Donald Trump’s relatives sell Setai unit to Nakash family: $7M
Unit sold for nearly $1.5 million under asking price
December 28, 2015 01:30PMBy Sean Stewart-Muniz
The duplex residence at the Setai and Donald Trump
A trust tied to the family of presidential candidate Donald Trump just sold its cozy Setai duplex for $7 million.
But the celebrity involvement doesn’t end there. The buyer: A Delaware company that shares an address with the Nakash family, who built their wealth atop a mountain of designer jeans.
Included in the sale were units 2306 and 2308, which were combined into one residence that takes up the entire southeast corner of the building’s 23rd floor. They have a beach-house style with hardwood floors, white walls and ocean views through floor-to-ceiling glass windows, the listing shows.
These units were sold by a trust is in the name of Maryanne Trump Barry, Donald’s sister and a senior federal judge in New Jersey. Her son and daughter-in-law, David and Lisa Desmond, acted as trustees for this sale.
The buyer is a Delaware limited liability company named after the units. Its New York address leads back to Jordache Enterprises clothing company, which is owned by the Nakash family.
Brothers Ralph, Avi and Joseph Nakash founded Jordache in 1969 and propelled the company into global popularity with its lines of designer jeans.
In recent years, the family’s tastes have switched to South Florida real estate: The Nakashes paid $90 million for the hotel portion of Miami Beach’s Setai last year, and they also bought the famed Versace Mansion in South Beach for $41.5 million in 2013.
For these two Setai units, the family paid a whopping $2,736 per square foot — and that’s with a $1.5 million discount from their original asking price of nearly $8.5 million.
The residence has three bedrooms, three-and-a-half bathrooms, modern appliances and designer furnishings. Its listing with Stacy Robins of Stacy Robins Companies said “just bring your toothbrush.”
The Trump’s trust previously paid $7.79 million for the units. David and Lisa Desmond also sold a Mediterranean estate next to Trump’s Mar-a-Lago resort in Palm Beach for $8.9 million in November.
Source: The Real Deal