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

The three lots could sell for $40M each, brokers say

TRD 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
Cody Crowell, Via Flagler at the Breakers

Frisbie exec snags condo at Via Flagler at the Breakers in Palm Beach

Frisbie exec snags condo at Via Flagler at the Breakers in Palm Beach
Steve Schonfeld, Bellaria condominium complex (Credit: Google Maps)

Hedge funder Steven Schonfeld sells Palm Beach condo

Hedge funder Steven Schonfeld sells Palm Beach condo
110 Atlantic Avenue, Scott Schuster (Credit: Google Maps)

Healthcare entrepreneur sells Palm Beach home for $8M

Healthcare entrepreneur sells Palm Beach home for $8M
Peter Brant, Robert S. Taubman, and 1820 South Ocean Boulevard (Credit: Sylvain Gaboury/Patrick McMullan, John Sciulli, via Getty Images, and Google Maps)

Taubman family sells Palm Beach estate to paper mogul for $47M

Taubman family sells Palm Beach estate to paper mogul for $47M
Keith Frankel and 169 Everglades Avenue (Credit: Realtor.com, MidOcean)

Former Subway exec buys Palm Beach house

Former Subway exec buys Palm Beach house
1120 North Lake Way (Credit: Google Maps)

Trust of taxi magnate’s wife picks up waterfront Palm Beach home for $13M

Trust of taxi magnate’s wife picks up waterfront Palm Beach home for $13M
A photo illustration of 620 Arvida Parkway (Credit: Compass, iStock)

Staying on the sunny side: South Florida resi brokers see upside in coronavirus

Staying on the sunny side: South Florida resi brokers see upside in coronavirus
Two North Breakers Row (Credit: Google Maps)

Former publishing exec buys Breakers Row condo for $8M

Former publishing exec buys Breakers Row condo for $8M
arrow_forward_ios

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

Loading...