Credit: Google Maps)

This just in: CNN chief’s ex-wife pays $8M for Palm Beach home

This just in: CNN chief’s ex-wife pays $8M for Palm Beach home
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...