Last summer Patricia Kluge listed her giant Virginia estate for $48 million, but no one was interested.
Bank of America foreclosed on the home in February, alleging Kluge had defaulted on a $23 million loan.
In April Donald Trump swooped in to buy the winery and vineyard. He also bought 200 acres of land near the house for less than $500,000.
Trump now owns the front yard, the driveway and the backyard. And he’s doing his best to make sure BoA can’t sell the property to anyone but him, with a huge discount, according to the Journal.
Bank of America owns the house after foreclosing and is trying to sell it for $16 million. One thing the house doesn’t have, however, is a front yard. Mr. Trump owns that, having purchased it with his 200 acres. He also owns most of the driveway and the backyard, making a sale to any other buyer difficult. Mr. Trump said he would buy it from Bank of America for $3.6 million.
To make his point, he has erected signs on the front lawn of the mansion that read, “No Trespassing. This Land is Owned by Trump Virginia Acquisitions LLC,” aimed at warding off possible buyers. He has also let the lawn go to seed.
“Maybe someone is stupid enough to buy the house,” Mr. Trump said. “I wish them luck.”
The broker for the house, Joseph Marchetti III, responded: “We believe the house is a salable asset as it is.”
More at WSJ.