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28/10/2011 - Trump loses US$4.5 million on LA property, sues local council for US$100 million  28/10/2011 - Trump loses US$4.5 million on LA property, sues local council for US$100 million

28/10/2011 - Trump loses US$4.5 million on LA property, sues local council for US$100 million

Real estate mogul Donald Trump has sold his property at the Los Angeles Trump National Golf Club in Rancho Palos Verdes for a reported US$7.5 million.

Trump first put the mansion on the market in early 2010 for US$12 million. But it failed to attract any buyers. The Apprentice star finally accepted an offer this month from a shipping director, US$4.5 million below his asking price.

The five bedroom, nine bathroom, palatial home was designed by architect Luis de Moraes of Envirotechno Architecture. The impressive property sits on a plot of 1,022m2. Its U-shaped design means almost every room has views of either the Pacific Ocean or the golf course.

The new owner will be able to indulge in some of Donald Trump’s personal luxuries such as the infinity edge swimming pool, games room and floor to ceiling glass wine cellar. There’s even a 93m2 gourmet kitchen with twin Sub-Zero refrigerators and a copper-hooded Wolf range. The property also features a full size bar and marble flooring throughout.

Trump bought the three hundred acre site for the Los Angeles Trump National Golf Club in 2002 for US$27 million. It was his first foray into real estate investment on the West Coast of the USA.

The property was built as a private residence for his family within the golf club’s grounds.

At first the Rancho Palos Verdes locals welcomed Trump’s investment. But relations soon turned sour after he reportedly asked for a local highway to be renamed to Trump National Drive.

Now the local council have rejected planning permission for an additional twenty homes to be built on the site as landslides have been a problem in the past.

This has led Trump to file a US$100 million law suit which alleges that the town council is forcing him to spend “millions of dollars on unnecessary, repetitive, unreasonable and unlawful geologic surveys”.

Lawyers for Rancho Palos Verdes have responded by saying they will defend the accusations “vigorously”.

The case continues.







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