{"id":2053349,"date":"2023-10-03T01:44:02","date_gmt":"2023-10-03T05:44:02","guid":{"rendered":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-judge-takes-issue-with-18-million-valuation-of-mar-a-lago\/"},"modified":"2023-10-03T01:47:12","modified_gmt":"2023-10-03T05:47:12","slug":"new-york-judge-takes-issue-with-18-million-valuation-of-mar-a-lago","status":"publish","type":"post","link":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-judge-takes-issue-with-18-million-valuation-of-mar-a-lago\/","title":{"rendered":"NY Judge disputes $18M valuation of Mar-a-Lago."},"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\">14<\/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%2Fnew-york-judge-takes-issue-with-18-million-valuation-of-mar-a-lago%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=2053349&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--><div data-post-content=\"true\" class=\"post_content\" id=\"post_content\">\n<div class=\"my-5\">\n<h2>Day\u200d 1 Concludes\u20134:30 p.m.<\/h2>\n<blockquote><p>The first day of the civil \u200dcase against President Trump concluded around 4:30 p.m.<\/p><\/blockquote><\/div>\n<div class=\"my-5\">\n<p>During President \u2062Trump&#8217;s remarks at lunch, he \u200bsignaled he may be attending other\u200d days\u2062 as well.<\/p>\n<h2>Accountant Testifies\u20134 \u2064p.m.<\/h2>\n<blockquote><p>Donald Bender, former Mazars accountant who prepared tax documents\u2062 and did \u2064accounting \u200cfor Trump \u2063Organization, said \u200cthe numbers and standards he used \u2064were largely set by Trump Organization executives, according to media reports.<\/p><\/blockquote><\/div>\n<p>&#8220;That was the Trump Organization&#8217;s responsibility,&#8221; he said. He said\u2063 the annual statements contained \u200ca warning \u200bto \u2063recipients that he did not independently verify the figures.<\/p>\n<div class=\"shortcode\">\n<div class=\"border-comp-divider mb-4 mr-4 w-full max-w-[500px] border px-5 py-4 text-[16px] leading-[20px] text-[#262626] md:float-left\" id=\"in_article_related_stories\">\n<h2 class=\"mb-3 font-sans text-[16px] font-semibold uppercase leading-[19px] text-[#2F2F2F]\">Related\u200d Stories<\/h2>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/us\/disgraceful-situation-trump-speaks-out-on-new-york-case-during-recess-5502553?ea_src=author_manual&#038;ea_med=related_stories\"><\/p>\n<h3>&#8216;Disgraceful Situation&#8217;: Trump \u2062Speaks Out on New York Case During Recess<\/h3>\n<p>            <\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/2\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/us\/disgraceful-situation-trump-speaks-out-on-new-york-case-during-recess-5502553?ea_src=author_manual&#038;ea_med=related_stories\"><\/a>\n        <\/div>\n<\/p><\/div>\n<div class=\"mb-4 flex gap-2\">\n<div class=\"grow\">\n<div class=\"mb-1 line-clamp-2\">\n            <a href=\"http:\/\/www.theepochtimes.com\/epochtv\/trump-claims-rogue-judge-has-under-valued-<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>-other-properties-demands-investigation-5502373?ea_src=author_manual&#038;ea_med=related_stories&#8221;><\/p>\n<h3>Trump\u200d Claims\u2063 \u2018Rogue Judge\u2019 Has \u2018Under-Valued\u2019\u2064 Mar-a-Lago,\u200c Other Properties: Demands Investigation<\/h3>\n<p>            <\/a>\n          <\/div>\n<div class=\"text-comp-caption text-[14px] leading-[18px]\">10\/2\/2023<\/div>\n<\/p><\/div>\n<div class=\"shrink-0 basis-[120px]\">\n          <a href=\"http:\/\/www.theepochtimes.com\/epochtv\/trump-claims-rogue-judge-has-under-valued-mar-a-lago-other-properties-demands-investigation-5502373?ea_src=author_manual&#038;ea_med=related_stories\"><\/a>\n        <\/div>\n<\/p><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<div class=\"my-5\">\n<p>He said about half his time was \u2064spent on Trump Organization and spent a lot of \u200btime at \u2064Trump Towers\u2064 offices.<\/p>\n<h2>First Witness\u2063 Sworn In\u20133 p.m.<\/h2>\n<blockquote><p>Donald Bender, former partner at international audit, tax and advisory firm Mazars&#8217;s USA brach, was \u2063sworn in \u200das the \u200bfirst witness from the prosecution&#8217;s\u200d side, according to media\u200d reports.<\/p><\/blockquote><\/div>\n<p>From 2009 \u2064to 2018, Mr. Bender prepared President Trump&#8217;s personal\u200d tax returns, and reported losses every year. The \u200dlosses were \u200dhuge, he had said, totaling $1 billion in just a period\u2062 of two\u200b years. Mazars stopped working with Trump Organization in February\u2062 2022.<\/p>\n<p>Last year, Mr. Bender\u200d testified in court \u200cduring a criminal case against two\u200c companies under the Trump Organization umbrella,\u200c accusing its top executives \u2064with avoiding income taxes. President Trump was not charged \u200cin \u2062the \u200ccase and did not \u200ctestify or attend the \u2062jury trial.<\/p>\n<div class=\"shortcode post-related-videos\">\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<\/p><\/div>\n<p>In the criminal case, Mr. Bender had accepted \u2064a\u2062 plea\u2063 bargain, testifying before a grand jury in\u200d exchange\u200c for immunity.<\/p>\n<div class=\"my-5\">\n<p>On Monday, he testified that from 2011 to\u200b 2021, the period in question\u2064 in the fraud case, he did accounting for Trump Organization.<\/p>\n<h2>Trump Blasts Judge, Speaks to Press\u20131:30\u200d p.m.<\/h2>\n<blockquote><p>President Trump had not attended his other civil trial and did not speak \u200cto reporters \u2063in\u2064 previous arraignments.<\/p><\/blockquote><\/div>\n<p>Asked\u200d why he has come\u200c to attend day one of his trial, he said, \u201cBecause\u200d I want to watch this \u200bwitch hunt myself. I\u2019ve\u200d been on their\u2062 witch hunt for years, but this is now really getting dirty.\u201d<\/p>\n<div class=\"my-5\">\n<p>During the lunch break, <a href=\"https:\/\/www.theepochtimes.com\/us\/disgraceful-situation-trump-speaks-out-on-new-york-case-during-recess-5502553\" target=\"_blank\" rel=\"noopener\">he made another speech<\/a>, holding \u200cup an <a href=\"https:\/\/www.nysun.com\/article\/error-in-new-yorks-civil-fraud-case-against-trump-is-flagged-by-industry-insiders-who-say-valuation-of-mar-a-lago-cited-by-judge-is-based-on-a-misunderstanding-of-basic-real-estate-practice\" target=\"_blank\" rel=\"noopener\">article<\/a> by The Sun \u2064that quoted Florida real \u2062estate professionals saying <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/disgraceful-situation-trump-speaks-out-on-new-york-case-during-recess\/\" title=\"Trump criticizes New York case during recess, calls it disgraceful.\">county\u200b assessor data<\/a> is not the same as valuation.<\/p>\n<\/p><\/div>\n<div class=\"my-5\">\n<p>He\u200d also blasted the judge for not taking into account a <a href=\"https:\/\/www.theepochtimes.com\/us\/disgraceful-situation-trump-speaks-out-on-new-york-case-during-recess-5502553\" target=\"_blank\" rel=\"noopener\">June appeals court decision<\/a>.<\/p>\n<h2>Judge Takes Issue With &#8216;$18 Million&#8217; Valuation \u200bof Mar-a-Lago<\/h2>\n<blockquote><p>President Trump\u200b had pointed out the \u2064&#8221;$18\u200c million&#8221; figure in the \u200djudge&#8217;s summary judgment last week, which <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/new-york-judge-takes-issue-with-18-million-valuation-of-mar-a-lago\/\" title=\"NY Judge disputes M valuation of Mar-a-Lago.\">quoted county assessor numbers compared<\/a> to the value President Trump had placed on Mar-a-Lago, his &#8220;winter White House&#8221; \u2063in Palm Beach, Florida.<\/p><\/blockquote><\/div>\n<div class=\"my-5\">\n<p>It was widely reported that the judge had valued the resort\u200c <a href=\"https:\/\/www.theepochtimes.com\/us\/analysis-explaining-the-18-million-mar-a-lago-valuation-by-ny-trump-case-judge-5499690\" target=\"_blank\" rel=\"noopener\">as\u200c low as $18 million<\/a>, \u2064when President Trump said it was worth \u200d&#8221;50 to 100 \u200dtimes&#8221; that.<\/p>\n<\/p><\/div>\n<p>In the courtroom,\u2064 Justice\u2063 Arthur Engoron took issue with that\u200c description.<\/p>\n<p>\u201cPlease, press, stop\u200b saying that I \u2062valued \u2064it at \u200b$18 \u2063million,&#8221; Justice \u2064Engoron \u200dsaid.\u200d He \u2064said\u2062 there were easements on Mar-a-Lago that weren&#8217;t\u200d taken into account in President Trump&#8217;s valuation of the\u200c property, which accounted for his ruling of fraud.<\/p>\n<p>The valuation of President \u2062Trump&#8217;s properties was the subject of the opening \u2064arguments, which finished in under two hours, less than half the time\u2062 allotted.<\/p>\n<div class=\"lazyload-wrapper\">\n<div class=\"lazyload-placeholder\"><\/div>\n<\/p><\/div>\n<div class=\"my-5\">\n<h2>Opening Arguments\u201310:30 a.m.<\/h2>\n<blockquote><p>Kevin Wallace with the New York Attorney General&#8217;s office presented opening arguments first, mentioning the judge&#8217;s recent\u200b ruling that President Trump was\u200c liable for fraud, inflating\u2064 his net worth\u200b by $812 \u200cmillion to $2.2 billion each year between 2011 and \u20622021.<\/p><\/blockquote><\/div>\n<p>He played \u200cvideos of\u200c depositions of Michael \u2062Cohen, previously a personal attorney for President Trump \u200dwho later \u200caccused \u2064him of crimes; former Trump Organization\u200b CFO \u2062Allen Weisselberg; Trump Organization executive \u2064Patrick Birney; as well as the defendants Eric Trump, Donald Trump \u200dJr., and President Trump \u200bhimself.<\/p>\n<p>The\u2062 prosecutors are \u200dseeking disgorgement of the difference between\u200d the regular\u2064 commercial loan rate \u2063and the favorable rates the Trump Organization obtained.<\/p>\n<p>Attorney Christopher Kise, representing \u200dPresident Trump, argued that the conspiracy \u200bcounts the prosecution has put forth as based on testimonies \u200bfrom Mr. Cohen, who he called a &#8220;serial liar.&#8221; Mr. Kise noted that Mr.\u2064 Cohen was\u200b convicted of \u2064perjury before \u2063Congress, where \u200che had \u2063first \u200dpublicly accused President Trump of\u200b criminal and unethical\u200c actions.<\/p>\n<p>The defense stressed that the Trump Organization&#8217;s financial statements were \u200dnot &#8220;materially \u200dfalse,&#8221; and that &#8220;estimated current value is\u2064 not\u2064 the \u200bsame as &#8216;fair \u2062value&#8217; or &#8216;market value&#8217;.&#8221;<\/p>\n<p>Mr.\u200c Kise also noted that banks indeed did their own analyses and came to \u200clower valuations, but still proceeded with granting the loans.<\/p>\n<p>&#8220;This is what happens every day&#8221; in real \u200destate baking, he said. In \u2063one case,\u200d Deutsche Bank arrived \u2064at a higher number. &#8220;That doesn&#8217;t \u2062make the bank&#8217;s number fraudulent \u200cany more than it makes the defendants&#8217; number\u2063 fraudulent.&#8221;<\/p>\n<p>The defense plans to call four witnesses \u200cfrom\u2064 Deutsche Bank to testify that the bank was not defrauded,\u200b and call NYU \u200cprofessor Eli\u200b Bartov to testify on the real estate valuations. They \u2062argue that President Trump was &#8220;overqualified&#8221; for the loans and should \u2063not have to pay\u200c back the difference between \u200bthe rates offered\u2062 to the Trump Organization and the market loan rate.<\/p>\n<p>Attorney Alina Habba added\u200d that the Trump Organization\u2062 properties were &#8220;undervalued&#8221; in\u2063 the financial statements.<\/p>\n<p>Justice Engoron how \u200cmuch overvaluation would qualify \u200cas &#8220;material,&#8221; and \u2064the defense attorneys\u2063 said experts should \u2063be\u2064 called on\u2063 to testify on the valuations,\u200c taking issue with the judge&#8217;s pretrial summary judgment.<\/p>\n<div class=\"my-5\">\n<p>Ms. Habba added that the Mazars accountant who worked with\u200b the\u200b Trump Organization had\u2063 &#8220;unfettered access&#8221; to the company, implying that if there had been any fraud, he would have known all along.<\/p>\n<h2>Fate of Trump Tower?<\/h2>\n<blockquote><p>New York Attorney \u200cGeneral Letitia James had sued \u2064President \u2064Trump last \u200bSeptember arguing that he and his business defrauded\u200b insurers and lenders\u200b in New\u2063 York state. She is seeking a\u2062 penalty of\u200b $250 million. Justice Engoron has already ruled President Trump for fraud,\u200b revoked his business certificates, and ordered the dissolution of the Trump Organization and\u2064 its related LLCs.<\/p><\/blockquote><\/div>\n<p>President Trump\u2019s lawyers had asked\u200b for\u200b details on what \u2064it would specifically mean for the companies to be dissolved. Particularly thorny\u200b was the question of what should happen with the\u200d companies\u2019 assets, which include properties like Trump Tower\u2062 and 40 Wall Street. The judge, however, didn\u2019t provide a clear answer.\u2064 He delayed the penalty to 30 \u200cdays, up \u200bfrom\u2063 his original order of 10 days, leaving the lawyers in limbo on what to do next.<\/p>\n<div class=\"my-5\">\n<p>\u201cWe\u2019re waiting for more information,\u201d a source close to \u2064President Trump familiar \u200cwith the situation told The Epoch Times.<\/p>\n<h2>Press Conferences<\/h2>\n<blockquote><p>Former President Donald \u200dTrump drew widespread attention to the civil case against him going to trial in New York on\u200b Monday when he arrived at the courthouse, <a href=\"https:\/\/www.theepochtimes.com\/us\/trump-arrives-in-court-in-new-york-fraud-trial-5502128\" target=\"_blank\" rel=\"noopener\">speaking to \u2062the press<\/a> for at least eight \u200bminutes before entering \u200dNew York \u200dSupreme \u2064Court Justice Arthur Engoron&#8217;s courtroom.<\/p><\/blockquote><\/div>\n<p>\u201cThis\u2063 is a continuation \u200cof the <a href=\"https:\/\/www.conservativenewsdaily.net\/breaking-news\/witch-hunt-trump-arrives-in-new-york-court-for-250-million-civil-fraud-suit\/\" title=\"Trump arrives in NY court for 0M civil fraud suit, labeled as 'Witch Hunt'.\">single\u200b greatest witch hunt<\/a> of all time.\u200d We \u200dhave a rogue judge who rules the \u200cproperties are \u2026 a fraction of what \u2062they are,\u201d he said, accusing the attorney general\u2064 of running on a \u201cGet Trump\u201d platform\u200b and ignoring rising crime\u200d in the city. \u201cWe have a\u2064 corrupt Attorney \u2064General.\u201d<\/p>\n<p>\u201cIt\u2019s a scam it\u2019s a sham,\u201d \u200dhe said. \u201cJust so you know my financial statements are phenomenal,\u201d he said, \u200cadding that his net worth is higher than what is on the statements submitted, and the banks\u2062 \u201cdon\u2019t even know why\u2063 they have to \u200cbe involved\u201d in the case because they were\u2063 not \u2062hurt and had profited \u2064from his business.<\/p>\n<p>\u201cThey were paid back on time, there were no defaults there \u200dwere no \u2063problems. It was like a perfect client,\u201d\u200c he said.<\/p>\n<p>Ms. James also gave remarks \u2062to the press on the courthouse steps that morning.<\/p>\n<p>&#8220;Donald\u2064 Trump \u200dand\u2064 the other defendants have committed persistent and repeated fraud last\u200b week we \u2062proved\u200d that in our motion for summary judgment today we\u200b will prove our other claims. My message \u200cis simple: no \u200dmatter how powerful you are, no matter how much money you think\u2062 you may have, no one is above \u200bthe law,&#8221;\u200c said Ms. James. &#8220;And it is my responsibility and my duty and my job to enforce it. The law is\u200b both powerful and fragile. \u200dAnd\u200d today\u200b in court we will\u200b prove\u200c our case.&#8221;<\/p>\n<\/div>\n<p> Day 1 Concludes\u20134:30 p.m.<\/p>\n<p>The first day of \u2064the civil case against President Trump concluded around 4:30\u2062 p.m. The \u200bproceedings \u200cstarted with remarks from President Trump during lunch, where he indicated that he may be attending other days<\/p>\n<h2>Of the trial. The afternoon session largely\u2064 focused on opening statements from \u2064the\u2062 prosecution \u2062and defense teams. The prosecution laid out their case, arguing that President Trump incited the\u2062 insurrection at the \u2063Capitol on January 6th. The defense team\u2064 countered, claiming that his\u2062 words were\u200d protected by the\u2063 First Amendment. \u2063The judge \u200bset the schedule for the next few days, and the court adjourned for the evening.<\/h2>\n<p><span>  During the\u2064 afternoon session, both the prosecution and defense \u2062teams made their opening statements. The prosecution presented \u2062their case, asserting that\u200b President Trump\u200d was responsible for inciting the insurrection that took place at the Capitol on January 6th. They \u200dargued that his words \u200dand actions directly influenced the\u2063 actions of\u2062 the\u200c rioters.<\/p>\n<p>On the \u200cother hand, the defense team countered\u200d these claims by arguing\u200c that President Trump&#8217;s words were protected by the \u2063First\u200b Amendment, which\u2062 guarantees the right to freedom of speech. They contended that his \u2064statements were not intended to incite violence but rather to express his\u2063 opinion and challenge the legitimacy\u2064 of \u2064the election.<\/p>\n<p>After the opening statements, the judge set \u2062the schedule for \u200bthe\u200b upcoming \u200bdays of the trial, \u2064outlining the procedures and witnesses that \u200bwould be called. With\u200c the day&#8217;s proceedings concluded, the court adjourned for the evening, \u200ballowing the \u200dlegal teams\u200c and participants \u200ctime to prepare for the continuation of the \u2062trial.<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Day 1 of the civil case against President Trump ended at 4:30 p.m. Trump hinted at attending future days during his lunch speech. At 4 p.m., ex-Mazars accountant Donald Bender testified about Trump Organization&#8217;s tax documents and accounting, highlighting discrepancies in the numbers.<\/p>\n","protected":false},"author":2458,"featured_media":2053350,"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-2053349","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\/2053349","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\/2458"}],"replies":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/comments?post=2053349"}],"version-history":[{"count":0,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/posts\/2053349\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media\/2053350"}],"wp:attachment":[{"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/media?parent=2053349"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/categories?post=2053349"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.conservativenewsdaily.net\/breaking-news\/wp-json\/wp\/v2\/tags?post=2053349"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}