What’s Happening:
The value of one of former President Donald Trump’s most prized properties is at the center of an ongoing civil fraud case. The presiding judge decided that Trump’s Mar-a-Lago estate is worth much less than Trump stated in previous financial disclosures.
Trump harshly disputed the judge’s assessment and now it appears the judge’s numbers may fall well below market value by more than a hundred million dollars. A fresh look at the property’s value is causing more debate about the pricey property and the legitimacy of the court case.
From the Daily Caller:
Judge Arthur Engoron ruled last week that Trump committed fraud by exaggerating his net worth and assets, deceiving banks and insurance companies.
The judge cited the Palm Beach County Assessor’s appraisal of Mar-a-Lago in the ruling, which was “between $18 million and 27.6 million” from 2011-2021. But those numbers don’t add up with local real estate experts.
Palm Beach Board of Realtors President John O. Pickett III said he thinks the numbers being reported ($18-25 million) are even close to the true market value of Mar a Lago. He said the value of Mar-a-Lago could be $250 million or more. Forbes has noted that Mar-a-Lago’s worth may be $325 million.
The news outlet pointed out that multiple listings for acreage in the area around Trump’s club and several large single-family homes have been listed at prices double, triple, or even 10 times the value the judge stated.
How important this property value may be in Trump’s case is yet to play out. The reality is no one knows exactly how high the property may sell for until someone buys it. One real estate broker in Palm Beach said it’s hard to gauge what billionaires will pay for a Mar-a-Lago if they want it.
The large gap in the judge’s estimation compared to possible market values had Trump in arms. Despite a gag order imposed by the judge, Trump called for Engoron to be disbarred.
“This is a judge that should be out of office,” Trump said. “This is a judge that some people say could be charged criminally for what he is doing. He’s interfering in an election.”
A representative of the Palm Beach County Property Appraiser’s Office told the media that the value it posted for Mar-a-Lago is “for taxation purposes only.” That may be true on most days, but now that value is the center of one of the most high-profile court cases in the world.
Key Takeaways:
- Judge downgrades Trump’s Florida estate by hundreds of millions of dollars.
- Nearby market prices show a potentially higher value than the judge states.
- Trump ignores gag order, criticizes judge and calls for him to be disbarred.
Source: Daily Caller
