PALM BEACH, FLA., DEC. 16 -- Donald Trump got some help with a mortgage today by auctioning 35 luxury waterfront condominiums overlooking the ritz and fame of this high-society resort.
The units in the twin 32-story towers at Trump Plaza of the Palm Beaches sold for $8.8 million, 24 percent above the total asking price. However, the asking prices had been slashed by up to two-thirds.
Previous asking prices of $300,960 to $1.8 million for the penthouse were trimmed to minimum bids of $150,000 to $600,000 under pressure from Marine Midland Bank. The bank wanted Trump to unload the units that had gone unsold since the developer took over the building in 1986, boasting that the complex would be Florida's hottest property.
Developer Ian Kean of nearby Singer Island bought the penthouse for $720,000.
The building's biggest drawback, local real estate experts say, is location. The property is on the wrong side of the Intracoastal Waterway in this prestige-conscious neighborhood.
The Trump Plaza has a sumptuous lobby with walls of marble and leather, a concierge, valet parking, morning and afternoon pools, sunning terraces, a fitness center and tennis courts.
But the units are largely unfinished.
"I think that was disappointing, because that was not announced prior to our coming down here," said Bobbe Jacobson, of Boston, a professional party planner.