A home listed for sale within proximity of President Donald Trump‘s Mar-a-Lago estate in Palm Beach, Florida, is on the market for 32 times more than originally purchased decades ago.
Why It Matters
Mar-a-Lago has become a safe haven of sorts for Trump, his family and confidants in the years since the president first claimed the Oval Office. He still routinely travels to the site and hosts various events, drawing large crowds in and around the grounds.
What To Know
On Tuesday, a home on Algoma Road was put on the market for $12.5 million, far exceeding the $385,000 it was last purchased for by a couple in 1981. That sales price in 1981 is equivalent to $1,328,610 today, according to a cost-of-living calculator provided by the American Institute for Economic Research.
The 2,493-square-foot home, which sits on a third of an acre and has four bedrooms and four bathrooms, was built in 1952. Nearly three decades later, Joyce Vaughn and her late husband, management-consulting executive Clother Hathaway Vaughn III, bought the residence, according to Palm Beach County tax rolls, per the Palm Beach Daily News.
The lot is even bigger, boasting roughly 14,300 square feet on the south side of the street and about 250 feet away from deeded beach access, according to Zillow. It also has a private pool.
“This bespoke location affords residents a unique island lifestyle combined with a truly elite level of privacy to match it,” the Zillow description reads. “Only 5 minutes to the best shopping, dining, and entertainment that the Town of Palm Beach has to offer, the unbeatable locale provides discerning residents with full access to the coveted Palm Beach Island lifestyle.”
It also sits within the secured Presidential Security Zone, which is overseen by the U.S. Coast Guard and established on the waters of the Atlantic Ocean near the Mar-A-Lago club and the Southern Boulevard Bridge in Palm Beach. It is described by federal officials as substantially the “east zone” security zone in Coast Guard regulations.
In March, it was reported that the U.S. Secret Service spent more than $1.4 million on security contracts for the perimeter of Mar-a-Lago in Florida over a period of six months.
“The Coast Guard will only enforce this rule when the President of the United States, members of the First Family, or other persons under the protection of the Secret Service are present or expected to be present,” according to the Federal Register. “This action is necessary to protect the official party, public, and surrounding waterways from terrorist acts, sabotage or other subversive acts, accidents, or other events of a similar nature.”
The estimated monthly payment exceeds $88,000.
There is no information or photos within the listing regarding the home’s interior.
What People Are Saying
Agent Margit Brandt of Premier Estate Properties holds the listing, to the Palm Beach Daily News: “Looking at the market today, 112 Algoma is the only dry lot available for sale in Palm Beach’s Estate Section. It is also the only piece of land publicly available (in the MLS‘s land category) in the presidential security zone adjacent to Mar-a-Lago. This presents a special opportunity for a buyer to build their dream home in one of the most coveted, exclusive locations in the world.”
What Happens Next
Zillow estimates that the home will sell in the $5.2 million to $7.8 million range. The rent estimate as of Thursday evening was $42,861.
However, since early December, six residential properties in the Mar-a-Lago security zone have reportedly sold at prices ranging from $12 million to $27.5 million.
The post Donald Trump’s Neighbors List House for 32 Times More Than They Paid appeared first on Newsweek.
