Trump Shells Out $6.2 Million on the Kluge Estate

Located in the foothills of the Blue Ridge Mountains, the Kluge Estate Winery and Vineyard is Donald Trump’s latest purchase. Together with real estate developer Sal Cangiano, Trump bought the property for $7.3 million. That’s a really small price if you compare it to the before-recession estimated worth of the estate: $70 million.

While Cangiano bought a 21-acre tract for $450,000, a 92-acre parcel for $250,000 and a 6-acre parcel, holding the Farm Shop, for $420,000, Trump shelled out $6.21 million for two parcels, including a 647-acre tract with vineyards, the carriage museum, the office and the auction pavilion, and another 129-acre tract with vineyards and the winery.

Patricia Kluge was the former owner of the estate (after her husband had passed away)and she found herself forced to sell it due to financial problems. She lost it in foreclosure to Farm Creditor of Virginia, and Trump came to her rescue. The real estate mogul declared himself satisfied with the purchase, saying “This place had a $28 million mortgage on it and I bought it for $6.2 million.”

Also very happy with the sell are Patricia Kluge and her current spouse, Bill Moses (former CEO of Kluge Estate). They are pleased to know that the property is now in Donald Trump’s hands, because they know he will take good care of the winery and bring it back to its original glory.Trump Shells Out $6.2 Million on the Kluge Estate

By : 13 Apr 2011
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