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Real estate insiders bewildered by judge’s $18M valuation of Trump’s Mar-a-Lago: ‘Would list at $300M’
A New York judge’s Tuesday ruling valuing Donald Trump’s sprawling, headline-making Florida estate at $18 million has left industry experts perplexed.
In his verdict, Manhattan Supreme Court Justice Arthur Engoron delivered a bombshell ruling that the former president committed fraud by inflating the value of his wealth, with details including the monetary value associated with Mar-a-Lago in Palm Beach.
This decision, which came down without a jury, has sent shockwaves through political — and real estate — circles, especially that $18 million base value for the property.
One prominent Palm Beach real estate broker, speaking on the condition of anonymity, told The Post, “It’s utterly delusional to think that property is only worth $18 million.”The insider added, “If that property were on the market today, I would list it at around $300 million, minimum … at least. He also has the separate golf course minutes away.”
Engoron’s verdict holds Trump, 77, along with his family and his business empire, the Trump Organization, liable for fraud — a central allegation in New York Attorney General Letitia James’ lawsuit against the defendants.
In a 35-page judgment, Engoron sided with James, asserting that Trump had made unequivocally false statements in official documents to secure favorable terms with financial institutions.
… [T]he ruling raised eyebrows when Engoron, a Democrat who ran unopposed in the general election on Nov. 3, 2015, evaluated the worth of Trump’s prized Mar-a-Lago Club resort at $18 million, ruling that the property was inflated by 2,300%.
He cited a basic Palm Beach Assessor valuation that ranged from $18 million to $28 million between 2011 and 2021, with industry sources saying it fails to take into consideration the fair market value. This valuation is far from Trump’s 1985 purchase price of $10 million, $8 million less than what the judge declared it was worth today.
There are also nearby comps.
To put it in perspective, a 2-acre wooded lot at 1980 S. Ocean Blvd., just 5 minutes from Mar-a-Lago, is currently listed for $150 million. Mar-a-Lago, situated at 1100 S. Ocean Blvd., dwarfs this lot tenfold and operates as a commercial business with around 500 members as part of the golf club.
Nearby residential properties, less than half the size and lacking ocean frontage, are commanding an average price of $40 million in today’s market.
There have also been very prominent local purchases.
In March, Rush Limbaugh’s widow, Kathryn Adams Limbaugh, sold her husband’s longtime Palm Beach compound, on 2.7 acres, for $155 million.
What is this “fraud” that the judge and his boss, NY State Attorney General Letitia James, who vowed during her election campaign to focus on and “get Trump”? There was none; the only fraud occurring here is that being committed by Democrat judges and prosecutors who invent facts to convict their political enemies.
All the banks and lenders did their own due diligence on the financing. All operational loans and business loans were paid back. There were no defaults or banking interests adversely impacted. There are no victims of what the State calls “fraud.”
I reference Russian jurisprudence in this headline. I could just as easily point to the J6 show trials or any of the Trump indictments that have spewed from the corrupt “justice” system in our own country, but this story reported Tuesday from the land of “show me the man, and I’ll show you the crime” seems a perfect example of what’s going on here in what was once a country that was founded on the concept of the rule of law, not the rule of kings:
Russian dissident Alexei Navalny’s 19-year sentence has been affirmed, and he’ll remain in solitary confinement in his Siberian punishment cell until he serves out this and his previous 11 1/2 and 9-year sentences or his death. I’ve taken no poll, but I’ll bet that at least 50% of Americans would be delighted to see the same fate be handed to the Orange Man.
