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Strange real estate deal raises specter of Putin buying Trump


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Always the Russians.....

Strange real estate deal raises specter of Putin buying Trump

In July 2008, Donald Trump undertook one of his most infamous transactions. He sold a mansion in Palm Beach for $95 million to Dmitry Rybolovlev, Russian oligarch and billionaire. Trump had purchased it four years earlier for $41.35 million. The sale price was nearly $54 million more than Trump had paid for the property, even though he had made only modest improvements in it. Trump boasts about his dealmaking skills in this transaction, but the details suggest something more sinister. 

July 2008 was the middle of the recession. The real estate market had tanked, especially in Florida. Despite the recession, not only was the price 230 percent of what Trump paid, but it was also $13 million above the highest price previously paid for a Palm Beach mansion, according to the Palm Beach Post. Rybolovlev did not conduct an inspection. He did not obtain an appraisal. He did not order any professional review or undertake any other form of due diligence before purchasing the property. 

Five years after the sale, when the economy had made a significant recovery, Palm Beach County appraised the house for just $59.8 million. In other words, despite an actual recorded sale of $95 million and despite the economic recovery, the county determined that it was worth $35 million less than what Rybolovlev had paid five years earlier. 

https://www.sfchronicle.com/opinion/article/Did-Putin-buy-Donald-Trump-13463782.php
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