(3/17/2017): The real estate investor who nabbed Donald Trump’s childhood home in Queens for $1.39 million last year has turned a neat profit on the Jamaica Estates home, the New York Post has learned. Unsurprisingly, the buyer is another investor, and he shelled out $2.14 million for the five-bedroom home.
The house first came on the market in July last year for $1.65 million, but no one took the bait. The price was lowered a few months later to $1.399 million, but that didn’t work out at the time either, and it ended up on the auction block.
With a starting bid of $849,000, it was speculated that the Tudor-style house would fetch as much as $10 million once Trump was elected in November last year. That ended up being a trumped-up sum, and Michael Davis was the lucky buyer who eventually scooped it up for $1.39 million in December.
Davis put the house on the auction block again this January through Paramount Realty, and now we finally know how much it sold for. Do you think the new owner will try to flip the home at 85-15 Wareham Place again?
UPDATE (3/28/2017): A new report from the New York Times uncovers that the buyer of Trump’s childhood home is likely a Chinese investor. According to the Gray Lady, the transaction was facilitated by a lawyer who “specializes in shepherding real estate investments made by overseas Chinese buyers.”
A principal of Paramount Realty USA, the firm that represented the property at auction, said representatives for the buyer have expressed the idea of bringing a presidential library or museum to the site, though no plans have solidified just yet.
The Times coverage also brings with it an interactive look inside the house, built in 1940 by Trump’s father, Fred. Take a look, below.