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Is Mar-a-Lago a private residence or a club and what's it really worth? Find out at Monday's Trial [1]
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Date: 2023-11-04
Trump himself is set to testify Monday, and Ivanka will take the stand Wednesday. CNN anchor Chris Wallace called former President Donald Trump’s upcoming fraud trial testimony “must-see TV”. We’ll all need a fifth. What's the over/under on Donald Trump perjuring himself when he testifies on Monday in the NY State Fraud Trial where he's already been found guilty?
When reminded that the 2021 statements of financial condition, which he certified to Deutsche Bank fairly presented his father’s financial condition in all material respects, valued Mar-a-Lago as a private residence, Eric insisted, “It’s very clear Mar-a-Lago is not a club.”
But when reminded that the property tax assessment of Mar-a-Lago is based on its status as a private club, Eric changed his mind: “It’s used as a private club.”
x In less than 48 hours, former President Donald Trump is scheduled to testify at the New York attorney general’s civil fraud trial against him, his companies, and others. His lawyers are probably hoping he is less confused than his son, Eric, about Mar-a-Lago. 1/ — Lisa Rubin (@lawofruby) November 4, 2023
When Trump himself was deposed, he insisted Mar-a-Lago is worth $1.5 billion, a figure he acknowledged was based on “broker talk” and would necessitate turning Mar-a-Lago into a private residence or a single-member club for benefit of the owner.
The problem, of course, is that there are binding covenants on Trump’s use of the property. He has pledged to use it only as a club, per a 1993 agreement with the Town of Palm Beach.
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Trump also agreed, through a 2002 agreement with the National Trust for Historic Preservation, that he would not develop or use the property for anything other than club use.
The trouble is this: Mar-a-Lago’s estimated current value in Trump’s statements of financial condition assumes it is or could be a private residence not subject to any of those conditions; by contrast, it has been assessed by tax officials according to its permitted use as a private club.
And that’s where Eric Trump, who is otherwise cannier than many would have you believe, got tripped up.
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