Real Estate Insiders Disagree with Judge’s Valuing of Mar-a-Lago

Elvis Dunderhoff October 5, 2023

So the Trumps are getting charged with fraud for the valuation of Mar-a-Lago. Apparently.

I’m not really following this shit anymore.

CNN:

A New York judge ruled last week that former President Donald Trump inflated the value of his Mar-a-Lago estate by an eye-popping 2,300%.

That finding, part of shocking ruling that found Trump and his adult sons liable for fraud, was just one of multiple examples in which Judge Arthur Engoron found the Trump real estate empire to have been grossly inflated in value.

But the Mar-a-Lago finding in particular is raising eyebrows among real estate and legal experts because of the metric Judge Engoron relied on: the county tax assessor’s appraisal value.

“From 2011-2021, the Palm Beach County Assessor appraised the market value of Mar-a-Lago at between $18 million and $27.6 million,” Engoron wrote in his ruling.

The judge noted Trump valued Mar-a-Lago at between $426.5 million and $612 million, “an overvaluation of at least 2,300%, compared to the assessor’s appraisal.”

But it’s widely known that the tax assessor valuation is typically, though not always, less than what a property would command on the open market.

In other words, it’s not an apples-to-apples comparison.

“Appraisal values and market values are just not the same thing. It’s a well-known fact,” said Eli Beracha, chair of the school of real estate at Florida International University. “That’s especially true for properties that are unique. And it’s very easy to argue this is a unique property.”

Mar-a-Lago would be a lot nicer without those disgusting parking lots. And its disgusting exterior.

And its disgusting interior.

Basically, the land is nice. You know – you’ve got the beach there, you’ve got some trees.

But Donald Trump has repulsive personal taste.

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