Why is there so much confusion over the value of Mar-a-Lago? Trump recently rambled on live news that Mar-a-Lago is worth “a billion, a billion and a half, 750 million.”
Among other properties, Trump’s Mar-a-Lago estate has taken center stage in his New York Fraud Trial. The multitude of different valuations for this property raises the question of how there can be such vast disparities in its supposed value, to the extent that even Trump himself appears bewildered.
$18 Million Valuation From County Assessor
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The Judge presiding over the case has received backlash over the $18 million valuation used in the trial.
Trump said in a live press interview: “It’s totally illegal. The Judge should be disbarred.”
Judge Engoron wrote: ‘From 2011-2021, the Palm Beach County Assessor appraised the market value of Mar-a-Lago at between $18 million and $27.6 million.’
Eric Trump Jumps to Support Father
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Eric Trump jumped to defend his father in a post on X (Twitter): “In an attempt to destroy my father and kick him out of New York, a Judge just ruled that Mar-a-Lago, in Palm Beach Florida, is only worth approximate ‘$18 Million dollars’…”
The Most Valuable Property in the Country
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“Mar-a-Lago is speculated to be worth well over a billion dollars making it arguably the most valuable residential property in the country. It is all so corrupt and coordinated,” concluded Eric Trump
Why Was Mar-A-Lago Valued So Low?
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Mar-a-Lago’s value was much lower than others have cited because Palm Beach County officials considered its status as a deed-restricted private club when assessing Mar-a-Lago. Unlike a typical private residence, the property’s valuation hinges on the income it generates in its capacity as a club.
Trump Valued the Property as Unrestricted
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NY lawyers said Trump’s valuation of the property in his financial statements was “based on the false and misleading premise that it was an unrestricted residential plot of land that could be sold and used as a private home, which was clearly not the case.”
Zillow’s “Mistaken” Sold Listing for $422 Million
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Just days before Trump’s indictment in Georgia for violating a racketeering act, Zillow accidentally listed the property as “sold” for $422 million. The indictment in Georgia alleges that Trump “unlawfully conspired” to change the outcome of the 2020 Presidential election.
Eric Trump stated outright that the property had not been sold on social media.
Trump’s Financial Statements State Up to $612 Million
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In financial statements, Trump had claimed it was worth between $426.5 million and $612 million.
Further, in live news interviews outside the courtroom where the trial was being heard, Trump stated the property was worth ten times more than the assessor’s $18 million valuation, giving the club a $1.8 billion price tag.
Is It a “Witch Hunt?”
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Trump has repeatedly stated that the ongoing fraud trial, among his other upcoming trials, is a witch hunt.
“It is a pure witch hunt for the purposes of interfering with the elections of the United States of America,” said Trump.
Has Judge Engoron Been Too Harsh?
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Although Mar-a-Lago is undoubtedly a unique property, the Judge, in his ruling, noted that Trump agreed to use Mar-a-Lago as a social club and that restrictions are limiting the property’s potential use as a family residence.
Mar-A-Lago Wasn’t the Only Property Trump Overvalued
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The Judge also found that Trump inflated the value of several other properties: his golf course in Aberdeen, Scotland, and Property at 40 Wall Street and the Seven Springs Estate in Westchester County, NY.
Trump Inflated the Size of His Triplex Apartment
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It was revealed that Trump exaggerated the size of his Triplex apartment in Trump Tower. The triplex, which actually measures 10,996 square feet, was falsely represented as 30,000 square feet on financial documents. This misrepresentation persisted over an extended period, with financial statements being submitted to banks and insurers to obtain more advantageous loan terms.
Forbes Reporters Already Had Doubts Over Trump’s Property Valuations
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A former Forbes reporter had already questioned Trump’s former CFO, Weisselberg, about the size of Trump’s Triplex apartment back in 2016.
Valuation of Trump’s Triplex Apartment Tripled
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Judge Engoron’s ruling determined that Trump had exaggerated the size of his triplex apartment at Trump Tower, inflating it to three times its actual value, leading to an overestimation ranging from $114 million to $207 million.
Trump Org Overvalued Scottish Golf Course
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Furthermore, the Trump Organization overestimated the worth of his Scottish golf course at $161 million, as indicated in a quote provided to Forbes magazine. The property, originally acquired by the Trump Organization for $12.6 million in 2006, was reported on financial statements in 2011 as having a value of $161 million.
It “Can Only Be Considered Fraud.”
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Concerning Trump’s valuations of his properties, Judge Engoron wrote. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud.”
Trump Was Handed a Gag Order, Which He Violated
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Engoron recently imposed a $5,000 fine on Trump for breaching a gag order that prohibited him from discussing any court staff members. Trump received two warnings about the potential for imprisonment concerning the violation.
“Accordingly, issuing yet another warning is no longer appropriate; this Court is way behind the ‘warning’ stages,” stated the Judge.
Judge “Should Sit This One Out”
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A supporter of Trump posted an encouraging reply to one of his son’s comments regarding the court’s assessment of Trump’s property and expressed their support: “If the judge is not a certified property appraiser in Florida with a vast knowledge of the Palm Beach market area, he should sit this one out and listen to the experts.”
Would an Average Guy Would Be in Prison Already?
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“Appraiser here.” Another user posted, “Its deed restricted, so it can never be used as a residence. Its value is as a resort only. Income approach I can’t imagine it’s worth any kind of shocking amount.”
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