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What is Donald Trump's Mar-a-Lago estate really worth? Eric Trump blasts judge for undervaluing property at $18M in NY fraud ruling

The ruling on Mar-a-Lago is part of Attorney General Letitia James' lawsuit against several Trump family members, alleging fraudulent activities

PALM BEACH, FLORIDA: Eric Trump has voiced strong objections to a judge's valuation of his father, Donald Trump's, iconic Mar-a-Lago resort, which according to him, is worth over a billion dollars. 

The resort, situated in Palm Beach, Florida, has long been a symbol of the ex-POTUS' real estate empire and political influence. However, the judge's valuation of Mar-a-Lago at approximately $18 million has raised eyebrows and ignited a debate over the true worth of this sprawling property.

Eric Trump fumes over 'undervaluation' of Mar-a-Lago

Eric Trump took to X (formerly Twitter) on Tuesday, September 26, to express his disbelief and frustration regarding the supposed valuation of the Mar-a-Lago resort. 

"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 well over a billion dollars making it arguably the most valuable residential property in the country. It is all so corrupt and coordinated," wrote Eric. 

The core of the controversy lies in Justice Arthur Engoron's ruling that Donald Trump committed fraud by falsely inflating the value of his various properties, including Mar-a-Lago and Trump Par Avenue in New York.

His ruling specifically pointed out that the ex-president had consistently overvalued Mar-a-Lago, apparently inflating its value on one financial statement by an astonishing 2,300 percent.

To support his ruling, the judge referred to a Palm Beach County Assessor's appraisal conducted from 2011 to 2021, which estimated Mar-a-Lago's value to be in the range of $18 million to $27.6 million.

"A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud," said Engoron, as per Newsweek. 

In an attempt to counter the judge's ruling, Eric posted a screenshot of home listings in Palm Beach, Florida, which appeared to have market values exceeding $35 million.

He stated, "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 one side of the Palm Beach Island to the other…it is a travesty of justice and embarrassment to the court." 

Donald Trump Jr, ex-POTUS' eldest son, added a touch of humor to the situation, writing, "If Mar-a-Lago is worth $18 million... I'll take 10 please!"

Speculations surrounding Mar-a-Lago rise on social media

In the wake of the ruling, there has been widespread speculation on social media regarding the true value of Mar-a-Lago, with many questioning the figures presented during the court case.

"A nearby vacant lot (2.3 acres) is for sale on Zillow for $200 million," wrote former investment banker John LeFevre, attaching a screenshot of the listing, and added, "Mar-a-Lago sits on 17 acres, with waterfront on both sides."

Later, he replied to his post, noting, "Chill with the comments. I understand tax assessments, the irrelevance of Zillow offers, etc." 

"The primary point is this: The lending bank is required to get a valuation from a third party to cover its LTV calculation. No one had an issue with any of this. Everyone made money...Until an activist DA [District Attorney] came along decades later," stated LeFevre, referring to New York AG Letitia James, who brought the case.

He also expressed, "This is nothing less than they weaponization of our judicial system by Democrats to target a leading opposition candidate. This should scare anyone into supporting Trump." 

Software engineer Ali Zein Yousuf responded, "You're right, if it was priced at the same per acre as the empty lot, it'd be [$]1.5 billion."

However, it's important to note that there are differing estimates of Mar-a-Lago's size. While several publications state that it spans 17 acres, the club's website claims it is 20 acres.

Taking into account the asking price of the vacant lot, the property's theoretical value could range from $1.47 billion to $1.72 billion. This estimate does not consider the development potential of the empty plot or the intrinsic value of the Mar-a-Lago buildings themselves, as reported by Newsweek.

The lawsuit and allegations against the Trump family

The ruling surrounding Mar-a-Lago is part of New York Attorney General Letitia James' ongoing lawsuit against Donald Trump, the Trump Organization, Eric Trump, and Donald Trump Jr, which alleges over a decade of fraudulent activities, including manipulating asset values to gain financial benefits.

Moreover, the lawsuit, amounting to $250 million, accuses the ex-POTUS' company of seeking lower taxes and better insurance coverage by inflating and deflating the value of its assets. He had previously claimed in sworn testimony that the values on his financial statements should not be trusted, citing a disclaimer, as per the Associated Press.

Justice Engoron's decision not only rejected his last-minute attempt to dismiss the entire case but also revoked some of the business licenses and ordered an independent monitor to oversee the Trump organization.

The ruling paves the way for the remaining elements of the case to proceed to trial, scheduled to commence next week, according to The Hill.