Comments by "" (@hewitc) on "This House" channel.

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  7. At the time they couldn't give it away. It was offered (for free) to the US government as a Winter White House (rejected) and to the State of Florida as a park (rejected). It was a real estate white elephant when Trump bought it. He thought he out smarted everyone because he was going to subdivide the property and build new homes. He didn't do any homework and learned that the Town of Palm Beach would not permit subdivision of the Landmarked property. So he was stuck with the Elephant and couldn't afford the upkeep, just like everyone else to whom it was offered. That's when he converted it to a commercial property and struck a deal with the National Trust for Historic Preservation. That deal gave him tax benefits but altered the deed irrevocably so that the property could never be used as a private residence. That's why it is worth so little today. No real Billionaire, like a Ken Griffin, can buy it and make it a family home or compound. It has to operate as a restaurant/recreational facility forever. This is my comment from above: You seem to be unaware of the fact that Trump struck a deal with the National Trust for Historic Preservation that permanently altered the saleability of the property. In exchange for tax benefits to Trump, the deed to the property was permanently changed so that it could only be used as a private/public recreational facility or "club" and never a private residence. Trump's family was not permitted to live there until he struck a deal with the Town where he swore he was only residing in the apartment of the live-in groundskeeper. His "residence" is an apartment. The entrance is next to the public rest rooms for the restaurant. The preoperty is commercially zone so the value is based on revenue of the restaurant. The other real residences on Billionaires' Row are own by real Billionaires with no such permanent restriction. Trump can't sell this property as a private mansion, only as a restaurant with tennis courts. So what's it worth. If you were a Billionaire what would you pay for a huge property with outrageously high upkeep, but you had to live in an apartment as a groundskeeper and strangers can swin in your pool and eat in the restaurant next to your bedroom? $18M may be too high. All of this information comes from public records as reported in the Palm Beach Daily News.
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  65. The Post Estate tried to give the home to the US government to be used as a summer white house. The gift was rejected because of the high upkeep cost of the lavish property. Then it was offered to the State of Florida, which rejected it for the same reason-- too expensive to maintain. It was offered for sale to the public at well below $10M but there were no buyers. The brokers considered it to be a "white elephant". In 1985, Trump bought it for $7M thinking he would live there, but of course he soon realized he couldn't afford the maintenance either. Then he planned to demolish thhe landmarked house and subdivide the land into smaller lots for mini-mansions, except that was prohibited by convenants in the deed and the landmark. So he was stuck with an expensive white elephant. No surprise. To get out of the hole he applied to the Town to convert the property to a commercial facility, offering food and recreation. That was approved by the Town with a restriction against residential use except for short periods. Trump violated the restriction by living there all winter until the Town started to enforce the covenant. Trump now lives there as the "live in property manager/grounds keeper" exemption for employees of commercial properties. He only lives in a smallish apartment upstairs from the restaurant. In addition, Trump sold development rights to the National Trust in exchange for federal tax deductions. That sale restricted the lawful use of the property to "private club" in perpetuity. These various permanent deed covenants, Town agreements and tax restrictions are the reason why the property is valued as a commercial property. It can't be used a full time residence (except by the "super"). As a business it has extremely high operating expenses and only seasonal revenue from sales of food and recreational activities (and "dues" for usage). It continues to be a White Elephant, in fact it is worse since Trump acquired it. As part of Trump's deal to lease Town property near the airport for a golf course, Palm Beach International Airport is allowed to fly all outgoing flights directly over Mar-A-Lago, which can be deafening. Cielito Lindo, one of the subdivided parts of the Woolworth mansion is also under this path. It too suffers from repeated jet noise.
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