Russian billionaire sells first of three Palm Beach lots for $34M

Miami /
Nov.November 21, 2016 10:31 AM

Russian billionaire Dmitry Rybolovlev has sold the first of his three subdivided Palm Beach lots for $34.34 million, or $290 per square foot.  

Rybolovlev paid $95 million for the then 6-acre estate from President-elect Donald Trump in 2008, knocked the oceanfront mansion down and broke up the lots.

Records filed on Friday show County Road Property LLC sold the 2.72-acre plot to 515 North County Road Trust. The true identity of the buyer is unknown, but the trust is managed by attorney Maura Ziska. Ziska was also involved in the deal when Rybolovlev bought the land.

Earlier this year, the Palm Beach Daily News reported that lots could sell for $40 million each, citing brokers, but the largest lot is the first to sell at about $6 million less than previous estimates. The property at 515 North County Road has 173 feet of beachfront. The other two sites are 2.22 acres and 2.25 acres with about 151 feet of waterfront each, county records show.

Rybolovlev, a Russian fertilizer billionaire, is currently worth about $7.7 billion, according to Forbes.

Trump bought the 62,000-square-foot mansion in 2004 out of bankruptcy from nursing-home magnate Abe Gosman.


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