Trump Gives Bank of America a Taste of Reality
The property in question was formerly home to Patricia Kluge, who put the property on the market for $48 million last summer. Despite her best efforts, the property remained unsold and entered into foreclosure in February due to the delinquency of a loan for $23 million. At this time, it became property of Bank of America who is now trying to sell it for $16 million. However, there is a catch. Mr. Trump technically owns everything surrounding the property from the vineyard and front yard, including the driveway, to portions of the bank yard. This puts Bank of America is a horrible position as what homeowner would purchase a property in which they do not even own their front yard? Trump is in the driver’s seat and is planning to take full advantage of these opportunities.
Bank of America has wrongfully foreclosed upon multiple homes, leaving innocent homeowners paying court fees for their losses. The bank continues to dabble in wrongful practices and has even recently made it difficult for an auditor to obtain thorough information in the investigation of the bank’s actions. Trump is sticking it to them and is willing to purchase the home that the bank is currently stuck with; however, he is only willing to pay $3.6 million. If Trump is able to persuade the bank to let go of the property, Bank of America will be taking a loss of over $19 million.
Regardless of the outcome of this situation, there is one thing that is certain—foreclosure are incredible investment opportunities and even Trump is doing his part to take advantage of these incredibly low prices. It is a buyers’ market and Trump is prepared to receive an excellent deal on a multi-million dollar home.
Donald Trump has been all over the news with his brief attempts to run for President, which is likely just another way to obtain media attention. However, now the spotlight has turned from his presidential campaign and onto real estate, of which Trump claims to have excessive knowledge. Regardless of Trump’s self-proclaimed expertise on the subject, his recent attempts to secure a $48 million home for $3.6 million is receiving national attention.