Banana Republic
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@jolly Do you think that the charges did not amount to fraud or do you think that President Trump did not inflate the value of his business?
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(Judge) Engoron also found that Trump inflated the value of his Mar-a-Lago club by at least 2,300%, claiming the property assessed by the county between $18 million and $27.6 million was actually worth between $426,529,614 and $612,110,496.
"Now look here, you Baltic gas passer... " - Mik, 6/14/08
The saying, "Lite is just one damn thing after another," is a gross understatement. The damn things overlap.
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@89th true, but in this case, something stinks.
I want to know whose pocket the "assessor" is in.
Other properties, smaller than M-a-L have sold for hundreds of millions.
Rush Limbaugh’s widow, Kathryn Adams Limbaugh, sold her husband’s longtime Palm Beach compound, on 2.7 acres, for $155 million.
in 2013, hedge funder Ken Griffin paid $129.6 million for four parcels in the area.
Here's a property a bit smaller than Mar-a-Lago.
https://www.zillow.com/homes/1980-S-Ocean-Blvd-Palm-Beach,-FL-33480_rb/103473791_zpid/
And by "a bit" I mean about ⅛ the size.
Trump bought the property in 1980 for $10M. Inflation alone would put it at $40M,
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(Judge) Engoron also found that Trump inflated the value of his Mar-a-Lago club by at least 2,300%, claiming the property assessed by the county between $18 million and $27.6 million was actually worth between $426,529,614 and $612,110,496.
@George-K said in Banana Republic:
(Judge) Engoron also found that Trump inflated the value of his Mar-a-Lago club by at least 2,300%, claiming the property assessed by the county between $18 million and $27.6 million was actually worth between $426,529,614 and $612,110,496.
When he paid his taxes on the property, isn't he by default agreement to the assessment amount is correct? LOL
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@George-K said in Banana Republic:
(Judge) Engoron also found that Trump inflated the value of his Mar-a-Lago club by at least 2,300%, claiming the property assessed by the county between $18 million and $27.6 million was actually worth between $426,529,614 and $612,110,496.
When he paid his taxes on the property, isn't he by default agreement to the assessment amount is correct? LOL
@taiwan_girl said in Banana Republic:
@George-K said in Banana Republic:
(Judge) Engoron also found that Trump inflated the value of his Mar-a-Lago club by at least 2,300%, claiming the property assessed by the county between $18 million and $27.6 million was actually worth between $426,529,614 and $612,110,496.
When he paid his taxes on the property, isn't he by default agreement to the assessment amount is correct? LOL
No.
I have 20 acres that is assessed waaay under what I think I can get for it. Now, maybe I'm wrong, but I ain't going to the courthouse to argue about it.
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@LuFins-Dad said in Banana Republic:
The house just below Mar A Lago and to the right? $105 Million Dollars, Ocean Front. Not even 1/20th the lot size and is 5 Bedroom And one of the biggest reasons the value is that high is the proximity to Mar A Lago.
The house just below Mar A Lago on the Sound is even worse, it’s $90 Million and it’s on the sound…
The property alone is worth $500M.
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This is 1/4 mile south, on the sound side, and is valued at $172M.
https://www.zillow.com/homedetails/1236-S-Ocean-Blvd-Palm-Beach-FL-33480/46846877_zpid/?utm_campaign=iosappmessage&utm_medium=referral&utm_source=txtshare -
Maybe he’s got a big mortgage and he’s missed a couple of payments on the lawnmower.
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A House Democrat asked Palm Beach County, Florida, to tax Donald Trump's Mar-a-Lago resort property at a rate in accordance with the valuation the former president claims it has amid his ongoing New York civil fraud trial. Rep. Jared Moskowitz, D-Fla., made the request of Palm Beach County appraiser Dorothy Jacks in a letter exclusively provided to NBC News, noting New York Supreme Court Justice Arthur Engoron's decision last week holding Trump liable for committing fraud for years by inflating and undervaluing his assets to banks and insurers.
Trump has since railed against the ruling, claiming that his Florida beach club is worth "50 to 100 times" what New York prosecutors in the lawsuit have said, or "closer to $1.5 billion" in value. "Between 2011 and 2021, you value the Mar-a-Lago property between $18 million and $28 million," Moskowitz wrote in the letter to the Palm Beach County appraiser. "Mar-a-Lago was listed as worth $490 million in financial documents given to banks," he added. "If the property value of Mar-a-Lago is so much higher than it was appraised, will you be amending the property value in line with the Trump family's belief that the property is worth well over a billion dollars?"
https://www.yahoo.com/news/democrat-calls-trumps-bluff-mar-190621016.html
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A House Democrat asked Palm Beach County, Florida, to tax Donald Trump's Mar-a-Lago resort property at a rate in accordance with the valuation the former president claims it has amid his ongoing New York civil fraud trial. Rep. Jared Moskowitz, D-Fla., made the request of Palm Beach County appraiser Dorothy Jacks in a letter exclusively provided to NBC News, noting New York Supreme Court Justice Arthur Engoron's decision last week holding Trump liable for committing fraud for years by inflating and undervaluing his assets to banks and insurers.
Trump has since railed against the ruling, claiming that his Florida beach club is worth "50 to 100 times" what New York prosecutors in the lawsuit have said, or "closer to $1.5 billion" in value. "Between 2011 and 2021, you value the Mar-a-Lago property between $18 million and $28 million," Moskowitz wrote in the letter to the Palm Beach County appraiser. "Mar-a-Lago was listed as worth $490 million in financial documents given to banks," he added. "If the property value of Mar-a-Lago is so much higher than it was appraised, will you be amending the property value in line with the Trump family's belief that the property is worth well over a billion dollars?"
https://www.yahoo.com/news/democrat-calls-trumps-bluff-mar-190621016.html
@taiwan_girl said in Banana Republic:
A House Democrat asked Palm Beach County, Florida, to tax Donald Trump's Mar-a-Lago resort property at a rate in accordance with the valuation the former president claims it has amid his ongoing New York civil fraud trial. Rep. Jared Moskowitz, D-Fla., made the request of Palm Beach County appraiser Dorothy Jacks in a letter exclusively provided to NBC News, noting New York Supreme Court Justice Arthur Engoron's decision last week holding Trump liable for committing fraud for years by inflating and undervaluing his assets to banks and insurers.
Trump has since railed against the ruling, claiming that his Florida beach club is worth "50 to 100 times" what New York prosecutors in the lawsuit have said, or "closer to $1.5 billion" in value. "Between 2011 and 2021, you value the Mar-a-Lago property between $18 million and $28 million," Moskowitz wrote in the letter to the Palm Beach County appraiser. "Mar-a-Lago was listed as worth $490 million in financial documents given to banks," he added. "If the property value of Mar-a-Lago is so much higher than it was appraised, will you be amending the property value in line with the Trump family's belief that the property is worth well over a billion dollars?"
https://www.yahoo.com/news/democrat-calls-trumps-bluff-mar-190621016.html
The problem with that is that the property tax is only based on the value of the property (which likely is worth several hundred million) but the value of the business is worth more than just the property. They currently have collected approximately $40,000,000 memberships and about $4,000,000 in annual dues. 50-60 weddings per year at $500K-$600K each and who knows how many other events? Of course, I have no idea what the overhead is… but a typical value for a business is 3x revenue + physical assets. There is also value to the name… So unless he’s mortgaged out his ass, I can see Mar A Lago at $300M-$400M
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@taiwan_girl said in Banana Republic:
A House Democrat asked Palm Beach County, Florida, to tax Donald Trump's Mar-a-Lago resort property at a rate in accordance with the valuation the former president claims it has amid his ongoing New York civil fraud trial. Rep. Jared Moskowitz, D-Fla., made the request of Palm Beach County appraiser Dorothy Jacks in a letter exclusively provided to NBC News, noting New York Supreme Court Justice Arthur Engoron's decision last week holding Trump liable for committing fraud for years by inflating and undervaluing his assets to banks and insurers.
Trump has since railed against the ruling, claiming that his Florida beach club is worth "50 to 100 times" what New York prosecutors in the lawsuit have said, or "closer to $1.5 billion" in value. "Between 2011 and 2021, you value the Mar-a-Lago property between $18 million and $28 million," Moskowitz wrote in the letter to the Palm Beach County appraiser. "Mar-a-Lago was listed as worth $490 million in financial documents given to banks," he added. "If the property value of Mar-a-Lago is so much higher than it was appraised, will you be amending the property value in line with the Trump family's belief that the property is worth well over a billion dollars?"
https://www.yahoo.com/news/democrat-calls-trumps-bluff-mar-190621016.html
The problem with that is that the property tax is only based on the value of the property (which likely is worth several hundred million) but the value of the business is worth more than just the property. They currently have collected approximately $40,000,000 memberships and about $4,000,000 in annual dues. 50-60 weddings per year at $500K-$600K each and who knows how many other events? Of course, I have no idea what the overhead is… but a typical value for a business is 3x revenue + physical assets. There is also value to the name… So unless he’s mortgaged out his ass, I can see Mar A Lago at $300M-$400M
@LuFins-Dad said in Banana Republic:
a typical value for a business is 3x revenue + physical assets. There is also value to the name… So unless he’s mortgaged out his ass, I can see Mar A Lago at $300M-$400M
Fascinating.
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But the tax assessor has to work within the limits of the property value only as determined by that district’s formulas and regulations. IF you were to increase the assessed value for Trump’s property, the same would have to be done for all of the other properties in that district.
