Russian billionaire Dmitry Rybolovlev is demolishing the 61,744-square-foot mansion that he bought from Donald Trump for a record-breaking $95 million in 2008.
Trump originally acquired the mansion for $41 million in 2004, and at the time he promised to make the Maison de l’Amitie, or House of Friendship, the “second-greatest house in America,” after his own Palm Beach, FL home. Rybolovlev has never occupied the estate, and in 2008 he stated that his purchase was “simply an investment.”
Rybolovlev plans to develop the six-acre property into three parcels, which, according to brokers, would have to sell from between $35-40 million each to make a profit. The property’s most valuable asset is its ocean frontage, according to CNBC’s Robert Frank. Each parcel has over 150 linear feet of oceanfront, which would have to sell at more than $215,000 per foot to meet the expected asking price.