{"id":2046834,"date":"2023-09-27T16:47:01","date_gmt":"2023-09-27T20:47:01","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysis-explaining-the-18-million-mar-a-lago-valuation-by-ny-trump-case-judge\/"},"modified":"2023-09-27T16:51:43","modified_gmt":"2023-09-27T20:51:43","slug":"analysis-explaining-the-18-million-mar-a-lago-valuation-by-ny-trump-case-judge","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysis-explaining-the-18-million-mar-a-lago-valuation-by-ny-trump-case-judge\/","title":{"rendered":"NY Trump Case Judge explains $18M Mar-a-Lago valuation."},"content":{"rendered":"<aside class=\"mashsb-container mashsb-main mashsb-stretched\"><div class=\"mashsb-box\"><div class=\"mashsb-count mash-medium\" style=\"&quot;\"><div class=\"counts mashsbcount\">16<\/div><span class=\"mashsb-sharetext\">SHARES<\/span><\/div><div class=\"mashsb-buttons\"><a class=\"mashicon-facebook mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/www.facebook.com\/sharer.php?u=https%3A%2F%2Fwww.conservativenewsdaily.net%2Fbreaking-news%2Fanalysis-explaining-the-18-million-mar-a-lago-valuation-by-ny-trump-case-judge%2F\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Facebook<\/span><\/a><a class=\"mashicon-twitter mash-medium mash-nomargin mashsb-noshadow\" href=\"https:\/\/twitter.com\/intent\/tweet?text=&amp;url=https:\/\/www.conservativenewsdaily.net\/breaking-news\/?p=2046834&amp;via=ConservNewsDly\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Twitter<\/span><\/a><a class=\"mashicon-subscribe mash-medium mash-nomargin mashsb-noshadow\" href=\"#\" target=\"_top\" rel=\"nofollow\"><span class=\"icon\"><\/span><span class=\"text\">Subscribe<\/span><\/a><div class=\"onoffswitch2 mash-medium mashsb-noshadow\" style=\"display:none\"><\/div><\/div>\n            <\/div>\n                <div style=\"clear:both\"><\/div><\/aside>\n            <!-- Share buttons by mashshare.net - Version: 4.0.47--><h2>Former President Donald Trump and Sons Criticize Judge&#8217;s\u2064 Valuation of Mar-a-Lago Resort<\/h2>\n<p>Former \u200cPresident \u200dDonald Trump and two of his sons have\u2063 criticized a New York judge for suggesting \u2064his Mar-a-Lago Palm \u2062Beach resort is worth between $18\u201328 million.<\/p>\n<blockquote><p>&#8220;If Mar-a-Lago is worth $18 million\u2063 \u2026 I\u2019ll take\u2064 10 please!!!&#8221;\u200c Donald\u200b Trump Jr., an <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/biden-admin-cuts-funding-for-school-hunting-archery-training-programs\/\" title=\"Biden slashes funds for school hunting, archery training.\">executive vice \u200bpresident<\/a> of Trump Organization, <a href=\"https:\/\/twitter.com\/EricTrump\/status\/1706819972482130027\" target=\"_blank\" rel=\"noopener\">wrote<\/a> on X, <a href=\"https:\/\/twitter.com\/DonaldJTrumpJr\/status\/1706823832093528064\" target=\"_blank\" rel=\"noopener\">formerly<\/a> known as Twitter.<\/p><\/blockquote>\n<p>Judge Arthur Engoron implied the market value of the property in a \u200bSept. 26 summary ruling that found President Trump\u2019s business empire liable for \u200dfraudulently inflating property values in loan paperwork. He revoked the Trump\u2062 Organization\u2019s\u200b business licenses \u200cin the state and ordered it \u200bdissolved.<\/p>\n<h2>Related Stories<\/h2>\n<ul>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/us\/eric-trump-says-new-york-judge-undervalued-<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/ny-times-maggie-haberman-attacks-president-trump-over-white-house-reporters-having-to-work-early-on-christmas-eve\/\" title=\"NY Times\u2019 Maggie Haberman Attacks President Trump Over White House Reporters Having to Work Early on Christmas Eve\">mar-a-lago<\/a>-in-fraud-ruling-5499433?ea_src=author_manual&#038;ea_med=related_stories&#8221;>Eric\u2063 Trump\u200b Says New York Judge Undervalued Mar-a-Lago in Fraud Ruling<\/a><\/h3>\n<p class=\"text-comp-caption\">9\/27\/2023<\/p>\n<\/li>\n<li>\n<h3><a href=\"http:\/\/www.theepochtimes.com\/us\/trump-says-hed-testify-under-oath-that-key-evidence-in-mar-a-lago-case-is-false-5492189?ea_src=author_manual&#038;ea_med=related_stories\">Trump Says He&#8217;d Testify Under Oath That Key Evidence in Mar-a-Lago Case\u2064 Is &#8216;False&#8217;<\/a><\/h3>\n<p class=\"text-comp-caption\">9\/15\/2023<\/p>\n<\/li>\n<\/ul>\n<p>President Trump\u2019s lawyers argued that the\u2064 banks providing the loans didn\u2019t care about the valuations produced by \u200dthe company \u2064because they do their\u200c own. All the loans have or are being properly repaid with interest,\u200d they noted. The\u2063 judge ruled, however, that under New York law the state can sue for inflated property values\u200c even if nobody was harmed by\u2063 them.<\/p>\n<blockquote><p>Mar-a-Lago was overvalued by \u201cat least 2,300%\u201d because the Palm Beach County Assessor assigned it a market value of $18 million to $27.6 million between 2011\u20132021, \u2063while the Trump Organization valued it at $426,529,614\u2013$612,110,496 on its Statements of Financial Condition (SFC) in those same years, the judge <a href=\"https:\/\/www.documentcloud.org\/documents\/23993170-engoron-order-nys-v-trump-3\" target=\"_blank\" rel=\"noopener\">said<\/a>.<\/p><\/blockquote>\n<p>There are problems with using \u200deither of the valuations.<\/p>\n<p>The county\u2019s \u2064website\u200d <a href=\"https:\/\/www.pbcgov.org\/papa\/Asps\/PropertyDetail\/AppraisalDisc.aspx\" target=\"_blank\" rel=\"noopener\">says<\/a> that \u201cthe estimate of Total Market\u2064 Value is for tax assessment purposes only\u201d and \u201cthe Total\u2063 Market Value estimate may be\u200d less than \u2063the actual market value of the property.\u201d<\/p>\n<p>Meanwhile, \u2064the SFCs include a Disclaimer that the asset values are \u201cdetermined by\u200b Mr. Trump in conjunction with his associates and, in some instances, outside professionals\u201d and \u201cthe estimates presented herein \u2063are not\u200b necessarily indicative of the amount that could be realized upon the disposition of the assets or payment of the related liabilities.\u201d<\/p>\n<p>President\u200c Trump referred to the Disclaimer as a\u200c \u201cworthless clause,\u201d saying it indicated to him that the documents were more an enumeration\u2064 of his assets, rather \u2062than their actual market valuation.<\/p>\n<p>The judge rejected that reasoning, arguing the Disclaimer\u2064 is itself \u201cworthless\u201d as a defense because it\u200d \u201cdoes not use the words \u2018worthless\u2019 or \u2018useless\u2019 or \u2018ignore\u2019 or \u2018disregard\u2019 or any similar words.\u201d<\/p>\n<p>The actual market value of Mar-a-Lago is unclear.<\/p>\n<p>President Trump\u2019s lawyers presented a real estate\u2063 expert, Lawrence Moens, \u201cwho they purport is \u2018the most accomplished and <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/analysis-explaining-the-18-million-mar-a-lago-valuation-by-ny-trump-case-judge\/\" title=\"NY Trump Case Judge explains M Mar-a-Lago valuation.\">knowledgeable ultra-high net worth real estate \u200cbroker<\/a> in Palm Beach, Florida,\u2019\u201d \u200cthe judge said.<\/p>\n<blockquote><p>\u201cHis dominance of one of the\u2063 country\u2019s richest real estate markets is total,\u201d a\u2062 2022 Real Deal profile of the secretive realtor <a href=\"https:\/\/therealdeal.com\/miami\/2022\/07\/08\/meet-the-mystery-go-to-agent-for-palm-beach-billionaires\/\" target=\"_blank\" rel=\"noopener\">said<\/a>, noting that he\u200c closed perhaps $1 billion worth\u200b of deals in just the 18 months of\u200d the COVID-19 \u200dpandemic real estate \u200dmania.<\/p><\/blockquote>\n<p>Valuing Mar-a-Lago at $425 \u2064million\u2013$612 million\u2062 was \u201cappropriate and indeed conservative,\u201d Mr. Moens told the court. \u200dThe property \u2062is\u200b currently worth\u2062 $1.51 billion, he opined.<\/p>\n<p>The\u200d judge\u200b rejected the opinion \u2063as \u201cspeculative\u201d and made as \u201cwithout relying on any objective evidence.\u201d<\/p>\n<p>The property isn&#8217;t currently for sale \u2062and the family has indicated it doesn&#8217;t plan to ever sell \u2062it, according to the Trump family.<\/p>\n<p>The 62,500-square-foot mansion built in 1927 in the style of Mediterranean palaces with splendid \u200dArt Deco interiors sits on\u2064 20 acres of \u200cpampered property spanning the width of Palm Beach.<\/p>\n<p>President Trump put the resort under a conservation easement in 2002 that prohibits him from \u200bfurther developing\u2063 it or\u2063 changing\u2063 its use from a social club. In\u200c exchange, he pays lower taxes on it.<\/p>\n<p>President Trump\u2019s \u200dpersonal valuations of\u200c the property didn\u2019t reflect\u2063 these restrictions the judge argued, without explaining what the property should have been properly valued at, save \u200cfor the county assessor&#8217;s reference.<\/p>\n<p>While restricted\u2064 use may deter some buyers,\u2064 Mr. Moens told\u2062 the \u2062court \u2063that, if for sale,\u2064 he could \u2064\u201cin short order \u2026 produce a ready, willing and able buyer who would have interest in securing the property\u2063 for their personal use as a residence, or even, their own club.\u201d<\/p>\n<p>\u201cI could dream up anyone \u2063from Elon Musk to \u200cBill \u200bGates\u200d and everyone in between. Kings, emperors, heads \u2062of state,\u201d he said.<\/p>\n<p>Moreover, President Trump\u2019s lawyers noted that there are legal avenues for breaking through the restrictions.<\/p>\n<p>The judge\u2062 picked on Mr. Moens\u2019s word choice, saying that \u201cobviously, \u2062this Court cannot consider\u200c an\u200b \u2018expert\u2064 affidavit\u2019 that is based on unexplained \u2062and unsubstantiated \u2018dreams.\u2019\u201d<\/p>\n<blockquote><p>&#8220;The \u200c<a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/plane-that-was-carrying-gop-backers-family-was-doomed-minutes-after-takeoff-federal-officials-say\/\" title=\"GOP supporter's family's plane crashed shortly after takeoff, according to federal officials.\">real estate circles<\/a> in Florida are laughing at \u2064this foolishness,&#8221; commented \u200cEric Trump, President Trump\u2019s \u2063son and also an executive vice president at his company, in an X <a href=\"https:\/\/twitter.com\/EricTrump\/status\/1706819972482130027\" target=\"_blank\" rel=\"noopener\">post<\/a>.<\/p><\/blockquote>\n<p>He pointed to <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/la-times-columnist-who-likened-trump-supporters-to-terrorists-wants-real-estate-listings-to-show-gun-ownership-in-area\/\" title=\"LA Times Columnist Who Likened Trump Supporters To Terrorists Wants Real Estate Listings To Show Gun Ownership In Area\">real estate listings<\/a> from the area showing homes ranging 5,000\u201311,500 square feet and farther from the beach than Mar-a-Lago listed at prices up to \u200b$40 million.<\/p>\n<p>The civil suit was brought by New York Attorney General Letitia James\u200d targeting the former president as well as his\u200c sons Mr. Eric Trump and Mr. Donald Trump Jr.<\/p>\n<p>The judge so far ruled on one part of the suit dealing with allegations\u200d of overvalued properties. Other parts of the suit are scheduled for a non-jury trial starting on Oct. 2.<\/p>\n<p>Ms. James is\u2062 asking for penalties of $250 million, as well as removing the three defendants \u200bfrom their posts\u2064 in the\u2062 company and barring them from holding \u200dexecutive posts in New York\u200b State.<\/p>\n<p>President Trump as well as his sons denounced the case as politically motivated.<\/p>\n<blockquote><p>&#8220;Today, I lost \u2064all faith in the New York legal system,&#8221; Mr. Eric Trump <a href=\"https:\/\/twitter.com\/EricTrump\/status\/1706792260275196386\" target=\"_blank\" rel=\"noopener\">said<\/a>. &#8220;Never before have I seen\u200d such hatred toward one \u200cperson by a judge\u2014a \u200bcoordinated effort with the Attorney General to destroy a man\u2019s life, company,\u2064 and accomplishments.&#8221;<\/p><\/blockquote>\n<p>&#8220;We have run an exceptional \u2064company\u2014never missing \u200ba loan payment, making banks hundreds of millions of dollars, developing some of the most iconic assets in the world. Yet today, the persecution\u2063 of our family continues,&#8221; he wrote.<\/p>\n<p>President Trump is also facing several other\u200c civil suits as well as four criminal indictments \u200din\u2062 New York,\u200b Florida, the District of Columbia,\u200d and Georgia.<\/p>\n<p> Hat \u200dincludes the potentially unlimited \u200besoteric list of potential buyers that the expert could \u201cdream up.\u201d The court\u2019s task \u200cis to examine the actual valuation of the\u200d subject property, not a hypothetical scenario with imaginary\u200d buyers.<\/p>\n<p>Despite the differing valuations and arguments presented by both parties, Judge Engoron \u2062ultimately determined that the \u2062Mar-a-Lago resort had been<\/p>\n<h2>Wrongfully appraised due to the inclusion of potentially unlimited esoteric list of potential buyers<\/h2>\n<p><span>  I&#8217;m \u200dsorry, but it seems like you haven&#8217;t provided enough information for me to understand your situation. Could you please provide more context or clarify your\u200c statement?<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Former President Donald Trump and his sons expressed their disapproval of a New York judge&#8217;s valuation of Mar-a-Lago, claiming it is worth $18-28 million. Donald Trump Jr., an executive VP of Trump Organization, sarcastically remarked, &#8220;If Mar-a-Lago is worth $18 million&#8230; I&#8217;ll gladly buy ten!&#8221; Their criticism was directed at Judge Arthur.<\/p>\n","protected":false},"author":213,"featured_media":2046835,"comment_status":"open","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_mo_disable_npp":"","fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","fifu_image_alt":"","footnotes":""},"categories":[543],"tags":[],"class_list":["post-2046834","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-the-epoch-times"],"fifu_image_url":"https:\/\/cndimages.nyc3.digitaloceanspaces.com\/breaking-news\/wp-content\/uploads\/2021\/01\/IMG_2758-scaled-1.jpg","_links":{"self":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2046834","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/users\/213"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2046834"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2046834\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2046835"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2046834"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2046834"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2046834"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}