Donald Trump lashed out on social media against a judge he accuses of significantly undervaluing his Mar-a-Lago estate, claiming the estimate is off by “50 to 100” times.
The former president’s accusations stem from a February ruling that found he had inflated his net worth to deceive banks and insurers. The White House hopeful has consistently denied these allegations, labeling the case as a politically motivated “witch hunt.”
Trump had to post a $175 million bond in a New York civil fraud case on April 1, 2024 in order to prevent New York Attorney General Letitia James from seizing his properties, including Manhattan’s Trump Tower and Florida’s Mar-a-Lago. Initially, the bond was set at $454 million, but Trump’s legal team successfully argued for a reduction, labeling the original amount as a “practical impossibility.” Manhattan Supreme Court Judge Arthur Engoron agreed, provided Trump paid the smaller bond within ten days.
“I’ve just posted a 175 Million Dollar Bond with the sadly failing and very troubled State of New York, based on a Corrupt Judge and Attorney General,” Trump lamented in his Thursday post on Truth Social. The 77-year-old presidential candidate was particularly irked by a tax-based valuation of Mar-a-Lago he deemed extremely low, namely between $18 million and $27 million. Trump, on the contrary, insists his estate is possibly worth more than $1 billion.
Mar-a-Lago, a 126-room mansion spanning 62,500 square feet, serves as Trump’s primary residence as well as a private club. Built in 1927 by cereal heiress Marjorie Merriweather Post, the property stretches across 17 acres from the Atlantic Ocean to the Intracoastal Waterway. Trump’s valuation of Mar-a-Lago, which the GOP guru compared to unique artworks like the Mona Lisa, is contested by real estate experts who estimate its value between $300 million and $600 million. The estate’s lower tax valuation – $37 million – is based on its status as a club rather than a private home.
In her lawsuit, Attorney General Letitia James indeed argued that Trump overvalued Mar-a-Lago in financial statements provided to banks. She claimed Trump’s high valuation ignored deed restrictions limiting the property to use as a social club, not a private residence, while contending that Trump should have valued Mar-a-Lago similarly to the county’s tax assessment. Trump’s lawyers countered that no deceit was involved and that banks likely did not rely heavily on Trump’s financial statements when issuing loans.
The legal battle over Mar-a-Lago’s valuation is part of broader fraud allegations against Trump, who continues to challenge the accusations while maintaining his high-profile political aspirations.
