Posted on 09/27/2023 1:37:51 PM PDT by Macho MAGA Man
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.
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.
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%.
(Excerpt) Read more at nypost.com ...
if true a HUGE property tax refund is due.
Are real estate taxes public in FL? I’d be surprised if Trump is paying tax based on the Judges 18 million valuation...
Unauthorized Practice of a Profession: NY ED Law 6512
You need not be a surgeon performing procedures nor an account engaged in financial services. Whether you are a dentist, masseuse, physician, lawyer, financial advisor, architect, or even a hairdresser, if you practice and engage in a profession requiring a license without that license, then you are subject to arrest and prosecution for Unauthorized Practice, New York Education Law 6512. In fact, not only will you find yourself before a judge and in need of legal representation from a criminal defense lawyer, know that this offense is a felony. Whether facing an indictment in New York City, the Hudson Valley counties of Westchester, Rockland, Putnam, or elsewhere in the state, a failure to protect yourself will have dire and permanent consequences.
From http://www.pbcgov.org/papa/Asps/PropertyDetail/PropertyDetail.aspx?parcel=50434335000020390
The county has total market value of Mar-a-lago at $37,000,000, taxable amount at $33,396,000
That’s an official valuation, usually lower than real market value.
Limbaugh home sold for $155 million. It is up the street and is not as grand as mar a Lago.
“Heis not in a position to determine value.”
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Correct. And thus, one more reason it will be overturned on appeal.
What this judge and the DAs in New York and Georgia don’t realize is that all of their illegal antics are only making Trump more popular with minorities and increasing his chances of winning in a landslide of Reagan proportions.
And it doesn’t even have an ocean view..
Yes, see post 64.
Those who make peaceful revolution impossible, make violent revolution inevitable. — John F Kennedy
Yeah, my neighbors house has an assessed value of $200,000 and it just sold for $500,000
Read more about the judge. He’s a complete nutcase.
And you’re right…he knows nothing about real estate valuation. For one thing, a double-wide on a lot in that area would probably be worth more than $18 million.
Aside from that, the “crime” they’re charging Trump with is no crime at all.
I’m not a Trump fan, btw, but this is getting so out of control, unconstitutional and just plain crazy that it’s hard to believe we’re living in the USA anymore. But I guess it’s not our grandpa’s USA.
If you mean for the purpose of property taxes, the assessor lists it as $24 million.
2. Since "Marbury v Madison", Judges have unconstitutionally amassed power over the society they are supposed to serve without any checks or recourse.
Legal procedures such as appeals are just barely plausible figleafs.
3. Due to items 1. and 2., Judges can destroy whomever they desire.
The Judge is a lying sack of sh*t and he does not care what is the truth. This man should be taken outside the courthouse and beaten into unconsciousness on it's steps.
He's become a Nazi, and he should be treated like a Nazi.
A fellow FReeper noted Trump should take the judge’s ruling to the county and demand taxes back. LOL
First, Mar-a-lago is a business. Commercial property does not sell based on comps, but rather on NOI of the business. That said, the asset still holds a base value. (the par value). You can estimate the par value of the land and buildings based on current market value, but as others are showing, the property is unique in the size, that it is both ocean and canal front, and the size of the buildings. If an empty parcel down the street that is significantly smaller is selling for $200M (which it is currently listed for), then the value of just the land for Mar-a-lago would probably be around $600M. Now add in the value of the improvements, which from what I have heard was around $7M in 1927, and that would represent a minimum of $120M in replacement costs today. So, we are sitting at a par value of the property at $750M. Now add the business, which is generating more than $20M/year, and ... assuming the NOI is around $10M since I doubt Trump is carrying a mortgage, with a 5 cap that would put the value of the business at another $200M. Now add in miscellaneous things such as the uniqueness, historical value, etc ... and Mar-a-lago is EASILY worth $1B.
So that's why he was trying to disarm us !.
A very punchable clown face.
At that price they can buy it to house illegals! /s
And your point being is, the judge is a retarded
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