rancho palos verdes

Donald Trump Lists California Home

Filed under: Estates, Celebrity Shopping

When Housing Watch broke the news that Donald Trump has listed his home in Rancho Palos Verdes, California, I knew we had to go check it out. Trump, who has a habit of creating drama where ever he goes, had years of "tumultuous relations" with the locals. Trump, a man accustomed to always getting his own way, ran up against the community rules over a variety of issues. He even sued the town for $100 million because they wouldn't let him have his own way.

The home he is selling is his personal residence where he stayed while in Los Angeles and is located at the 18-hole Trump National Golf Course and has both golf course and ocean views The 11,000-square-foot five-bedroom luxurious yet bland Mediterranean has marble floors is built in a U-shaped design around a courtyard with an infinity pool facing the ocean. The gourmet kitchen has Miele appliances, Wolf range, a Sub Zero refrigerator and a copper hood over the range. The master suite offers a walk-in closet, large bathroom, private patio and fire pit. The home has several fireplaces including one in the library. The game room has a full sized bar that matches the one at Trump National Golf Course. A glass wine room showcases your collection. It's posh but practically understated considered Trump's usual taste for gilded, over-the-top decor.

Housing Watch reports that Trump paid $27 million in the late 1990s for the 300-acre land site and constructed the golf course and adjacent properties. A pretty sharp deal. Homes on the course sell for over $5 million. Trump's personal home is listed for $12 million with Linda D'Ambrosi and Sandra Callen of Keller Williams, Rancho Palos Verdes. The property website is here.

Gallery: Donald Trump in Rancho Palos Verdes

Tags: california real estate, celebrity real estate, donald trump, los angeles real estate, rancho palos verdes, trump national golf course

Terranea Resort Gets City-Sponsored Bailout

by Deidre Woollard (RSS feed) —

Given the hard times facing the travel industry I'm surprised that more resorts haven't asked for a little help. The Los Angeles Times reports that the Terranea Resort in Rancho Palos Verdes, California recently got what amounts to an $8 million loan from the city by allowing Lowe Enterprises to defer payment of its hotel tax for several years.

We first heard about this resort way back in 2005. The lavish compound located on the spot of the old Marineland of the Pacific oceanarium will open later this month with three restaurants, a nine-hole golf course, a 360-room hotel and 20 bungalows. The complex also includes some pretty expensive real estate, 82 casitas and villas that range in price from $2 million to $4 million.

Terranea will be allowed to keep the 10 percent hotel tax customers pay in a deal that will allow the resort to receive $8 million or collect the taxes for 27 months, whichever comes first. The loan will be repaid by 2013 at the London interbank offered rate plus 8 percentage points. The city council made its decision Wednesday morning at a special meeting. Robert Lowe, chairman and chief executive of Lowe Enterprises, says that once the resort is up and running at full strength in a couple of years it should provide the city with $7 million to $8 million in taxes every year.

This isn't the first time we've seen a city step in to help a hotel in trouble, Portland, Oregon's Portland Development Commission agreed to accept delayed payments on taxpayer-funded loans to keep the developer of the Nines Hotel from defaulting on loans. The developer is still planning to repay its $16.9 million in city loans at the original interest rates once The Nines' business improves. The current expectation is that loan payments should start up again in 2011 if the economy improves along the current predicted trajectory.

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Tags: rancho palos verdes, RanchoPalosVerdes, southern california, SouthernCalifornia, terranea