Tuesday, January 26, 2010

'The Donald' Trumps the Housing Slump

Donald Trump has sold a Palm Beach mansion that he owned, for $81 million to Russian billionaire, fertilizer trader, Dmitry Rybolovlev. (Many years ago I used to hang with one of Marc Rich's fertilizer traders. His line was "Fertilizer may be sh#* to you, but it's my bread and butter.". This would seem to apply to Rybolovlev.)

According to Business Insider, Trump originally bought the property for $32 million four years ago.

Speaking like a true entrepreneur, Trump said, "In an age of so many people getting hurt in real estate, it shows that you can still do well in real estate."

1 comment:

  1. Color me skeptical. I am not a real estate investor and I don't know anything about this particular deal, but Trump is a showman not an investor. His primary business strategies seem to be bankruptcy, eminent domain and zoning manipulation. An exploiter of politics not a creator of wealth. But he can be entertaining.