Donald Trump’s ‘breathtaking’ Mar-a-Lago mansion was worth more than $1 billion in the year he left the White House, says a person with decades-long ties to the former president. A high-end Palm Beach real estate broker told a Manhattan judge Tuesday.
Lawrence Moens drops $1 billion to buy Trump’s beloved Florida resort, everyone from Elon Musk to Bill Gates to “kings, emperors and heads of state” In his sworn testimony over the summer, he took the stand as one of the last witnesses for the defense. There was fierce opposition from state attorneys in President Trump’s civil fraud trial.
“I work hard to sell properties for wealthy people in Palm Beach,” Moens, a Mar-a-Lago member, testified. “I’m on the front lines of real estate sales every day and have a pretty good grasp of what’s going on in the market.”
President Trump has been under a limited gag order for online abuse related to the trial, but he was particularly furious about the depiction of his Florida home and members’ club in the classified documents case and the scene of the alleged crime. said it was undervalued. That is contrary to the findings of the judge and the audit committee. It is one of several properties at the center of the lawsuit, most of them in New York.
Taking to the stage, he blasted Judge Arthur Engoron’s pretrial ruling that found he, his sons, and his management team had defrauded banks and financiers of their net worth in order to illegally profit from business transactions. The judgment accepted AG Tisch James’ finding that Mar-a-Lago cannot be assessed as a private home.
The judge’s ruling means that President Trump’s contract with the National Trust for Historic Preservation more than 20 years ago forever waived his right to use the building for anything other than a social club; He outlined that the government has significantly reduced property taxes by limiting what can be done using property. I owe you something.
Based on these land use restrictions, Palm Beach County appraisers valued the property between $18 million and $27.6 million from 2011 to 2021.
Engoron’s ruling accepts an audit firm’s finding that Trump’s former company manager, Jeff McConney, ignored the certificate and increased the company’s value by 2,300% in Trump’s annual financial statements for the same period. However, he pointed out that it was still lower than Mogens’ estimate.
The judge similarly questioned Mogens’ contributions Wednesday, telling Trump’s lawyers that their value was irrelevant and that the case was about “whether the defendants used false documents in their transactions.” He said there was.
Controversially, Engoron decided that the property could only be valued as a social club, so he allowed real estate agents to weigh in on what Mar-a-Lago would be worth if it were a private residence. Mogens admitted he has no experience selling a private club.
Mogens stood by previous estimates, finding the property was worth between $655 million and $1 billion from 2011 to 2021. Lawyers played a prepared video that showed drone footage of Mar-a-Lago at dusk overlaid with moving classical music. Mogens said he compared, among other measures, hedged properties with waterfront views to other properties in the area that sell for astronomical prices.
“What’s unique about it? Well, if it’s by the water, [in] We’re in a different league,” Mogens testified, adding that he first met Trump in the 1980s and that the two had a “friendly” relationship.
“This gives water added value because water is more valuable, more limited, and more in demand than abundant land outside the waterfront.”
Mr. Trump maintains that he retains the right to reclassify the property, where he has hosted world leaders during his testimony, as a private residence, and his real estate attorney called Mr. Mogens on Tuesday. It was similar.
Defense attorneys said they no longer plan to call Eric Trump, who was scheduled to testify Wednesday, as a witness. Trump is expected to return to the stand Monday, possibly before his lawyers take a break from the case.
The AG will present a brief defense, after which Engoron will adjourn the hearing until the new year. He is expected to hear closing arguments on Jan. 11 and issue written verdicts on the six remaining claims and the amounts that Trump and his associates must repay by the end of January. James’ office is seeking at least $300 million.