No, it is a Conservation and Preservation, as well as has a National Historic designation.BusyTarpDuster2017 said:But suppose Trump had defaulted on the loan, and the banks seize the property. Would the banks be required to keep it's designation as a conservation and preservation site, or can they change it and sell it as a residence at fair market value? If that's the case, then for the purpose of collateral, it would be fair for Trump to list it as such, because that would be it's potential value for the bank.FLBear5630 said:Trump keeps playing all sides and expecting everyone to just ignore it. For tax purposes he made it conservation/preservation site and a social club, which in FL has massive restrictions. He did that it when he was in financial distress, funny since running for President he is flush. The issue with what Trump did is that he listed it as an unrestricted residential plot, which could be sold and redeveloped. It clearly is not, that is the basis of the fraud case for Mar a Lago. He did not value it as a social club, which is how Palm Beach County values it for tax purposes.ATL Bear said:Mar a Lago might be worth what Trump claims it is if he hadn't decided to avoid property taxes by making it a conservation and preservation site. Can't sell it as a residence, can't sell it as a development property, and heavy restrictions on the renovations allowed. Trump created the $18 million valuation through the property tax avoidance moves.Redbrickbear said:43 years ago the @nytimes wrote an article reporting a property called Mar-a-Lago was for sale for $20,000,000.
— Patrick Bet-David (@patrickbetdavid) February 22, 2024
I wonder what it’s worth now.
Probably around $18,000,000. 🤔 pic.twitter.com/DBp1v8Masn
He has multiple others that are all over the place, some he just outright lied about the size.
Anyone here know whether this is the case or not with seized property? Please enlighten us.
Trump bought it for 10 million because it was in disrepair. He upgraded it. When having money issues he tried to break it up and build mansions, but Palm Beach County said no. They allowed him to make it a Social Club (Limited to 500 members, 500k buy in and 20k a year) and taxed it as such so Trump could cover maintenance.
True it is unique piece of property, as is the other Mansion that were built in that timeframe. The Breakers (Rockefellers) is a resort now for example. Mar a Lago was built by EF Hutton, it is in that niche. It is like the Vatican, they are asset rich but Cash poor. The Vatican can get billions, but they really can't. Trump calls it the Mona Lisa of properties, the Mona Lisa will never be sold. Other properties, smaller, went for about 70 million. .