The childhood home of President-elect Donald Trump has finally sold to the highest bidder, just a few days before his inauguration.
Auctioneer Misha Haghani of Paramount Realty USA confirmed that an ongoing auction for the Queens, New York, property officially ended at 4 p.m. on Tuesday. He declined to reveal the sale price.
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It’s expected to take several weeks before the buyer closes on the home in the affluent Jamaica Estates neighborhood—when information about the sale price and buyer will become available in public records.
In the meantime, it looks like the long-running saga over this five-bedroom, Tudor-style house built by Mr. Trump’s father, Fred Trump, in 1940 finally has come to a close.
It started over the summer, when previous owner, restaurateur Isaac Kestenberg, put the home on the market for $1.65 million—only a few weeks before Mr. Trump was nominated at the Republican National Convention in July.
But the property’s newsworthy pedigree did little to spark interest, and the owners chopped the price down to $1.25 million and then hired Paramount Realty to auction it.
That was until Mr. Trump’s shocking win against Hillary Clinton, which changed the home’s estimated market value overnight.
Broker Dolly Lenz said the home could be worth three to 10 times more now that it will be the first home of a U.S. president. The home on Wareham Place is listed on Mr. Trump’s birth certificate, and he lived there until he was 4 years old, when the family moved to a grander home in the same neighborhood.
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Spotting the opportunity, New York City real estate investor Michael Davis swooped in and purchased the home above asking price, for $1.39 million in December, according to property records.
The new owner promptly put the home up for sale through a remote auction with Paramount in hopes of flipping it for a quick profit, Mr. Haghani told Mansion Global shortly after the sale.
In a few weeks’ time, public records will show whether the investor’s bold move has paid off—and how much this artifact from Mr. Trump’s boyhood is worth.