Trump Has to Auction Florida Condo Units

Lenders are forcing Donald J. Trump to auction more than 100 unsold condominium units at the Trump Plaza of the Palm Beaches in order to pay down his debt, the Miami Herald reported Sunday.

Forty-five condos ranging in price from $229,200 to $1.8 million will be auctioned at discount prices Dec. 16 at The Breakers in Palm Beach. Bids will start at $150,000.

The auction will be broadcast via satellite to bidders in New York.

Real estate agents said Trump may also be on the verge of selling Mar-a-Lago, the 118-room oceanfront estate he bought in Palm Beach for $10 million five years ago.

The mansion, which has 53 bedrooms, 33 bathrooms and three bomb shelters, is not officially on the market. It would be expected to fetch $30 million to $40 million.

The condo auctions are expected to net about $15 million, more than $10 million less than what Trump owes on them.

Trump bought the Trump Plaza of the Palm Beaches out of foreclosure in 1986 for $40 million. Marine Midland Bank holds a $27.1-million mortgage on the 221-unit complex, located on the Intracoastal Waterway.

The auctions are part of a reprieve that the bank granted Trump. His loan was due Oct. 22, and he had to deposit $1 million with Marine Midland to get it extended.

Trump has until Sept. 30 to unload the remaining units. Fewer than half have been sold.