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Not even close.

Property tax valuations and land worth are two totally separate things. The goofy judge is relying on property tax valuations.

Mara Lago is currently structured as a private club and the land is zoned for agricultural (aside from community association common area, it is one of the lowest valuations available for property tax purposes).

Trump waived developer rights.

1. If he closed down the club and requested a rezoning back to residential lots, the taxing authority would slap the highest possible valuation on it. It would sell for $1B to the next developer. Two acre undeveloped lots sell for $200M in Palm Beach. Mara Lago is over 17 acres.

2. If he sold the land and the club (which brings in $25M annually in revenue) as is, he could still bring in about the same.

To give you a real life example, an undeveloped residential lot in an exclusive, gated HOA here in DFW was appraised by Tarrant County for $355K. A similarly sized lot, designated as “common area” in the same HOA is valued at $1 for tax purposes.

Should the HOA reclassify it as a residential lot, it would once again be appraised for $355K.

What is that lot actually worth? $355K.