Trump defies property slump with $100m sale

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The Independent US

America's real-estate market is struggling, but not for the property developer Donald Trump, who has sold a mansion in Palm Beach, Florida, for $100m (£50m) to a Russian billionaire.

"In an age of so many people getting hurt in real estate, it shows that you can still do well in real estate," Mr Trump said. A spokeswoman said that $100m was the most paid for a property in the United States, although there is no way of verifying this claim.

The Russian fertiliser billionaire Dmitry Rybolovlev bought the 60,000sq ft (5,575sq m) oceanfront home, which Mr Trump had renovated after buying it for about $41m in 2004.

He assigned renovations to Kendra Todd, a winner on Mr Trump's reality television show competition The Apprentice, who dressed it up with marble and 24-carat gold fixtures, including in the bathrooms. The home, called Maison de L'Amitie, is spread over several buildings and includes separate wardrobes and bathrooms for men and women off the main entrance. A large fountain greets guests from the front along with 475ft (145m) of ocean in the back.

"I think it's a great sign for the area, a great sign for Palm Beach and all that Palm Beach represents," Mr Trump said. He originally put the mansion on the market in 2006 for $125m.