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Trump’s trust shaves $11M off ask for Caribbean mansion

Property is no longer St. Martin's priciest listing
August 06, 2017 02:00PM

Donald Trump

Even the leader of the free world isn’t immune to turbulence in luxury real estate. The ask for a Caribbean mansion owned by a trust linked to President Donald Trump was reportedly chopped by $11 million, bringing its price down to $16.9 million.

The Washington Post reported that the change in strategy marked a 40 percent reduction in price for the property, which is being marketed by Lesley Reed of Sotheby’s International Realty.

Dubbed Le Chateau des Palmiers, the home sits on nearly five acres of beachfront land with its own waterfront pool, fitness center and tennis court. The compound houses a five-bedroom villa near the ocean, a separate four-bedroom home near the garden, and a two-bedroom unit for the property manager.

Some of the compound’s more interesting features, according to the Post: an eight-foot privacy wall surrounding the grounds, surveillance cameras and a cornucopia of glitzy finishes like chandeliers, marble floors and a gold-heavy color scheme.

The property is controlled by a trust with Donald Trump, Jr., and Trump Organization Allen Weisselberg at its head, the Post reported. It’s meant to separate Trump from financial decisions about the holding, including a price cut such as this one.

According to the Post, which cited Trump’s financial disclosures, the property raked in $3 million worth of rental income over the past three years, bringing the reasons for the sale into question.

One thing is certain, however: Le Chateau des Palmiers is no longer St. Martin’s priciest pad. An estate called Mes Amis is up for grabs at $17.5 million. [Washington Post]Sean Stewart-Muniz