The guilty verdict against former President Donald Trump in New York for financial fraud, which is based on the overvaluation of his assets, is raising controversy because the Mar-a-Lago mansion in Florida was listed at $18 million, a ridiculous figure for real estate experts, according to a report by the New York Post.
“It’s utterly delusional to think that property is only worth $18 million,” said a Palm Beach real estate expert, who spoke on condition of anonymity. “If that property were on the market today, I would list it at around $300 million, minimum...at least.”
The 35-page ruling, signed by Judge Arthur Engoron, who was questioned because in the past he called Trump “a bad guy,” ruled that the former president and his children are guilty of inflating the value of their properties by deceiving banks, insurers and other entities to obtain loans or other operations.
Car Fraud Trump by Israel Duro
The ruling orders that several of Trump's business licenses in the state be rescinded, a situation that makes it virtually impossible for Trump to continue doing business in New York.
The prosecutor who presented the case is Letitia James, one of the prosecutors promoted by groups linked to the magnate and Democratic donor George Soros, who is accused of being politically motivated in her legal battle against Trump.
According to the New York Post, the Mar-a-Lago listing raises many suspicions and criticism because the ruling indicates that the value of the residence is inflated by 2,300%, however, other mansions near Mar-a-Lago are at a multimillion-dollar price, well above the $18,000,000 determined by the prosecutor's office and judge based on the basic valuation by a Palm Beach appraiser.
For example, there is a wooded lot that is located at 1980 S. Ocean Blvd., just 5 minutes from Mar-a-Lago. The land, 2 acres in size (ten times smaller than Trump's mansion), is valued at $150 million and it has nothing built on it beyond trees.
Not to mention the fact that Mar-a-Lago has a golf club with about 500 members that operates as a commercial business.
The New York tabloid also mentioned that near Mar-a-Lago there is a 2.3-acre plot of land at 1063/1071 N. Ocean Blvd., which is worth $200 million.
Earlier this year, Forbes magazine estimated that Trump's mansion in Florida is worth $325 million dollars, a figure much higher than what was estimated by Prosecutor James and Judge Engoron, although also lower than the value that the Trump family estimated for their estate (427 and 612 million dollars) according to the prosecution's accusation.
Eric Trump, son of the former president, reacted to Judge Engoron's ruling and said that Mar-a-Lago is the best valued residence in the country and that its speculated price exceeds one billion dollars .
“In an attempt to destroy my father and kick him out of New York, a Judge just ruled that Mar-a-Lago, in Palm Beach Florida, is only worth approximate ‘$18 Million dollars’… Mar-a-Lago is speculated to be worth we’ll over a billion dollars making it arguably the most valuable residential property in the country. It is all so corrupt and coordinated,” wrote Eric Trump.
In an attempt to destroy my father and kick him out of New York, a Judge just ruled that Mar-a-Lago, in Palm Beach Florida, is only worth approximate “$18 Million dollars”… Mar-a-Lago is speculated to be worth we’ll over a billion dollars making it arguably the most valuable… pic.twitter.com/b0U6J5ykWJ
— Eric Trump (@EricTrump) September 26, 2023
In another post on X (formerly Twitter), Eric Trump said the justice system is rigged after posting several homes considerably smaller and worse located than Mar-a-Lago that are valued between $40 million and $60 million.
These homes are about 1/30 the size of Mar-a-Lago, not on the beach (let alone the beach and intercostal), don’t span from once side of the Palm Beach Island to the other… it is a travesty of justice and an embarrassment to the court. pic.twitter.com/d59nEsTtwo
— Eric Trump (@EricTrump) September 26, 2023
