Comments by "" (@hewitc) on "How Did Palm Beach become Billionaires' Row?" video.

  1. I am copying my statement from above. So many misconceptions about this property. Some of them from broker friends of Trump who will say anything he wants. 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.
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  2. 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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  3.  @equine2020  He was, and by many is, considered to be the most vulgar man in America and a complete phony. Marjorie was a businesswoman who expanded her father's bsuiness into General Foods, the Jell-O company. She was shrewd and highly intelligent and had great taste. To the family, Donald was the opposite. Plus he intended to tear down most of it for a McMansion subdivision.
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  4.  @BlaineShire  They couldn't give it away for free. Trump was the only bidder because he had no idea what he was doing. He thought he could break it up in a subdivision. A quick call to the Town would have told him that was impossible. So he go stuck with the hot potato.
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  5. It was demolished. There is a new home on the property.
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  6. 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.
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