There's an old rule of thumb with anything related to an attack on former President Donald Trump: Wait 48 hours more information will come out that will raise questions about or debunk the original assertion. It looks like that rule might even apply to a judge's determination that is being widely publicized.
As we reported, Judge Arthur Engoron ruled that former President Donald Trump committed fraud by inflating the worth of his assets, including the monetary value of Mar-a-Lago.
He cited a basic Palm Beach Assessor valuation that ranged from $18 million to $28 million between 2011 and 2021, with industry sources saying it fails to take into consideration the fair market value. This valuation is far from Trump’s 1985 purchase price of $10 million, $8 million less than what the judge declared it was worth today.
But real estate experts are raising questions about that, saying something is not quite right with the judge's determination as to the worth of Mar-a-Lago. While the judge claimed that Trump inflated the worth of his assets, it sounds like the judge "deflated" or lowballed Mar-a-Lago's true worth.
One prominent Palm Beach real estate broker, speaking on the condition of anonymity, told The Post, “It’s utterly delusional to think that property is only worth $18 million.”
The Palm Beach industry insider added, “If that property were on the market today, I would list it at around $300 million, minimum … at least. He also has the separate golf course minutes away.”
Smaller properties nearby are running at $150 million.
To put it in perspective, a 2-acre wooded lot at 1980 S. Ocean Blvd., just 5 minutes from Mar-a-Lago, is currently listed for $150 million. Mar-a-Lago, situated at 1100 S. Ocean Blvd., dwarfs this lot tenfold and operates as a commercial business with around 500 members as part of the golf club.
A 2-acre plot of land filled with trees and situated 5 minutes away from Mar-a-Lago is on the market for $150 million.
Also nearby: a 2.3-acre plot of land at 1063/1071 N. Ocean Blvd., on the market for a sky-high $200 million.
The former Rush Limbaugh estate in Palm Beach which was only 2.7 acres sold for $155 million earlier this year.
Mar-a-Lago is 20 acres, so it should go for even more than those assessments.
Forbes appraised it at $160 million five years ago in 2018, and properties are now worth more.
So that raises a lot of questions about how the judge was coming to this decision when it seems to be so out of line with the comparables in the area. Why is the Democratic judge so undervaluing the property? Or did I just answer my own question? And if he's made such a questionable assessment regarding this aspect of the case, what else might he have undervalued in the case? And should such a decision be based on his assessment?
The bottom line, it seems like everything is being thrown up against the wall that can be brought against Trump in terms of lawfare. Yet, not only doesn't he go away, he seems to get stronger in the face of it in the polls, with him now having a lead over Biden.
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