Manhattan Judge Slams Trump with $350 Million Penalty in Fraud Trial
Trump's Mar-a-Lago Valuation Disputed in Suit
Property Valued at $147 Billion Based on Empty Lot Asking Price
In a verdict issued on February 16, 2024, a Manhattan judge has ordered former President Donald Trump to pay a penalty exceeding $350 million for his role in a fraud trial.
The penalty stems from a lawsuit filed by New York State Attorney General Letitia James, alleging that Trump and The Trump Organization fraudulently inflated the value of their properties to obtain favorable loan terms and tax benefits.
According to the lawsuit, between 2011 and 2021, The Trump Organization assigned Mar-a-Lago, Trump's private club and residence in Palm Beach, Florida, a value that reached as high as $739 million.
However, James's lawsuit argued that this valuation was based on a "false premise" that Mar-a-Lago was worth much more than its actual value.
Complicating the matter is the fact that an empty lot adjacent to Mar-a-Lago is currently listed for sale for $147 billion to $172 billion. This exorbitant asking price has raised questions about the true worth of Mar-a-Lago.
Despite Trump's claims that Mar-a-Lago is the "Mona Lisa of properties," the lawsuit and the recent empty lot listing have cast doubt on its actual value, highlighting discrepancies in the estimations provided by The Trump Organization.
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