Donald Trump’s Mar-a-Lago estate took the spotlight this week as one of Palm Beach’s leading real estate brokers, Lawrence Moens, testified about the property’s valuation.
Amid accusations from New York Attorney General Letitia James regarding inflated asset values, Trump’s legal team brought Moens to the stand to counter these allegations.
James contends that Trump, along with his sons and organization, artificially inflated property values to gain financial advantages, a claim the former president denies, branding the trial a politically motivated witch hunt.
Initially estimating the property at $1.5 billion, Moens’ figures fluctuated between $750 million and $1 billion in subsequent assessments, aligning closely with Trump’s own valuations.
Moens, in his latest testimony, raised the estimated worth to potentially reach $1.2 billion when factoring in membership fees.
However, before the trial ever started, Judge Arthur Engoron had earlier ruled that Trump overstated Mar-a-Lago’s value by an astonishing 2,300%.
Contrary to Trump’s valuation range of $429 million to $1.5 billion, James cited a Palm Beach tax assessor who appraised it at a mere $18 million to $37 million, without taking into consideration market value.
Moens defended his assessments by suggesting that influential figures like “kings [and] emperors” would pay a 10-figure sum for the property, comparing Mar-a-Lago to the Taj Mahal.
When asked about potential buyers, Moens referenced Elon Musk, Bill Gates and various others, drawing criticism from prosecutors who dismissed his list as a “fantasy.”
Engoron initially dismissed Moens’ conclusions, citing them as based on unsubstantiated “dreams.”
Nonetheless, the judge eventually permitted Moens to testify, and he reiterated valuations ranging between $655 million and $1 billion from 2011 to 2021.
During the proceedings, a video presentation featuring aerial views of Mar-a-Lago accompanied by classical music was shown by lawyers, emphasizing the property’s waterfront advantage.
Moens highlighted the uniqueness of waterfront properties, emphasizing their heightened value due to limited availability and high demand.
“What’s unique? Well, I mean, if it’s waterfront, it’s [in] a different league,” testified Moens, who said he first met Trump in the 1980s and that the pair had a “cordial” relationship.
“That gives you something added because water is more valuable or limited and in more demand, say, than the plethora of non-waterfront properties.”
Engoron stated he was less concerned about the valuation than his determination of fraudulent financial documents.
Moens stood by Trump’s statements of financial condition, deeming them “appropriate” and even “conservative.”
Notably, Moens, who is usually known to keep a very low profile, was thrust into the legal limelight in order to defend the former president. His client roster includes prominent figures like Oracle co-founder Larry Ellison, casino mogul Steve Wynn and Citadel hedge fund owner Ken Griffin.
The trial’s next steps involve Trump taking the stand again next week, with the attorney general planning a brief rebuttal before proceedings adjourn until the new year.
Engoron is expected to deliver a verdict on the remaining claims by January’s end, potentially requiring Trump and associates to reimburse a minimum of $300 million, as sought by James’ office.
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