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
11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

35 North Street Windsor

Just 55 minutes from Sydney, make this your creative getaway located in the majestic Hawkesbury region.

Related Stories
Property
London’s Luxury Property Market Turns a Corner
By CASEY FARMER 29/03/2024
Property
The crafty workarounds would-be buyers use to get into the market
By Bronwyn Allen 28/03/2024
Property
Australian mortgage holders defying predictions and managing debt
By Bronwyn Allen 26/03/2024
London’s Luxury Property Market Turns a Corner

After more than a year, prices have finally levelled out in prime central London, while outer London saw a small uptick in high-end prices from the previous quarter

By CASEY FARMER
Fri, Mar 29, 2024 2 min

The first quarter of the year brought some long-awaited signs of recovery in London’s luxury housing market, offering the first positive quarterly price growth since September 2022, according to a report from Savills on Wednesday.

After six consecutive quarterly price falls, luxury home prices in central London levelled out in the first three months of the year, with a 0.1% quarterly uptick in prices. The £3 million to £5 million (US$3.79 million to US$6.32 million) market saw a slightly larger increase of 0.3%.

Outer London’s luxury market saw greater quarterly price growth, with home prices up 0.8%, as some stability returned to mortgage costs and lured more buyers back to the market, according to the report.

All of this is evidence that the market is “in early stages of recovery,” according to Lucian Cook, head of residential research at Savills.

“The outlook for the housing market has certainly improved, partly because the mortgage market has recovered more quickly than expected,” Cook said in the report. “With the first rate cut rapidly coming into view and recessionary risks easing, greater stability has returned to the cost of mortgage debt, which has positively impacted domestic prime markets, where many buyers rely on borrowing, most notably in leafy outer prime South and West London, as well as the commuter belt.”

Outside of London, prices across the U.K. saw no quarterly growth heading into the beginning of the spring market, which is expected to bring higher levels of buyer activity in many regions.

Suburban regions saw prices dip just 0.1%, while urban areas—like Edinburgh and Glasgow in Scotland, and Bath and Oxford in England—saw prices increase by 0.6%.

Cook said regional buyers are more likely to be concerned about market uncertainty than London buyers in the lead up to the general election.

“As a result, buyers are still expected to be less committed until the dust has settled,” he said.

MOST POPULAR

Consumers are going to gravitate toward applications powered by the buzzy new technology, analyst Michael Wolf predicts

11 ACRES ROAD, KELLYVILLE, NSW

This stylish family home combines a classic palette and finishes with a flexible floorplan

Related Stories
Money
One Country’s Dream of EV-Driven Prosperity Helps Fuel a Coal Binge Instead
By JON EMONT 05/02/2024
hybrid v electric
Lifestyle
Hybrid v Electric: what you need to know in 2024
By Josh Bozin 25/03/2024
Money
The $65 Million Perk for CEOs: Personal Use of the Corporate Jet Has Soared
By THEO FRANCIS 17/01/2024
0
    Your Cart
    Your cart is emptyReturn to Shop