NYP — A rare, undeveloped Palm Beach parcel has hit the market with a staggering $200 million price tag, cementing its place among the priciest listings in the country.
Located just five minutes from President Donald Trump’s Mar-a-Lago, this 2-acre South Florida property is the only available vacant lot in the area boasting both ocean and Intracoastal frontage, according to Shelly Newman of the Corcoran Group.
“In Palm Beach proper, there are only approximately 20 properties that expand from ocean to intracoastal, and this property is one of those few exclusive parcels,” Newman told The Post, adding that the chance to build from the ground up makes this listing a “once-in-a-lifetime” opportunity.
Newman says location, location, location is the prime reason for the sky-high price tag.
“If I had to find reason it would be the increased attention to Palm Beach, the fact that there is the recent Manalapan property asking $285 million, and the alleged Lauder deal is close to $200 million,” Newman said.
CNN — A New York judge ruled last week that former President Donald Trump inflated the value of his Mar-a-Lago estate by an eye-popping 2,300%.
That finding, part of shocking ruling that found Trump and his adult sons liable for fraud, was just one of multiple examples in which Judge Arthur Engoron found the Trump real estate empire to have been grossly inflated in value.
But the Mar-a-Lago finding in particular is raising eyebrows among real estate and legal experts because of the metric Judge Engoron relied on: the county tax assessor’s appraisal value.
“From 2011-2021, the Palm Beach County Assessor appraised the market value of Mar-a-Lago at between $18 million and $27.6 million,” Engoron wrote in his ruling.
The judge noted Trump valued Mar-a-Lago at between $426.5 million and $612 million, “an overvaluation of at least 2,300%, compared to the assessor’s appraisal.”
Posted by External-Noise-4832
7 Comments
Who cares. The ocean will reclaim that land eventually. Hopefully sooner than later.
This is why I keep saying Democrats crossed the Rubicon. Now they get what they deserve.
I’m enjoying Trump burning it all down.
Don’t worry, payback is coming.
Quick, someone call Letitia James!
I’m certain she can find a way to make this illegal, and tie it back to Trump.
Mar-a-lago as a physical location is a commercial property with a bunch of restrictions on it limiting development and, therefore, worth. Doesn’t help that it has a big building on it that can’t be used for much more than a hotel without heavy renovations.
The empty property, by comparison, appears to have no restrictions and is ripe for development in the wealthy neighborhood.
These situations are not the same.
Had a Quick Look into this and found an article:
“After purchasing Mar-a-Lago in 1985, Trump found the $3 million annual upkeep of the property too expensive. He, therefore, changed the designation of the property in 1993 from a residential home to a private club via a deed granted by Palm Beach so that he could charge membership fees to maintain the grounds. He then re-classified himself as an employee to legally live there full time. Due to these deed restrictions, the property is currently valued as a private club by Palm Beach County. But, should the club be down-zoned back to a residential home (with the explicit permission of Palm Beach) if or when it hits the open market, the value of the property would skyrocket exponentially”
It goes on to say that if Mar a Lago could be sold as a residential property it would be worth $500m.
Looks like Trump fucked it up for himself as he didn’t want to pay for the upkeep.
A listing price does not equate to value.
Alot of people like this ask for 100x more just because some trump fan will pay to be near their dear king.
When it sells, then let us know what the price was.