Trumps are trying to flip an $18 million Florida home for $49 million (businessinsider.com)
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The Trump family is looking to cash in on a beachfront home in Palm Beach, Florida.Trump's sister sold it to an LLC controlled by Eric and Donald Trump Jr. for $18 million in 2018.The new asking price is $49 million.Visit the Business section of Insider for more stories.
Eric Trump on Wednesday morning tweeted about a listing for a luxurious beachfront home in Florida with an asking price of $49 million.
That's nearly $31 million more than an LLC controlled by him and Donald Trump Jr. paid to purchase the property in 2018 from President Donald Trump's sister Maryanne Trump Barry.
As Insider's Taylor Borden reported, the former president's presence has rankled locals in the glitzy, fractured world of Palm Beach real estate, which is swelling amid a pandemic-induced boom in prices.
The home, next to Trump's Mar-a-Lago club in Palm Beach, is technically owned by 1125 South Ocean LLC, according to the Palm Beach Daily News.
A broker named Lawrence Moens started advertising the property as an "exclusive" listing over the weekend, according to the Daily News.
The two-story home, named "The Beachouse," sits on sixth-tenths of an acre, or about 26,000 square feet, and has 194 feet of beachfront, the Daily News said. It was built in 1956, modeled in the West Indies style.
Trump's name is nowhere to be found on the listing, which describes the property as "a well known and very important oceanfront estate," the report said.
Trump's sister bought the house for $11.5 million in 2004 and sold it for $18.25 million in 2018 to 1125 South Ocean LLC.
The limited liability company is based in Delaware and listed Eric Trump as its president and Donald Trump Jr. as its vice president, according to the Daily News.
Since leaving office, Trump has been staying at Mar-a-Lago despite some neighbors saying he needs to live elsewhere. They've cited a 1993 agreement Trump signed that prohibits any guest at the club from staying longer than "three non-consecutive seven day periods" in a year.
The Palm Beach house comes with Mar-a-Lago membership. Residents of nearby Woodbridge Road can also become members for free but have to pay monthly dues and other fees, the Daily News said.
Trump is estimated to be on the hook for more than $1 billion and needs to come up with at least $340 million just for debt obligations with Deutsche Bank over the next few years.
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