Donald Trump's Former Estate Relists For A Deep Discount
Kanebridge News
Share Button

Donald Trump’s Former Estate Relists For A Deep Discount

Once asking $78 million, the Greenwich property is now listing for $43 million

By E.B. Solomont
Tue, Aug 23, 2022 9:54amGrey Clock 3 min

After going on and off the market for more than a decade, former President Donald Trump’s onetime Connecticut estate is relisting for roughly half its 2014 asking price.

Once asking $78.5 million, the roughly 6-acre waterfront estate in Greenwich is now listing for $43.4 million, according to listing agent Rob Johnson of Brown Harris Stevens. The roughly 1858sqm Georgian mansion has panoramic views of Long Island Sound.

Mr. Trump and his ex-wife the late Ivana Trump owned the property in the 1980s and Ms. Trump kept the home after they divorced. The current owners, financier Robert Steinberg and his wife, Suzanne Steinberg, bought it for US$15 million in 1998, records show.

The Steinbergs were drawn to the home’s location and the fact that it was big enough for their large family, said Mr. Steinberg, adding that they wanted to be in the Greenwich public school system. “The prior owner is known for picking world-class properties, and this fits that category,” he said. “There was plenty of land to do what we wanted.”

The Trump family didn’t respond to requests for comment.

Mr. Steinberg said they spent about two years renovating. They removed gilded finishes, he said, and added about 464.5sqm to the home, including an indoor lap pool and two guest apartments for extended family. The house has eight bedrooms plus staff quarters, as well as a movie theatre and a soaring entryway with twin curved staircases.

On the grounds, the couple added a tennis court and putting green, Mr. Steinberg said. They also repaired the sea wall and rebuilt the outdoor pool. Over the years, he said the family has hosted graduation parties and weddings on the property. “The house was livable for a lot of children and pets,” said Mr. Steinberg, who said his wife rescues dogs and they have had up to 14 at a time.

The Steinbergs now spend most of their time in Florida, where they built a home in Delray Beach. The Greenwich estate has been on and off the market since 2009, when the Steinbergs listed it for $72 million, according to Realtor.com. News Corp, owner of The Wall Street Journal, also operates Realtor.com under license from the National Association of Realtors. It was relisted for $78 million in 2014, and most recently was asking $46 million.

“I had priced it at a very high price initially with the concept that if someone really wants it, I guess I’ll sell it,” Mr. Steinberg said. “But I mispriced it.”

Over the years, he said buyers expressed interest but none made serious offers. “I had one Chinese buyer [who] was seriously interested, but his feng shui adviser told him it wasn’t right,” he said. He has also rejected offers to sell the property in pieces. “It’s too special,” he said.

Mr. Johnson said because the property comprises multiple lots, a buyer could keep the existing structure or redevelop the site into several waterfront homes.

He said the Steinbergs are being “very pragmatic” about selling now, and he said he thinks the combination of a lower price and strong luxury market since Covid will result in a sale. Recently, they “edited and simplified” the Greenwich property with a bit of decluttering, fresh paint and staging, Mr. Johnson said.

The luxury market in Greenwich was soft before the pandemic, but it has benefited from a wave of buyers from the city, as well as those relocating from California, Mr. Johnson said.

“The market has definitely appreciated in the last couple of years,” he said, adding that there is limited waterfront inventory available. “There’s likely nothing else on the water that’s got 6 acres.”

Last year, financier Brett Barakett and his wife, Meaghan Barakett, sold a waterfront estate in Greenwich for approx. $72 million, records show. And designer Tommy Hilfiger and his wife, Dee Ocleppo Hilfiger, sold their property for $65.4 million.

Reprinted by permission of The Wall Street Journal, Copyright 2021 Dow Jones & Company. Inc. All Rights Reserved Worldwide. Original date of publication: August 22

MOST POPULAR

Interior designer Thomas Hamel on where it goes wrong in so many homes.

Following the devastation of recent flooding, experts are urging government intervention to drive the cessation of building in areas at risk.

Related Stories
Property
Sydney’s Rhodes East redevelopment to focus on biophilic design
By Robyn Willis 05/10/2022
Property
Property prices have already peaked, CoreLogic data reveals
By Robyn Willis 30/09/2022
Property
Tour this flexible farmhouse property with contemporary convenience
By Robyn Willis 30/09/2022
Related Stories

RMIT expert says a conflation of factors is making the property market hard than ever to predict

By Robyn Willis
Thu, Oct 6, 2022 9:52am < 1 min

A leading property academic has described navigating the current Australian housing market ‘like steering a ship through a thick fog while trying to avoid obstacles’.

Lecturer in RMIT’s School of Property Construction and Project Management Dr Woon-Weng Wong said the combination of consecutive interest rate rises aimed at combating high inflation, higher property prices during the pandemic and cost of living pressures such as the end of the fuel excise that occurred this week made it increasingly difficult for those looking to enter or upgrade to find the right path.

“Property prices grew by approximately 25 percent over the pandemic so it’s unsurprising that much of that growth ultimately proved unsustainable and the market is now correcting itself,” Dr Wong says. “Despite the recent softening, the market is still significantly above its long-term trend and there are substantial headwinds in the coming months. Headline inflation is still red hot, and the central bank won’t back down until it reins in these spiralling prices.” 

This should be enough to give anyone considering entering the market pause, he says.

“While falling house prices may seem like an ideal situation for those looking to buy, once the high interest rates, taxes and other expenses are considered, the true costs of owning the property are much higher,” Dr Wong says. 

“People also must consider time lags in the rate hikes, which many are yet to feel to brunt of. It can take anywhere from 6 to 24 months before an initial change in interest rates eventually flows on to the rest of the economy, so current mortgage holders and prospective home buyers need to take this into account.” 

 

Related Stories
Tom Cruise
Property
Tom Cruise’s Action-Packed Colorado Estate Lists For $50 Million
By Katherine Clarke 15/03/2021
Property
Property Of The Week: 21 Davidson Street, Balmain, NSW
By Terry Christodoulou 29/09/2021
Lifestyle
7 Luxury Coffee Machines To Know
By Terry Christodoulou 14/07/2021