Russian oligarch sells last piece of former Trump estate in Palm Beach for $37M
Rybolovlev sold the three lots for a combined $108M
Russian oligarch and billionaire Dmitry Rybolovlev sold the last lot of President Trump’s former waterfront Palm Beach estate for $37.3 million.
Rybolovlev sold the 2-acre lot at 525 North County Road for about $385 per square foot, records show.
Rybolovlev, who reportedly made most of his fortune from a fertilizer business, bought the 6.26-acre estate from Trump in 2008 for $95 million, then razed a mansion on the property and divided the land into three separate lots.
The fertilizer billionaire sold the other two lots for $37 million in 2017 and $34.3 million in 2016. In all, he sold the three lots for a combined $108.2 million, about $13 million more than what he paid for the property more than a decade ago.
Lawrence Moens of Lawrence A. Moens Associates, who brokers a number of high-profile deals in Palm Beach, represented both the buyer and seller of 525 North County Road. He has also brokered the sales of the other two lots, at 515 and 535 North County Road, and represented Trump when he sold the entire estate to Rybolovlev.
Rybolovlev never lived in the home after purchasing the estate, according to published reports.
Trump’s sale to Rybolovlev was the largest residential sale in Palm Beach history until just a few weeks ago when the late Terry Allen Kramer’s estate sold for about $105 million, excluding commissions.
Trump’s sale to Rybolovlev has been subject to scrutiny from politicians and the media over the president’s ties to Russia. In 2018, Senator Ron Wyden requested property records to investigate allegations of money laundering tied to the $95 million sale of the estate. Rybolovlev has denied any wrongdoing.
Rybolovlev recent made headlines in November after he was charged in Monaco for allegedly influencing the country’s law enforcement officials to pursue and arrest a Geneva art dealer. The prolific art dealer, whose collection had included the Salvator Mundi by Leonardo da Vinci, has claimed innocence.
The Palm Beach Daily News first reported the sale of 525 North County Road.