LOL TRUMP

[Dugout DickStone]

Did a judge really say that Mar-A-Lago is only worth $18 million dollars?

An entity that the Trump's claim produces over $20 million dollars in revenue a year?  As I've seen some say, it would mean the estate hasn't even kept up with inflation in terms of value.  Let alone considering the surrounding real estate market in that part of the country, the improvements to the property over the years, and the revenue generation component.

Even taking all of this at face value, it's pretty easy to make the case that a lot of that income (most? all?) is related to Trump's presence there rather than the property itself. There are plenty of instances of folks paying top dollar for the chance to run into Trump either for political reasons or fandom. Market value would reflect that any purchaser would not be able to squeeze nearly as much money on a regular basis as Trump has.

also, motherfucking the taxpayer to rent rooms at 10 times market rate

[sonofdaxjones]

Imagine watching Joe Biden's FEMA renting rooms at luxury resorts in Hawaii (with less expensive places closer to the scene of the fire) and then worrying about what Trump charged . . . while taking a "Debt is just money" attitude to the now $33 Trillion Dollar plus U.S. deficit.

These are the life and times of hyper-partisan #blueanongE

[Dugout DickStone]

Imagine watching Joe Biden's FEMA renting rooms at luxury resorts in Hawaii (with less expensive places closer to the scene of the fire) and then worrying about what Trump charged . . . while taking a "Debt is just money" attitude to the now $33 Trillion Dollar plus U.S. deficit.

These are the life and times of hyper-partisan #blueanongE

eff those FEMA pricks too.

[sonofdaxjones]

Did a judge really say that Mar-A-Lago is only worth $18 million dollars?

An entity that the Trump's claim produces over $20 million dollars in revenue a year?  As I've seen some say, it would mean the estate hasn't even kept up with inflation in terms of value.  Let alone considering the surrounding real estate market in that part of the country, the improvements to the property over the years, and the revenue generation component.

Even taking all of this at face value, it's pretty easy to make the case that a lot of that income (most? all?) is related to Trump's presence there rather than the property itself. There are plenty of instances of folks paying top dollar for the chance to run into Trump either for political reasons or fandom. Market value would reflect that any purchaser would not be able to squeeze nearly as much money on a regular basis as Trump has.

Again, lessor comps are running 2x to 5x asking price to what this judge has valued Trump's place.  Undeveloped smaller partials are running 10x what the judge valued Trump's place.

[star seed 7]

Dax wading into legal issues again

[sonofdaxjones]

Real Estate comps = Legal Issues

Stalkerbot.7 ushers in DerpCon One on this Wednesday Afternoon

[DaBigTrain]

 

[Spracne]

Valuing Mar-A-Lago is a difficult proposition. Absolutely unrestricted, it probably is worth $300 - $400 million based on comps in the area. That is particularly true if it could be subdivided.

But it is not unrestricted, and as is I'm not sure it is worth anything. As long as it is limited to use as a social club, which is only bringing in about $20 million a year, it is a massive money loser. Comps in the area are irrelevant due to its restricted use, as well as the factors cat mentioned.

It is worth noting that in 2020 Trump had henchmen argue that the assessment of $26+million was too high in order to reduce his $511K property tax bill.

[CNS]

I would imagine that MAGA is most of it's value.  I imagine it's income has been increased due to proximity to a US President. 

[sonofdaxjones]

Valuing Mar-A-Lago is a difficult proposition. Absolutely unrestricted, it probably is worth $300 - $400 million based on comps in the area. That is particularly true if it could be subdivided.

But it is not unrestricted, and as is I'm not sure it is worth anything. As long as it is limited to use as a social club, which is only bringing in about $20 million a year, it is a massive money loser. Comps in the area are irrelevant due to its restricted use, as well as the factors cat mentioned.

It is worth noting that in 2020 Trump had henchmen argue that the assessment of $26+million was too high in order to reduce his $511K property tax bill.

Anyone who argues against their property tax assessment is a henchman - #blogkaren

That $500 million figure, absurd at the time that the Trump Organization proposed it, suddenly became somewhat reasonable. Real estate experts outside of Palm Beach guessed that the place was worth more than $200 million. Brokers on the island thought it could be worth far more, with the most aggressive estimate coming in at $725 million. When Forbes last valued the property in March, we went with a conservative $350 million. If Trump sold Mar-A-Lago for that amount, he’d reap a 35 times return on his original $10 million investment, making it one of the best deals of his career.

https://www.forbes.com/sites/danalexander/2022/08/09/how-much-has-trump-made-from-mar-a-lago-his-palm-beach-estate-under-siege/?sh=2e8737d35bed

[star seed 7]

Did we just find out dax doesn't know what henchmen means?

[sonofdaxjones]

We didn't have to find out that #blueanon will literally rage out about the most mundane things ever.

Absolutely terrified of Don Trump . . . which is  but #onbrand

[Spracne]

I would imagine that MAGA is most of it's value.  I imagine it's income has been increased due to proximity to a US President.

You would assume correctly. Membership fees immediately doubled to $200K after he was elected. Annual dues are rumored to start around $20K and go up from there. I haven't seen anything about minimum spends or other clubby stuff.

[catastrophe]

Valuing Mar-A-Lago is a difficult proposition. Absolutely unrestricted, it probably is worth $300 - $400 million based on comps in the area. That is particularly true if it could be subdivided.

But it is not unrestricted, and as is I'm not sure it is worth anything. As long as it is limited to use as a social club, which is only bringing in about $20 million a year, it is a massive money loser. Comps in the area are irrelevant due to its restricted use, as well as the factors cat mentioned.

It is worth noting that in 2020 Trump had henchmen argue that the assessment of $26+million was too high in order to reduce his $511K property tax bill.

Anyone who argues against their property tax assessment is a henchman - #blogkaren

That $500 million figure, absurd at the time that the Trump Organization proposed it, suddenly became somewhat reasonable. Real estate experts outside of Palm Beach guessed that the place was worth more than $200 million. Brokers on the island thought it could be worth far more, with the most aggressive estimate coming in at $725 million. When Forbes last valued the property in March, we went with a conservative $350 million. If Trump sold Mar-A-Lago for that amount, he’d reap a 35 times return on his original $10 million investment, making it one of the best deals of his career.

https://www.forbes.com/sites/danalexander/2022/08/09/how-much-has-trump-made-from-mar-a-lago-his-palm-beach-estate-under-siege/?sh=2e8737d35bed

There’s nothing wrong with arguing your property is overvalued, but it becomes a pretty easy case for fraud if you argue to the tax authorities that it it is significantly under the assessed number, while representing to lenders that it is worth significantly more than the assessed number.

[sonofdaxjones]

The judges numbers are way off. 

[mocat]

Did we just find out dax doesn't know what henchmen means?

 

[LickNeckey]

The judges numbers are way off.

no

they are a reflection of the tax assessment value Trump lobbied for

also as Spracs noted the social club issue is a significant encumbrance on the value of the property

[Spracne]

Yeah. As always, I recommend reading the primary source. The Judge gives a good run-down on the deed restrictions Trump agreed to with the City of Palm Beach over the years, in order to lower his taxes. His defense? That he's confident he could break his contract and get around all the deed restrictions and/or sell it to the Saudi's for 1.8B.

[Cire]

Here’s a tool to put in your property value to compare it to market-a-lago

https://twitter.com/_cingraham/status/1707056985542422955?s=46&t=qihx_M5rao00w7e29gt7Rw


Sent from my iPhone using Tapatalk

[sonofdaxjones]

The judges numbers are way off.

no

they are a reflection of the tax assessment value Trump lobbied for

also as Spracs noted the social club issue is a significant encumbrance on the value of the property

Real Estate is not static (unlike the mind of people terrified of Don Trump)

[LickNeckey]

obviously…


values can vacillate wildly depending on if you are talking to the bank or the tax man


psst it’s called fraud

[star seed 7]

https://twitter.com/AGHamilton29/status/1707237271076798754

[Dugout DickStone]

paying people to be in your crowd is ultimate lib ownership

[CNS]

Promising to pay someone and paying someone are not the same.  Don doesn't pay anyone.

[Dugout DickStone]

Donald Duck is genius.