Settling: Donald Trump has sold his Californian mansion for $5million less than the asking price
He's not exactly short of money but even Donald Trump must have been fuming that he was forced to settle on the price of $7.15million for his luxurious Californian mansion.
The tycoon had originally put the stunning 11,000 sq ft property on the market for $12million last year.
The property, located in the southern California area of Palos Verdes, is luxurious by anyone's standards and contains five bedrooms, nine bathrooms, an infinity swimming pool and a 1,000 sq foot kitchen.
It also features a massive games room.
According to gossip website TMZ.com, Trump decided to sell the house because he wasn't spending enough time there, and also owns a property in Beverly Hills he prefers to stay in when in California.
TMZ claim the mansion has now been purchased by the owner of a shipping company, who 'appreciated the property as much as Trump does', according to a real estate agent involved in the deal.
In another development, Trump caused controversy by declaring that the United States should legalise internet gambling.
He said: 'It should be approved here. An awful lot of money is leaving the U.S. that should and could stay in this country.'
Luxurious: The mansion, in Palos Verde, is 11,000 sq ft and was put on the market by Trump last year
Settling: The property has been sold to the owner of a shipping company, who 'loves it as much as Trump'
Trump, who founded Atlantic City casino company Trump Entertainment Resorts, is moving forward with plans to establish an online betting venture as soon as it's legal.
The company says it wants to get in on the ground floor of the Internet gambling business, and is close to selecting a joint venture partner to run an online gambling operation. The idea is to be well-placed and ready to go as soon as such activity is legalised in the United States.
Trump Entertainment, which includes Donald Trump and daughter, Ivanka, and the Avenue Capital hedge fund, would own 10 percent of the new venture.
And Trump said the key to success in the online gambling market is having the best brand.
He said: 'We think we have the hottest brand there is, the Trump brand, my personal brand. We think it's going to do phenomenally well.'
Read more: Donald Trump sells his Californian mansion for $7.15m | Mail Online