Thursday, March 17, 2011

Trump's Rep: Bank of America Has An Unrealistic Expectation For the Purchase Price of Albemarle House

The luxury market in the Charlottesville Albemarle area has been dead since 2008--and buyers know this, even with nice views and conservation easements.  Sellers and their agents, however, are still hoping for a "turnaround" in the market.

Patricia Kluge's rise to Billionaire, fall to Millionaire, and demise to Defaulter is chronicled in the current Forbes, and Donald Trump's interest in Albemarle House is mentioned.  Bank of America paid $15.3M to repossess Albemarle House in January, instead of letting the Trump dynasty have it for $3+M.    

"Ultimately, we'd like to buy the home, but the bank has an unrealistic expectation for the purchase price," said Jason D. Greenblatt, general counsel for the Trump Organizatio.   Trump retains right of first refusal.

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