Sun. Jul 14th, 2024
alert-–-what-$18m-actually-gets-you-in-palm-beach:-as-trump-trashes-judge’ – What $18M actually gets you in Palm Beach: As Trump trashes judge’s valuation of 58-BEDROOM Mar-a-Lago reveals that would only get you a (still lovely) 5-BEDROOM house next door

Is Mar-a-Lago really worth as little $18 million, as a court has decided? The answer appears to be no.

In Donald Trump’s ongoing civil fraud case in New York the court has accepted a valuation of between $18 million and $27.6 million for Trump’s palatial residence in Palm Beach, Florida.

Partly on that basis Judge Arthur Engoron has 

ruled that Trump committed fraud by listing higher values for Mar-a-Lago, and other properties, to secure bank loans.

However, an assessment of the local property market shows the figure adopted by the court would barely be enough to buy a five-bedroom house in the shadow of Mar-a-Lago.

Mar-a-Lago has been valued at $18 to $27.6 million, according to prosecutors in Donald Trump’s civil fraud trial

A nearby 5-bedroom, 6,043 Sq Ft family home on the market for $18.95 million

Currently on sale for $18.95 million close to Trump’s former ‘Winter White House’ is a 6,043 sq ft single family home.

It is a beautiful house with five bedrooms and a garden.

But Mar-a-Lago has 58 bedrooms, and 33 bathrooms, and is 62,500 sq ft surrounded by vast grounds.

Another 7-bedroom house is on sale just outside the Mar-a-Lago gates.

It is 6,488 sq ft and set in 0.49 acres – and is on sale for $40 million.

A key point in the sales pitch for that house is that it is ‘steps from Mar-a-Lago’.

According to the court-accepted valuation, Mar-a-Lago is worth about half as much as the 7-bedroom house – despite being nearly 10 times as big. 

The ballroom at the Mar-a-Lago, which was valued at between $18 million and $27.6 million

Nearby, a six-bedroom, 6,488 Sq Ft house is on sale for $40 million

The judge’s fraud decision was based on a Palm Beach County tax assessor’s appraisal value.

Judge Engoron wrote: ‘From 2011-2021, the Palm Beach County Assessor appraised the market value of Mar-a-Lago at between $18 million and $27.6 million.’

In financial statements Trump had claimed it was worth between $426.5 million and $612 million.

Letitia James, the New York Attorney General, has brought a civil case against Trump, accusing him of ‘staggering fraud’.

A 5-bedrooms, 4,494 Sq Ft home just down the road from Mar-a-Lago on sale for $25 million

An aerial view of a $25 million property in Palm Beach, Florida

The Mar-a-Lago estate, which a court values at $18 million to $27.6 million

The billiard room at Mar-a-Lago

Trump attended the first three days of the trial and angrily and has called it a ‘sham’.

He suggested the figures being used by Ms James for Mar-a-Lago were ‘fraudulent’. 

The former president added that his home could actually be worth up to $1.5 billion.

Based on currently marketed properties examined by the assessment of ‘$18 million and $27.6 million’ appears to be radically different from what Mar-a-Lago is really worth.

Sotheby’s international Realty, the luxury realtor, has half a dozen homes for sale within half a mile of Mar-a-Lago.

All of them are on sale for at least $18 million yet none have anything approaching the scale of Mar-a-Lago, which includes a total of 126 rooms, a spa, and an ornate ballroom with chandeliers.

The 5-bedroom house for sale for $18.95 million is a two-story single family home on a modern estate of similar residences.

A 5-bedroom house near Mar-a-Lago on sale for $23 million

The piano room – one of 126 rooms at Mar-a-Lago 

It is separated from neighbors by a hedge and has a small swimming pool.

Nearby, a 5-bedrooom house is 4,494 sq ft and set in 0.39 acres, and is on sale for $25 million.

Closer to the size of Mar-a-Lago is the former Palm Beach estate of the late radio host Rush Limbaugh, which was bought earlier this year by cosmetics billionaire William Lauder for $155 million.

But at 24,000 sq ft it is about one-third the size of Mar-a-Lago.

Florida realtors said Mar-a-Lago was a unique ‘trophy asset’ and in a ‘league of its own’ when it came to properties in the area.

One said of the New York judge: ‘He wouldn’t make a very good realtor.’

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