Trump Jr. Sells Beverly Hills Home at a Rich Premium

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TrumpCo has sold a home in Beverly Hills:
A deed registered with L.A. County on May 31 shows that Trump’s eldest son, Donald Trump Jr., signed the property over to Hillcrest Asia Ltd., a company registered in the British Virgin Islands. The price tag: $13.5…. Trump bought the property, at 809 North Canon Drive, for $7 million in 2007, according to L.A. County land records. The county assessed the property last year at $8.3 million.
Hmmm. Luxury homes have been very hot in Los Angeles over the past few years, but the Beverly Hills market softened considerably last year and prices dropped. A home like this one should probably sell in the neighborhood of $10-11 million. So why did this Indonesian guy pay $13.5 million? We can guess, but I suspect we will never know.