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Is Mar-a-Lago worth $1 billion? Trump's winter home valuations are at the core of his NY fraud trial October 9, 2023
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. He noted that one Trump estimate of the club's value was 2,300% times the Palm Beach County tax appraiser's valuations, which ranged from $18 million to $37 million.
The property fell into disrepair. Trump bought it in 1985 for about $10 million, the equivalent of $30 million today. He invested heavily in its refurbishment.
By the early 1990s, however, Trump was in financial distress after several of his businesses flopped. He told Palm Beach town officials he couldn't afford the $3 million annual upkeep, and proposed subdividing the property and building mansions. The town rejected the plan.
Negotiations continued and in 1993 the town agreed he could turn the estate into a private club, giving him cash flow he could use for maintenance. He built the ballroom, but signed away development rights.
The agreement limits the club to 500 members — the initiation fee is $500,000 with annual dues of $20,000.
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.
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