Trump sells beach house for $100 million

PALM BEACH, Fla., May 15 (UPI) -- Real estate tycoon Donald Trump has signed a contract to sell a Palm Beach, Fla., mansion for his asking price of $100 million, industry professionals say.

The 80,000-square-foot oceanfront property, under contract with an unidentified foreign purchaser, was snatched up by Trump in 2004 for a modest $41.35 million, The Palm Beach (Fla.) Post reported Wednesday.

"It speaks to the absolute wonder of Palm Beach and why everybody wants to be here," Susan Polan, of Illustrated Properties Real Estate of Palm Beach said of the transaction.

The Post said the home comes with all the luxuries one would expect from a $100 million mansion, including 6 acres of land, 475 feet of beach, nine bedrooms, an art gallery and a ballroom.

Trump wouldn't discuss the contract Wednesday but only said the home is built on "the best piece of land anywhere."

Copyright 2008 by United Press International