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Guy is a lawyer/judge not a real estate guy. To value Maralago at 35mm is simply ignorant.
Trump has 17.5 acres of ocean to intracoastal land in Palm Beach with 37,000 sq ft of buildings.
Just to put things in perspective:
Rush Limbaugh's estate was on 2.7 oceanfront acres/ 24K square feet and it SOLD for 155 million and the owner tore it down.
Jeff Epstein's pedophile mansion was not oceanfront/ had awful history, not oceanfront .77 acre lot sold for 28.5mm.
The judge quoted what others said.
He didn't appraise.
And, Trump's other clear cut idiocies are adequately damning. That is why the real estate expert says the Maralago controversy "won't move the needle. "
Guy is a lawyer/judge not a real estate guy. To value Maralago at 35mm is simply ignorant.
Trump has 17.5 acres of ocean to intracoastal land in Palm Beach with 37,000 sq ft of buildings.
Just to put things in perspective:
Rush Limbaugh's estate was on 2.7 oceanfront acres/ 24K square feet and it SOLD for 155 million and the owner tore it down.
Jeff Epstein's pedophile mansion was not oceanfront/ had awful history, not oceanfront .77 acre lot sold for 28.5mm.
Right. What Trump (or a purchaser) can do with the property is limited, but even with that limitation it is obviously worth at least 10 times what the tax assessor's valuation is.
Right. What Trump (or a purchaser) can do with the property is limited, but even with that limitation it is obviously worth at least 10 times what the tax assessor's valuation is.
I agree with you. In Florida (and probably most if not all states), the tax assessor can only increase that value on current owners by a small percentage annually until a new buyer takes possession and then it is reassessed at market value. This benefits owners who have owned homes/properties for long periods of time from suddenly getting hit with huge property tax increases due to local home values increasing.
Mar-a-Lago is burdened with some pretty strict land use restrictions that the current owner agreed to when he bought the place.
I'd agree, I also think when Mrs Post donated the property to the city/state she was the one that put the restrictions on it, they didn't want to maintain it so they sold it to Trump. He bought it for 12mm back in the 80's. Being a landmark/historical property makes improvements/changes very tough.
A "fire" or extensive hurricane damage might allow redevelopment at that point.
Of course, just because the tax assessment value used by the judge may have lowballed the value of Mar-a-Lago, doesn’t necessarily mean Trump used a fair valuation for Mar-a-Lago.
So basically, they are all wrong.
Quote:
“From 2011-2021, the Palm Beach County Assessor appraised the market value of Mar-a-Lago at between $18 million and $27.6 million,” Engoron wrote in his ruling.
The judge noted Trump valued Mar-a-Lago at between $426.5 million and $612 million, “an overvaluation of at least 2,300%, compared to the assessor’s appraisal.”
Heck of a lot of room in there to meet in the middle.
In Florida (and probably most if not all states), the tax assessor can only increase that value on current owners by a small percentage annually until a new buyer takes possession and then it is reassessed at market value.
It's 10% a year for that property's classification. Much less for residential , but it's not classified as residential.
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or extensive hurricane damage might allow redevelopment at that point.
