NEW YORK, NEW YORK - OCTOBER 3: Former U.S. President Donald Trump appears in the courtroom with his lawyers for his civil fraud trial at New York State Supreme Court on October 03, 2023 in New York City. Former President Trump may be forced to sell off his properties after Justice Arthur Engoron canceled his business certificates and ruled that he committed fraud for years while building his real estate empire after being sued by Attorney General Letitia James, who is seeking $250 million in damages. The trial will determine how much he and his companies will be penalized for the fraud. (Photo by Shannon Stapleton-Pool/Getty Images)
Trial evidence this week revealed that Donald Trump’s Mar-a-Lago residence had a market value of $27 million in 2020, much less than the $612 million that he claimed in financial documents.
The news came to light during the fifth week of New York Attorney General Letitia James’ $250 million civil fraud case against the former president and his family, in which she has accused them of fraudulently inflating their net worth over the years to gain better loan and insurance rates.
From 2011 through 2021, Trump had valued his Florida property between $426 million and $612 million on annual statements of financial condition. A judge ruled last month that this was “at least 2,300% more” than the local official’s valuation.
Trump is scheduled to testify on November 6. His daughter, Ivanka Trump, was set to take the stand on Friday, though her testimony was postponed until November 8 due to her appeal of the judge’s ruling.
The former president, who is running for re-election in 2024, has repeatedly denied the claims against him and asserted that he is the target of a political witch hunt.
In addition to a raft of legal cases against him, Trump was recently removed from the Forbes 400 list of richest Americans, leading him to lash out at the publication.
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Why doesn’t this article address why there is such of discrepancy in valuation? There is a deed restriction on the MAL property that will not allow development. Trump’s number ignores that restriction while the assessor reflects the restriction.