The Real Deal Miami

Russian billionaire relists Palm Beach lot for $42M

Dmitry Rybolovlev raised the asking price about 8% for one of three lots carved from an estate he bought from Donald Trump
January 20, 2018 12:15PM

Dmitry Rybolovlev (Credit: Francknataf) and the oceanfront estate in Palm Beach that President Donald Trump once owned (Credit: RobertStevens.com)

A Russian billionaire has relisted one of three lots he carved from a Palm Beach estate with a $42 million price tag, about 8 percent more than his previous asking price.

Dmitry Rybolovlev, who made a fortune in the fertilizer business, already has collected $71.3 million from sales of the other two lots at an estate he bought from President Donald Trump in 2008 for $95 million.

Rybolovlev initially listed the third lot about a year ago with a $38.9 million asking price. He pulled the lot off the Palm Beach Board of Realtors Multiple Listing Service last summer before relisting it this month and raising the asking price by $3.1 million.

The lot at 525 North County Road spans about two acres and includes 150 linear feet along the ocean. It is located between the other two lots, which Rybolovlev sold last October and in November 2016.

Broker Lawrence Moens, who represented both Rybolovlev and the buyer in the sales of the north and south lots, has the listing for the middle lot.

In 2016, Rybolovlev demolished the mansion and other structures on the estate he bought from Trump after obtaining permission from the Town of Palm Beach to subdivide the property. [Palm Beach Daily News] – Mike Seemuth