REAL ESTATE

INSIDE STORIES BEHIND AREA REAL ESTATE DEALS

Money Talks
Never one to shy away from playing the real estate game, Donald Trump recently offered $35 million to purchase the Royal Poinciana Plaza from owner Sidney Spiegel. Apparently, Trump's offer was "cash, as is, close in 90 days." But at press time, there was still no word on whether or not Spiegel would accept that figure for the controversial property, which, according to councilman Bill Brooks, is estimated to be worth $60 million-plus. Should Spiegel decide to sell to Trump, insiders expect Trump to present a mixed residential/retail proposal. While Spiegel has reportedly received much higher offers, the sense around town is he might prefer to put it in Trump's hands knowing the mogul can turn it around in a way that will please even the biggest skeptics.

Palm Beach Profits
It's true, the national real estate market is not in great shape and it's impossible to ignore the local headlines that shout, "Area Home Sales Hit 13-Year Low" and "Market Won't Bottom Out Until 2009." However, keep in mind these newspaper headlines pertain to Palm Beach County as a whole; it's a whole different ball game over the bridge on Palm Beach Island, where big deals continue to happen.

Just ask developer Dan Swanson, who reportedly accepted a $40 million-plus offer on his massive spec house with 140 feet of direct oceanfront at 589 North County Road. Though brokers—including listing broker Jim McCann of The Corcoran Group—allegedly pledged to remain mum on the details, news of the major transaction (and the names of the buyers) continue to be the worst-kept secret in town.