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MIAMI - REAL estate mogul Donald Trump said that things may be looking up for the battered United States real estate market after he managed to sell a Palm Beach mansion this week for nearly US$100 million (S$133 million).
Mr Trump snapped up the oceanfront 2 hectare property at a bankruptcy auction in 2004 for US$41 million. The deed lists the sale price he got four years later as US$95 million, said Mr Robert Brody, a West Palm Beach lawyer representing the buyer.
'It's perhaps a very positive sign,' Mr Trump said of the sale in an interview with CNBC. 'It's a sign that maybe things are getting better.'
The US housing market has gone from boom to bust in areas like Miami and Las Vegas, where speculation and lax lending standards combined with other factors to cause home prices to double or more between 2000 and 2005.
But Mr Trump said high-end pockets of the market like Palm Beach continue to hold up nicely.
'Palm Beach is an amazing place. Not so long ago a house was sold for US$82 million, another house was sold for US$70 million. So Palm Beach is a very unique place,' he said.
He said he knew 'very little' about the buyer but media reports have identified him as Russian fertiliser billionaire Dmitry Rybolovlev.
Mr Trump said it was a bit disappointing, perhaps, that the Palm Beach property hadn't gone to an American buyer.
But he said most potential US bidders on the property were personal friends or acquaintances of his who would never give him the pleasure of more than doubling the return on a four-year-old investment.
'The ones that can really afford it, I know them all. And, you know, they just say: 'You know, Donald, I want to buy it, and it doesn't matter what we pay, but I cannot give you that much pleasure',' he said. -- REUTERS
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