“That $500 million figure, absurd at the time that the Trump Organization proposed it, suddenly became somewhat reasonable. Real estate experts outside of Palm Beach guessed that the place was worth more than $200 million. Brokers on the island thought it could be worth far more, with the most aggressive estimate coming in at $725 million.”
They are hitting him up for over-valuing his Seven Springs estate, too.
Let’s dig into the numbers.
Seven Springs has between 230 and 250 acres of land. In 2012, he got an appraisal of $30 million for a portion of it (roughly 20 lots worth) that he was going to donate as an easement. The lot size is not specified, but it broke out to $700K per lot.
If we presume 200 sellable acres, sold in half-acre lots, that’s 400 lots for a value of $280M, not too far from what was listed on the financial report.
The more I dig into this CF, the angrier I get.