Donald Trump Claims Mar-A-Lago Is Worth Billions Amid Judge's Devaluation to Millions
The former president Donald Trump, along with his sons Eric and Don Jr., sharply criticized a New York judge's finding this week that Trump and the Trump Organization committed fraud by doubling the value of their assets, including the family's renowned Mar-A-Lago estate—reiterating their claims that the property is worth more than $1 billion. "This highly partisan Democrat 'Judge' (All the Clubs, etc.) just ruled that Mar-a-Lago was 'worth' just 18 Million Dollars when, in fact, it may be worth 100 times that amount," Trump wrote.
The property was valued by the Palm Beach County Property Appraiser between $18 million and $28 million from 2011 to 2021, according to appraisals referenced by Judge Arthur Engoron. Trump may believe Mar-a-Lago is worth $1.8 billion, but his own business estimated the Palm Beach appraiser was more accurate in 2020. Mar-a-Lago was worth $27 million to the county in that year. "The Petitioner agrees with the determination of the property appraiser or tax collector," was stated on a paper submitted to the regional Value Adjustment Board, which CBS News gained access to, a real estate broker representing Mar-a-Lago admitted.
Michael Corbiciero, the broker, initially filed a petition to contest the valuation, swearing under penalty of perjury that he was acting as the owner's authorized agent. However, he later withdrew the petition and checked the box stating that the property had been fairly valued.
As per Forbes, the Republican leader criticized New York Judge Arthur Engoron, branding him a "political hack judge" and labeling him "unhinged" in a public rant on his social media account Truth Social, lauding Mar-A-Lago as “the most spectacular parcel of real estate in Palm Beach, and perhaps all of Florida,” claiming that the estate is “worth, perhaps, 100 times more than he values it.”
Calling for justice Trump wrote, "This political hack judge, who values, Mar-a-Lago, the most spectacular parcel of real estate in Palm Beach, and perhaps all of Florida, at $18 million in order to reduce valuations on my financial statements, which are, in fact, lower than my actual net worth, must be stopped." He added, "I have had very unfair judges since entering politics, but nobody has been as unhinged as this guy. Mar-a-Lago is worth, perhaps, 100 times more than he values it."
He continued, "Other properties are likewise worth substantially more. I am worth billions more than my very conservatively stated financial statements, and therefore could not have defrauded the banks, who all made money & were all paid back, or are current, with no defaults or any other problem. Additionally, there is a powerful Disclaimer Clause on the first pages of the Financial Statements. It states that nothing in the Financial Statements should be accepted as fact!"
According to New York judge Engoron, Trump exaggerated the estate's value. He bases this claim on an assessment performed by the Palm Beach County Assessor, who determined that the 17.5-acre property's market value between 2011 and 2021 was between $18 million and $27.6 million. "Mar-a-Lago is deed restricted as a private club. The deed itself is restricted, it can't be used for any other purpose, as such our office values it as we value the other private clubs in Palm Beach County," Haltermon Robinson, Public Information officer of Palm Beach County Property Appraiser's Office said. The term "income approach" refers to a property like Mar-a-Lago that reflects the club's financial situation.
"For the income approach, what we normally do is we request financial statements from individual businesses and request income and expenses so that we can kind of figure out what income we could use to capitalize the value," Robinson said. According to the New York Attorney General, Trump and the business put Mar-a-Lago's value as $490 million on financial documents provided to banks the same year they and the appraiser came to an agreement regarding its $27 million assessment.
Eli Beracha, the director of Florida International University's Hollo School of Real Estate said, "The more unique the property is and the longer it is owned by the current owner, the higher the likelihood that the gap between what it's actually worth and what the county says it's worth is large." The gap, according to Trump, who purchased the property in 1985 is astounding. However, judge Engoron and the New York attorney general have different opinions.
BREAKING: Outraged Eric Trump (@EricTrump) condemns New York ruling, writes, "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”… Mar-a-Lago is speculated to… pic.twitter.com/Cc295kEGIE— Simon Ateba (@simonateba) September 26, 2023
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