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Home Front: Politix

YGBFKM, $18M Mar-a-Lago edition

2023-09-28

[HotAir]

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.”

[This is completely absurd, and it might end up resulting not just in a reversal on that point but a very close look at how Judge Arthur Engoron is conducting the trial on the other issues. — Ed]

The New York Post article Hot Air is responding to can be read here.

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.

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.

Notably, Trump’s claims, such as his triplex penthouse in Trump Tower being 30,000 square feet when it was closer to 11,000, were also described by Engoron as “fraudulent” given their significant discrepancies. Though, Trump’s defense argued: “the calculation of square footage is a subjective process that could lead to differing results or opinion based on the method employed to conduct calculation.”

So true. Especially for unique, high price point properties. Betcha Hizzoner took off the square footage for staircases and hallways just to start...

However, the 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.

It is also important to note that Trump got a deal on Mar-a-Lago nearly 40 years ago. At the time the historical estate was listed at $20 million.

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.

A number of other listing and sold prices and appraisals on comparable properties in the article, which finishes with:

In addition to the verdict, Engoron revoked the New York “business certificates” held by the Trump Organization and any other New York-based business associated with the former commander-in-chief or his family. He further mandated an independent third party to oversee the “dissolution of the cancelled LLCs.”

Attempting to put the family out of business? Clever. Or not, as the case may be.

In response, Trump denounced it as a “Witch Hunt.”

Last year, Engoron referred to Trump as “just a bad guy” in a scathing rebuke to a lawyer arguing that the former president was being unfairly singled out for investigation by James.

“If Ms. James has a thing against him, OK, that’s not in my understanding [of] unlawful discrimination. He’s just a bad guy she should go after as the chief law enforcement officer of the state.”

Posted by:Grom the Reflective

#13 Strange, Rush Limbaugh's place down the road sold for $192m. And doesn't have 3 golf courses.

Posted by: ed in texas 2023-09-28 20:32

#12 Note: #10 is the TAXES he paid of those properties in his name. NOT the cost or cited value.

In short my "opinion" is the Judge applied Political career safety and did not jurisprudence in his determination.

Posted by: NN2N1 2023-09-28 20:01

#11 All the comments are true, but they miss the most important thing here: to get Trump! Did we get him this time???

Posted by: Tom 2023-09-28 18:57

#10 Looked up Trump Properties using Palm Beach GIS and the Fla. Tax Commission etc.. ☺.

The 2 in his name only

The ### MARINER DR JUPITER FL 334771
paid $175,383.02 in 2022

The ### WOODBRIDGE RD PALM BEACH FL 33480
paid $76,623.10 plus $2,480.39

Liz and other Trump family own 4 more in Palm Beach alone.

Posted by: NN2N1 2023-09-28 17:38

#9 The judge claims the 18 million figure is based on tax records. Bullshit. It is an arbitrary figure made up to find Trump guilty.

Posted by: Deacon Blues 2023-09-28 15:02

#8 All the judge had to do was look at the surrounding properties that have recently sold to see how off he was.

Posted by: mossomo 2023-09-28 14:28

#7 It's New York, Jake. Forget it.

Posted by: Abu Uluque 2023-09-28 12:27

#6 An Amicus Brief file by the DNC included citations from Malleus Maleficarum,[2] usually translated as the Hammer of Witches. The Malleus calls sorcery heresy, which was a crime at the time, and recommends that secular courts prosecute it as such.

Posted by: NoMoreBS 2023-09-28 12:23

#5 J6 prosecutor arrested after allegedly stabbing motorist who crashed into him on Tampa bridge

Posted by: Grom the Reflective 2023-09-28 08:03

#4 I never knew the rope was that cheap for such a prominent lynching. I'm tempted to make an offer for the judge's property, tree-fiddy.

Posted by: Enver Slager8035 2023-09-28 07:52

#3 I’m sorry did I sleep through the trial here?

Posted by: Ululating Platypus 2023-09-28 07:38

#2 No touch with reality. No sense of limits or fear of consequences. If only it were just judges. But it's also Politicians and Generals.

Posted by: Grom the Reflective 2023-09-28 06:33

#1 So when a Judge decides a property value is different than the BANKS and Other investors had verified BEFORE they made loans or bought or sold it. The Judges appraisal out weights those with expertise in that field?

Has any financier or involved party lost $$$$ ... NO.
All parties in fact have profited from the deals.
There were no Tax issues made by the IRS either.
So where is the injured party in this case?

Shouldn't the Case Title be:

Worried Democrat Party Sues Trump

Posted by: NN2N1 2023-09-28 05:16

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