Investor flips former Trump home for a big profit

Donald Trump's childhood home has been sold to another investor for $2.14 million — a profit of just over 50 per cent

Donald Trump's childhood home has been sold to another investor for $2.14 million — a profit of just over 50 per cent

The art of this deal should make the property's former occupant proud. A month later he flipped it for $2.14 million, closing on the sale last week.

Donald Trump's childhood home.Paramount Realty USAA brief connection with Donald Trump will provide a happy return for the owner of an unassuming property in Queens, New York. He succeeded and made 53% over what he paid-though less than what some real estate professionals had predicted in November, in the wake of Election Day.

"This is the childhood home of the current president of the United States and we are very excited to be part of this monumental sale", said Misha Haghani, principal of Paramount Realty USA (PRUSA).

Built by his father Fred in 1940 in the wealthy enclave of Jamaica Estates, the building served as the president's home for the first four years of his life.

He also declined to reveal the number of offers received for the five-bedroom, 4.5-bathroom, 2,000 square-foot (186 square meters) house.

The living room of Donald Trump's childhood home, which sold at auction for $2.14 million on March 23, 2017.

The investor, who purchased the property in December from the Kestenberg family, chose to have the property sold at auction, said Haghani. The initial auction was scheduled for October but was postponed because of increased media attention.

The sale represents more than a 50 percent profit for Michael Davis, an investor who paid $1.39 million for the Tudor-style home in Jamaica Estates in December 2016, according to published reports.

The property's address, 85-15 Wareham Place in Jamaica Estates, is listed on Trump's birth certificate as his home address.

Fred Trump, a real estate developer who made his fortune building low-priced housing, also helped develop Jamaica Estates.

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