Hedge holds up subdividing former Trump lot now owned by Russian billionaire
The three lots could sell for $40M each, brokers say
September 26, 2016 01:33PM
515 North County Road (Credit: RobertStevens.com) and Dmitry Rybolovlev (Credit: Francknataf)
What stands between a Russian billionaire and the breakup of a prime piece of Palm Beach’s waterfront? As it turns out, a hedge.
Russian fertilizer billionaire Dmitry Rybolovlev is planning to split up a beachfront property, formerly owned by Donald Trump, and sell them.
Rybolovlev is requesting that the Palm Beach Architectural Commission eliminate the privacy hedge requirement, also known as a “restrictive covenant” that required a “previous owner” of 515 North County Road to maintain the green divider, according to the Palm Beach Daily News. The architectural commission meets on Wednesday.
An LLC controlled by Rybolovlev bought the 6.3-acre property from the Republican presidential nominee for $95 million in 2008, and recently decided to split it up and sell the parcels individually. Brokers have told the Daily News that once subdivided, the three lots could sell for $40 million each. When divided, each lot will have about 150 feet of beachfront.
Removing the hedge requirement would “allow the lots to be sold without such encumbrance,” according to the newspaper.
Rybolovlev knocked down the 11-bedroom, 62,000-square-foot mansion on the property. Forbes pegs his net worth at $7.7 billion, and reported that he made his fortune off investing in Russian industries like potassium fertilizers. [Palm Beach Daily News] – Katherine Kallergis
Source: The Real Deal