Palm Beach Estate Sale

The Property

The Abe Goldman estate, Maison de L’Amitie, a six acre property with 475 feet of beachfront, located a 515 North County Road, in Palm Beach County was bought at a bankruptcy auction in 2004 by The Trump Organization.

Credit Palm Beach Daily News
Credit Palm Beach Daily News
Credits Palm Beach Daily News

The purchase price was reportedly $41.35 M.  Bankruptcy sale prices are typically 25% – 50% of Fair Market Value.

The Trump Organization renovated the property and sold it in 2008.  The carrying cost for the property, in taxes alone were steep, the year before he sold it, the property’s tax bill totaled $980,033

The Sale

The property was bought for a reported $95 M, $30 M less than the $125M asking price, by County Road Property LLC, represented by Robert Brody, the buyer’s lawyer, a West Palm Beach Attorney.  The property was listed by Lawrence Moens, and the buyers agent was Carol Digges of Brown Harris Stevens.  Mr. Moens was the third agent to list the property [1], after Dolly Lenz and Cristina Condon.  Ms. Lenz reportedly brought in a $90 M offer that was rejected.  She is quoted as saying “If you didn’t target the Russian billionaires then you shouldn’t be in business. That’s the obvious group.” (ibid).

Trump paid all closing costs and brokerage commissions, including $665,000 in documentary stamps, sources say.

The ownership of County Road Properties is disputed [2].  In June 2008 [Dmitry]Rybolovlev confirmed he was behind the buying entity, County Road Property LLC. “This acquisition is simply an investment in real estate by one of the companies in which I have an interest,” Rybolovlev said through a spokesman for Uralkali, his fertilizer company. Rybolovlev added that he didn’t plan to live in the United States.”  He later, in a divorce motion denied ownership “Mr. Rybolovlev has not purchased or managed any real estate in Florida for investment purposes, either directly or indirectly,” according to a motion recently filed in Elena’ case.

The Current Status

After years of vacancy, under the management of David A. Lifson, of Crowe Horwath LLC,  the property was condemned and demolished [3].  County Road Properties LLC recently subdivided the property and is selling  it as three parcels, one has sold for $34 M.


Credit Google Earth


Trump bought it for $6.6 million per acre in 2004, Trump sold it for $15.2 million per acre, with improvements, in 2008, and now (Nov 2016) County Road Properties  sold part of it for $12.6 million per acre as unimproved land. [4] 

The Purported Buyer

The New York Times in 2012 reported:

 Trusts linked to Mr. Rybolovlev and his eldest daughter, Ekaterina, 22, spent more than $180 million in the past four years to acquire a mansion in Palm Beach, Fla., and a penthouse at 15 Central Park West in New York.
The Manhattan apartment, previously owned by the wife of the former Citigroup chairman Sanford I. Weill, stands empty with nary a lamp in it, said Tetiana Bersheda, Mr. Rybolovlev’s lawyer. His daughter, who bought it in February through a trust set up by her father for her and her heirs, plans to stay in the 6,744-square-foot residence later this year while finishing up her degree at Harvard University Extension School. “With the permission of the trustees,” Ms. Bersheda said, “she is planning to do some light decoration.”

The Florida house, with its 475 feet of frontage on the Atlantic Ocean, was in “unlivable” condition when Donald Trump sold it, Ms. Bersheda said. Only Ekaterina has been back since the purchase for a few days early last year, when she spoke to a developer about demolishing and rebuilding. She stayed in the pool house.

It turns out that the trustees overseeing the Florida house decided not to do anything with the property after Elena Rybolovleva, 45, made a claim on the property after filing for divorce.

Blumberg reports on his art investments:

Dmitry Rybolovlev sold three works for an estimated $100 million loss and stands to lose even more in upcoming auctions.

Rybolovlev—whose fortune totals about $9.8 billion according to the Bloomberg Billionaires Index—invested about $2 billion in 38 works, from Leonardo da Vinci to Pablo Picasso. They were procured privately by Swiss art dealer Yves Bouvier, better known for creating a network of tax-free art storage warehouses in Singapore and Luxembourg.

Rybolovlev was among new buyers from Russia, China and other emerging economies who drove an unprecedented expansion of the art market in the past decade. Booming wealth created a network of collectors hungry for trophies by top modern and contemporary Western artists and willing to pay almost anything. Between 2003—the year Rybolovlev met Bouvier—and 2014, global sales more than tripled to $68 billion.

Since then, the market has contracted, and some of the art world’s most expensive pieces have been resold for less than their purchase price, mired in lawsuits and investigations.


2 thoughts on “Palm Beach Estate Sale”

    1. Officially, as the blog indicates was County Road Properties LLC, it is unclear if Mr. Rybolovley was behind CRP LLC, it was litigated in his divorce, but nothing I found definitively indicated he was the principle.


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