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Toronto developer pays $5.8M for Trump Hollywood PH

Toronto developer pays $5.8M for Trump Hollywood PH

Buyer Bill Mandelbaum also spent $1M on furnishings
 
 
 
 
By Ina Cordle | August 28, 2018 06:00PM

 

A Toronto developer just paid $5.8 million for a two-story penthouse at Trump Hollywood — a steep discount off its $8.5 million asking price.

Bill Mandelbaum, CEO of Buckingham Properties, spent a total of $6.8 million, with $995,000 for the penthouse’s furnishings that included Tonino Lamborghini furniture, said Marc Hameroff of Engel & Völkers Miami. He had the listing for PH#2 at 2711 South Ocean Drive with Alina Pogorelova of Engel & Völkers New York. The buyer was represented by Harry Polsky of Global Luxury Realty LLC.

Records show the seller is Dangot Trust, with Florence Ruttenberg as trustee. Hameroff said the seller is Russian but declined to name him. The penthouse last sold for $6.07 million in 2011.

Hameroff listed the 8,170-square-foot, seven bedroom, eight-and-a-half bathroom unit in March for $8.5 million, so it sold for a 32 percent discount off the most recent asking price. The penthouse had been on and off the market with other brokers since 2015, priced as high as $17 million, according to Zillow.

“It’s very challenging to sell a penthouse in Hollywood,” Hameroff said. “If we moved it down the street to Sunny Isles it would sell for two-and-a-half times the price.”

The 41-story Trump Hollywood was developed by the Related Group in 2009. Its 200 units reached a total sellout of $306 million in 2012.

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  • Miami New Home Realty
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    Miami Beach, FL 33141
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