NY Attorney General seizes first of Trump's properties

[dmallord]

In case you’re not aware, the case does not involve a dispute over property tax assessment.

But ... it does come into play! The case concerns fraudulently overstating property values to acquire favorable loan terms. Trump claims higher values for loan purposes and lower values for income tax purposes.

You can't claim both. It's like burning a candle at both ends-eventually the flames meet and get extinguished. Trump is almost there now.

 

[Rightguide]

Did you forget to include the restrictions on using this property that Trump must adhere to? Nope.

Your figures are based on properties that can be developed or re-developed for residential uses. Those don't apply to Mar-a-Lago.

Mar-a-Lago is restricted to being used as a club without further development capabilities. It has no potential development due to the deed restrictions and sales conditions placed upon it.

You sourced a bunch of hyperbole that is not relevant to Mar-a-Lago. Yep, it is 'influenced' by 'unique property characteristics.' Ones that are disfavorable to the owner(s).

Get an appraisal, not a handbook on property values.

The point of my post was to show what it would cost just to buy a 17-acre waterfront lot in Palm Beach. Mar-a-Lago is a 17 acre waterfront property in Palm Beach a very well developed property, Did you miss this?:

Average Price: On average, waterfront land in Palm Beach County is priced at approximately $75,077,256 per acre

 

[adrina]

The point of my post was to show what it would cost just to buy a 17-acre waterfront lot in Palm Beach. Mar-a-Lago is a 17 acre waterfront property in Palm Beach a very well developed property, Did you miss this?:

Average Price: On average, waterfront land in Palm Beach County is priced at approximately $75,077,256 per acre

That's not the valuation that Trump has because of the property classification he insisted upon so that he could save money on the tax bill.

This isn't rocket science. Unless you're a trump suck up.

 

[SmokingFap]

It's my understanding that she already has a lien on Seven Springs, so Trump can't do anything with it.

.
Ol' Babydoll Hands is losing what little mind he had left. And I'm here for it.

(grabs popcorn with extra butter. Trump is providing all the salt I need.)

 

[dmallord]

The point of my post was to show what it would cost just to buy a 17-acre waterfront lot in Palm Beach. Mar-a-Lago is a 17 acre waterfront property in Palm Beach a very well developed property, Did you miss this?:

Average Price: On average, waterfront land in Palm Beach County is priced at approximately $75,077,256 per acre

No I didn't miss that. You missed the MAJOR point that Mar-a-Lago is not comparable real estate for the reasons I stated.

It is not apples to apples.

 

[Fuzzy1975]

As usual you're full of misinformed shit. A simple search for a 17 acre "lot" (Mar-A- Lago is 17 acres) in Palm Beach Florida reveals the following:

In Palm Beach County, Florida, the cost of a 17-acre waterfront lot can vary based on location, proximity to amenities, and other factors. Here are some insights:

1. Average Price: On average, waterfront land in Palm Beach County is priced at approximately $75,077,256 per acre1. Using this estimate, a 17-acre waterfront lot could cost around $1,276,320,352.
2. Specific Listings:
   • While individual listings may vary, there are examples of waterfront properties in the area. For instance, a 5-acre waterfront property is currently listed at $1,295,0002.
   • Considering this, a 17-acre lot might be priced significantly higher, especially if it offers desirable features like direct Intracoastal frontage, marina access, or other amenities.
3. Market Trends: Keep in mind that real estate prices fluctuate based on market conditions, demand, and unique property characteristics. It’s advisable to consult with local real estate professionals to get accurate and up-to-date information on specific listings.

Remember that waterfront properties in Palm Beach County are highly sought after, and their value can be influenced by factors such as views, accessibility, and development potential.

Learn more​

1landsearch.com2redfin.com3waterfront-properties.com4landwatch.com5zillow.com6landwatch.com+2 more

Now do it for a place that can't be used a residence.....without a deed exemption.

 

[Ciceri]

I've always said it's not bad enough Trump is broke; he's in debt. He owes foreign adversaries. The DoJ should've done their homework in 2016

 

[SmokingFap]

No I didn't miss that. You missed the MAJOR point that Mar-a-Lago is not comparable real estate for the reasons I stated.

It is not apples to apples.

Apples are so woke.

 

[Rightguide]

The New York Attorney General's office has initiated the first of probably many seizures of Honest Don Trump's property holdings to satisfy the $464 million financial penalty levied against him.

First property seized was Trump's Seven Springs property in tony Westchester County, NY.
Trump had the property valued at $291 million dollars.
Preliminary estimates have the total value of the property estimated to be in the range of 25 to 50 million dollars.

House of cards begins to topple!

Also in the news, Trump's airplane. Trump's plane is a 35 year old Boeing 757 gas guzzler, which Trump bought off of a real billionaire, Microsoft's Paul Allen, in 2012. The airplane's residual value is perhaps $36 million dollars, and has an estimate 4 or 5 years of useful life on the airframe. It might be longer because the plane sat rusting and unattended at Newark airport for 4 years during Trump's failed presidency.

Has the property actually been seized, or was that the simple awareness of your emerging ejaculation?

 

[BabyBoomer50s]

But ... it does come into play! The case concerns fraudulently overstating property values to acquire favorable loan terms. Trump claims higher values for loan purposes and lower values for income tax purposes.

You can't claim both. It's like burning a candle at both ends-eventually the flames meet and get extinguished. Trump is almost there now.

The county assessor, not Trump, valued it at $27 million in 2020 using an income approach. A broker representing Trump checked the box agreeing with the assessment for property tax purposes. It would have been foolish to argue for a higher assessment. That not imply Trump believed Mar a Lago was only worth $27 million, nor does it imply that lenders should apply the same methodology or be bound by that same figure. Loan applicants and lenders are not bound by their acceptance of tax assessments.

The assessor used one approach and came up with a number for property tax purposes. Trump claimed a much higher number on loan applications, and his lenders did their own due diligence and reached their own conclusions. It is not unusual, unlawful, or fraudulent.

 

[SmokingFap]

The county assessor, not Trump, valued it at $27 million in 2020 using an income approach. A broker representing Trump checked the box agreeing with the assessment for property tax purposes. It would have been foolish to argue for a higher assessment. That not imply Trump believed Mar a Lago was only worth $27 million, nor does it imply that lenders should apply the same methodology or be bound by that same figure. Loan applicants and lenders are not bound by their acceptance of tax assessments.

The assessor used one approach and came up with a number for property tax purposes. Trump claimed a much higher number on loan applications, and his lenders did their own due diligence and reached their own conclusions. It is not unusual, unlawful, or fraudulent.

Tell that to the judge who pummeled him for nearly half a billion dollars.

 

[adrina]

The county assessor, not Trump, valued it at $27 million in 2020 using an income approach. A broker representing Trump checked the box agreeing with the assessment for property tax purposes. It would have been foolish to argue for a higher assessment. That not imply Trump believed Mar a Lago was only worth $27 million, nor does it imply that lenders should apply the same methodology or be bound by that same figure. Loan applicants and lenders are not bound by their acceptance of tax assessments.

The assessor used one approach and came up with a number for property tax purposes. Trump claimed a much higher number on loan applications, and his lenders did their own due diligence and reached their own conclusions. It is not unusual, unlawful, or fraudulent.

Trump signed off - in perpetuity - on valuating Mar a Lago as a residence. He is not a victim of some paperwork shenanigans. This was at his doing and behest.

 

[Ciceri]

Trump signed off - in perpetuity - on valuating Mar a Lago as a residence. He is not a victim of some paperwork shenanigans. This was at his doing and behest.

If he signed off in the wake of his indictment (or even after the crime) there is likely legal recourse. I hope to see the Trumps lose that compound

 

[adrina]

If he signed off in the wake of his indictment (or even after the crime) there is likely legal recourse. I hope to see the Trumps lose that compound

This was back in the 90s. After he bought Mar a Lago from the park service after the cereal heiress. To save a shit ton of money his permitting was for a club/resort. He petitioned the town council of Palm Beach and had it converted from a residence to a club/resort. In perpetuity. There were also several restrictions - many of which he's ignored. But this was done specifically at his request for the purpose of saving a shit ton of money. He signed off on it as a permanent change. In exchange for the valuation and assessment as a resort.

This is all part of recorded history. Palm Beach residents are a bit salty about him and it.

 

[Ciceri]

This was back in the 90s. After he bought Mar a Lago from the park service after the cereal heiress. To save a shit ton of money his permitting was for a club/resort. He petitioned the town council of Palm Beach and had it converted from a residence to a club/resort. In perpetuity. There were also several restrictions - many of which he's ignored. But this was done specifically at his request for the purpose of saving a shit ton of money. He signed off on it as a permanent change. In exchange for the valuation and assessment as a resort.

This is all part of recorded history. Palm Beach residents are a bit salty about him and it.

For sure. He's the worst sort of neighbor. He's threatened to build and block views in order to gain leverage. I'm glad this is being revealed

 

[RobDownSouth]

Has the property actually been seized, or was that the simple awareness of your emerging ejaculation?

Re-read my post. Sound out the big words.

"initiating" is not a synonym for "actually been seized", that's just you being a little bitch again and trying to assign a position to me and then criticize me for "my" position. You do that 2 or 3 times a week....you can't help yourself.

I'm not familiar with the internal dynamics of NY property seizure (don't worry, you aren't either)
as near as I can tell, the seizing party can specify IN ADVANCE which properties he or she choose to seize (tp give employees advance notice, etc).

Be better. Just know you'll never "be best" as long as I'm on this board.

 

[adrina]

For sure. He's the worst sort of neighbor. He's threatened to build and block views in order to gain leverage. I'm glad this is being revealed

I wouldn't want to live near him. Fireworks, traffic, noise etc.

But the reason I listed out this history is because there is a small but vocal group that don't understand the "in perpetuity" portion of the agreement Trump made. The property has been reclassified. It's not able to be sold, valued or assessed as a residence. Anyone that paid for it as if it was a residence would lose serious money because it can't be a residence. Not as it sits. I'm not sure exactly what it would take to reclassify it as a residence but it is not a stretch to say that it would be extremely difficult, if not impossible.

 

[BabyBoomer50s]

Tell that to the judge who pummeled him for nearly half a billion dollars.

Why would I do that?

 

[SmokingFap]

Why would I do that?

Because you seem to think you know the law better than he does.

 

[Ciceri]

I wouldn't want to live near him. Fireworks, traffic, noise etc.

But the reason I listed out this history is because there is a small but vocal group that don't understand the "in perpetuity" portion of the agreement Trump made. The property has been reclassified. It's not able to be sold, valued or assessed as a residence. Anyone that paid for it as if it was a residence would lose serious money because it can't be a residence. Not as it sits. I'm not sure exactly what it would take to reclassify it as a residence but it is not a stretch to say that it would be extremely difficult, if not impossible.

I read this a few years ago. I'm sure the Trumps have spent more than the time allowed at Maga Lago

 

[adrina]

I read this a few years ago. I'm sure the Trumps have spent more than the time allowed at Maga Lago

Yes. The Trumps use it as a residence. But pay for it and paid for it as a resort/club.

And just for the people in the back: this agreement was made "in perpetuity".

 

[Lazaran]

Trump signed off - in perpetuity - on valuating Mar a Lago as a residence. He is not a victim of some paperwork shenanigans. This was at his doing and behest.

BabyBoobs is trying to gaslight everyone by focusing on Mar-a lago’s POTENTIAL value, and ignoring the lesser known details of the original sale / purchase that affect its ACTIAL valuation.

BabyBoobs is also trying to gaslight by focusing SOLEY on Mar-a-lago, while ignoring the MANY other examples of fraud that contributed to Judge Engoran’s perfect ruling,

And it was a perfect ruling.

People are saying it was the most perfect ruling they’ve ever seen.

Big strong men are coming up to Judge Engoran, with tears I n their eyes, telling him what a perfect ruling it was.



BabyBoobs

 

[Ciceri]

Yes. The Trumps use it as a residence. But pay for it and paid for it as a resort/club.

And just for the people in the back: this agreement was made "in perpetuity".

Ah. I bet they somehow get reimbursed. No way would they pay if there wasn't a chance to hold onto it

 

[adrina]

Ah. I bet they somehow get reimbursed. No way would they pay if there wasn't a chance to hold onto it

Trump is the owner. He collects the membership fees as well as all other resort/club fees that are charged to those who stay as guests. Additionally he gets all the tax breaks for it as well. His "residence" is a business and he gets tax breaks in accordance with being a business. It's very much so double dipping.

 

[coati]

Watching the MAGAts try to circle their wagons is like watching a circular firing squad. They grasp at straws right before they fall to the ground, one right after the other.