Who Said the Real Estate Market was Dead?

Apparently nobody informed the insanely wealthy.

A little under a week ago, Donald Trump was able to sell a beach front property for a nifty $100 million in Palm Beach, Florida.

Then again it would only make sense that the buyer is not from the United States. In fact it is Russian billionaire Dmitry Rybolovlev, who sits number nine of the Forbes list of billionaires. He doesn’t even plan to live in the house. It is merely just an investment.

So how much could it really be worth?

Trump originally bought the estate four years ago at $41 million during a bankruptcy auction. After putting in $25 million in renovations, Trump was looking for $125 million; however, this market even hurts the best of the best. Now Trump as to settle with a horrible $50 million. Hope he can feed his family at night.

A Little About the House

• 475 feet of beach front
• 62,000 square feet
• 9 bedrooms, a ballroom, conservatory, and a 48 car garage
• Bathrooms decked out with marble and 24 karat gold
• 100 foot long pool

Foreigners Continue to Invest in the U.S

As the market continues to plummet and the dollar gets weaker, foreign investments will continue increase. Many other countries are experiencing a time of growth, and who wouldn’t want to invest in the bargain bin that currently is the U.S.

What will this mean in the long run? Countries like China reportedly already own numerous buildings in the NYC area. Could this be good in the long run, when citizens don’t even have control of their own buildings?

image source – michaelemilio.com