Trump’s Palm Beach Condos Sold

PALM BEACH GARDENS, Fla. —  The crumbling real estate empire of Donald J. Trump crumbled a bit more Sunday as 63 vacant units in twin waterfront condominium towers bearing his name went up for auction.

Thirty-five luxury units in the 32-story Trump Plaza of the Palm Beaches, 10 miles north of West Palm Beach, were auctioned last December for $8.8 million. The other 63 were put up for auction because Marine Midland Bank is looking for the balance on its $60-million loan.

Trump made a deal with his lenders last week to pay off the debt, and they agreed to split the auction proceeds 50-50. There were more than $15.2 million in bids in the four-hour auction.

“Everything is done. My deal is totally done,” said Trump, who circulated around the main ballroom at the PGA National resort before the start of bidding.

When asked about the future of his real estate holdings, Trump said, “I’m doing what a lot of other people are doing. I’m de-leveraging. I’m getting rid of a lot of debt.”

About 1,080 people attended the auction, with simultaneous bids coming from the ballroom as well as the Waldorf Astoria in New York and the Swiss Grand Hotel in Chicago.

Bidders were looking primarily for investments but definitely for a steal.

“I’m here to bid if I can buy a unit, if I can get one for a ridiculously low price,” said Charles Shushan of Plantation.

The Trump name on the building was a selling point for some prospective buyers as a guarantee of quality, exemplified by a spacious leather- and marble-dominated lobby furnished with a grand piano.