NEW YORK -- Donald Trump disclosed Thursday he has has sold his opulent yacht, the Trump Princess, to a Boston bank at a profit because he was 'too busy to use it.'
'I sold it to the Boston Safe Deposit & Trust Company a couple of weeks ago for $42 million, $15 million more than I paid for it, so I'm very happy with that,' Trump told UPI.
Trump's comment came after the Boston Herald reported Thursday that the Trump Princess was repossesed by the bank, who put up most of the money for its purchase, and is being offered for sale for $34 million.
'It wasn't a matter of repossession as the result of delinquency in payments to the bank, as has been reported,' Trump said.
'I sold it outright because I've been just too busy to use it. I used it only three or four times in the last year.'
Trump said he still liked yachting and probably would build another yacht 'when my schedule is a little less hectic.'
The 282-yacht is now at Antibes on the French Riviera where it has been offered for sale by London yacht dealer Nigel Burgess.
'I think they're asking about what the bank paid for it,' Trump said.
Trump bought the yacht from Saudi Arabian arms merchant Adnan Khashoggi for $27 million. He put it on the market again more than a year ago at an initial asking price of $115 million but was unable to find a buyer for the five decker equipped with a swimming pool, discotheque, hospital and helicopter pad.
Trump, who recently announced his engagement to Marla Maples and presented the bride-to-be with an 8-carat diamond, has fallen on financial hard times lately. He has been under pressure from New Jersey gambling regulators to sell assets to keep his Atlantic City casinos afloat.
