Donald Trump sure does know how to manage the media and get his name out there. His Palm Beach estate Maison de l’Amitie has been for sale at an asking price of 125 million dollars. An offer by Steve Schwarzman, who just led the successful IPO of Blackstone, of 90 million dollars was quickly rejected by the Donald.
And I know why. Selling a home in 2007 for 90 million will get some attention, but about the same amount as rejecting the bid. However, selling a 100 million dollar home will get world wide press and coverage in all the areas that help build the mainstream Trump brand.
My advice to the Donald would have had my real estate agent talk to Schwarzman before the offer was made and tell him to make it 101 million. Then Donald could offer to buy Schwarzman’s old cigar case for 11 million dollars. The difference in capital gains Trump would pay would be quickly washed away in the millions of dollars of free publicity of selling the most expensive home in America.
Mr. Schwarzman, Blackstone’s $7 billion man, made a $90 million offer in recent months for Maison de l’Amitie , the Palm Beach estate that’s being sold by Donald Trump, according to people familiar with the offer. Yet Mr. Trump rejected the bid, saying the price was too low, these people said. The house is listed for $125 million.
People close to the situation say Mr. Trump rejected the offer quickly, since he wants to get at least $100 million for the place.
“He wants to hit the magic number of $100 million,” says one Palm Beach realtor. “Getting the price is more important to him than selling it quickly.”
Mr. Trump, in a rare moment of media silence, declined comment. A spokesman for Mr. Schwarzman couldn’t be reached for comment this afternoon. via the WSJ.com