While many homeowners are in the process of protesting their residential property appraisals in the hopes of lowering their tax bills, Donald J. Trump is adding to his potential property taxes.
The Trump Organization recently closed on a waterfront mansion just across the street in Palm Beach, Florida, from Mar-a-Lago.
The property at 1125 South Ocean Boulevard was on the market for $23.9 million, but the Trumps got it for $18.5 million.
Friendly transaction: The price break probably didn't take a lot of haggling.
The 8,270-square-feet property, which includes 8 bedrooms, 9½ bathrooms and a swimming pool, was owned by Trump's 81-year-old sister Maryanne Trump Barry.
Barry, who bought the circa 1956 Palm Beach house 14 years ago for $11.5 million, sold the property as trustee of a revocable trust in her name. Real estate records show that Barry, a former federal appeals court judge, still owns an apartment in New York City.
"It is a great honor to have purchased one of the finest mansions in Palm Beach," Eric Trump said in a statement to London's DailyMail.com regarding the family sale/purchase. Eric and his brother Donald Jr. have been running the Trump Organization since their father became president.
Lower price, lower taxes: In addition to helping keep family members on good terms and making Trump Organization payments on its new property's $11.2 million mortgage relatively smaller, the sales price break also should help reduce the home's real estate taxes.
The Palm Beach County property tax bill on the Trump-to-Trump house reportedly was more than $170,000 last year.
One of the contributing factors to the home's value and high property tax bill is that the mansion actually is on the ocean.
That's the case for only a few dozen houses in Palm Beach. Even Mar-a-Lago sits between two Palm Beach roads.
It's not clear how the Trump Organization will use the property, which officially transferred from family member to family business on May 16.
There is, however, speculation that it could be used as an exclusive Mar-a-Lago amenity or be rented out to a prominent club member.
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