LOL: Trump Claimed Mar-A-Lago Was Worth 739M; It's Worth 75M
During her press conference, New York's Attorney General Letitia James outlined all the many alleged indiscretions and lies Trump and his family members made to inflate their property values to levels many times their actual value in an effort for tax breaks and financial gain.
James went through several alleged overinflated properties Trump owns, but I'll focus on Mar-A-Lago.
"Mr. Trump also blatantly ignored legal restrictions at Mar-A-Lago. Mar-A-Lago was valued on the false premise that it sat on unrestricted property and could be developed for residential use. however, Mr. Trump knew that Mar-A-Lago was subject to a host of onerous restrictions and limitations," James stated..
"Despite these significant restrictions,Mr. Trump valued the property based on the false premise that it was an unrestricted 18-acre plot of land that could be sold and used as a private home," she said.
"The valuations represent that these restrictions don't even exist. The club generated annual revenue of less than $25 million and should have been valued at more than -- valued about $75 million. However, Mar-A-Lago was valued as high as $739 million," James said.
"Mr. Trump used inappropriate schemes to inflate the value of his other golf clubs. He valued the clubs based on their fixed assets. In other words, the money spent to acquire and to maintain them, despite being informed by valuation professionals that this practice was inappropriate for a club operating as an ongoing business."