How much is Donald Trump's Mar-a-Lago worth?
That’s been a point of contention after a New York judge ruled that the former president exaggerated the Florida property’s value when he said it’s worth at least $420 million and perhaps $1.5 billion.Siding with New York’s attorney general in a lawsuit accusing Trump of grossly overvaluing his assets, Judge Arthur Engoron found that Trump consistently exaggerated Mar-a-Lago’s worth.
“That thing would get snapped up for hundreds and hundreds of millions of dollars,” said Rob Thomson, owner of Waterfront Properties and a Mar-a-Lago member. “There is zero chance that it’s going to sell for $40 million or $50 million.” Post, who died in 1973, bequeathed the property to the U.S. government as a winter get-away for presidents, but Richard Nixon, Gerald Ford and Jimmy Carter never used it. The government, citing the high upkeep costs, returned it to Post’s foundation in 1981.
The agreement limits the club to 500 members — the initiation fee is $500,000 with annual dues of $20,000.That’s hard to say. The biggest problem is there are no comparable properties. No one builds mansions in Palm Beach like Mar-a-Lago anymore and those that did exist were demolished long ago, broken up or turned into a museum.
Pulitzer said the rock-bottom price for Mar-a-Lago would be $300 million. Thomson said at least $600 million. If uber-billionaires got into a bidding war, they said, a sale of a billion dollars or more would be possible. U.S. Rep. Jared Moskowitz, a South Florida Democrat, wrote the county saying if Trump claims Mar-a-Lago is worth $1 billion, he should be taxed accordingly. If Mar-a-Lago had a $1 billion assessed value, it’s property tax bill would be approximately $18 million.In her lawsuit against Trump, New York Attorney General Letitia James argued that Mar-a-Lago was one of multiple assets Trump overvalued in financial statements given to banks and others.
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