Trump’s Defense in Civil Fraud Trial Zooms in on Mar-a-Lago

Trump’s Defense at Civil Fraud Trial Zooms in on Mar-a-Lago

Background

Former President Donald Trump is facing a civil business fraud trial in which one of the main issues under scrutiny is the value of his Mar-a-Lago club in Palm Beach, Florida. The State Attorney General Letitia James claims that Trump misled lenders and others by inflating the values of some of his assets, including Mar-a-Lago. The property has been central to the case, as Judge Arthur Engoron has found that Trump greatly exaggerated its worth by as much as 2,300%, compared to the county tax appraiser’s valuations. Despite this, a Florida real estate attorney and a Palm Beach luxury real estate broker have testified for Trump’s defense, claiming that the property could be sold for over $1 billion as a home.

The Testimony

The Real Estate Attorney’s Testimony

The real estate attorney, John Shubin, testified that there is “absolutely no prohibition” on using Mar-a-Lago as a single-family residence, despite the 2002 agreement with the National Trust for Historic Preservation in which Trump and the club signed away their rights to develop the property for anything other than club use. Shubin cited a 1993 agreement between Trump and the city, which stated that Mar-a-Lago would revert to residential use if the club were abandoned. This argument contradicts Judge Engoron’s ruling that Trump engaged in fraud by greatly exaggerating the property’s worth.

The Real Estate Broker’s Testimony

The real estate broker, Lawrence Moens, testified that he valued Mar-a-Lago at more than $1 billion, describing the property as “breathtaking” and “amazing.” Moens played a video showcasing the property, complete with aerial shots at sunrise and sunset and a closing image of an American flag. He also made wry remarks during his testimony, at one point briefly answering a personal phone call while on the witness stand. Moens claimed that Mar-a-Lago would be an unparalleled family compound for the world’s financial elite, including “kings, emperors, heads of state,” and even named Elon Musk and Bill Gates as potential buyers. However, some Palm Beach luxury real estate agents have told The Associated Press that the property would sell for $300 million to $600 million, and possibly $1 billion or more if a bidding war were to occur among potential buyers.

The Current New York Civil Case

Mar-a-Lago is a key element of the current New York civil case against Trump and his company. State Attorney General Letitia James claims that Trump and his company deceived lenders and others by giving them financial statements that overstated the values of some of his prime assets. Trump denies any wrongdoing, saying that his financial statements undervalued his assets and were accompanied by disclaimers that wipe away liability for any mistakes.

Conclusion

The defense’s arguments that Mar-a-Lago could be sold for over $1 billion as a home and that there is no prohibition on using the property as a single-family residence contradict Judge Engoron’s ruling that Trump engaged in fraud by greatly exaggerating the property’s worth. It remains to be seen how the expert on accounting will testify when called to the stand. However, the value of Mar-a-Lago is only one component of the larger case against Trump, and it remains to be seen how this will play out in court.

Long-tail Keyword Subheadings

Florida Real Estate Attorney Testifies that Mar-a-Lago Could Be Sold as a Home

Palm Beach Luxury Real Estate Broker Testifies that Mar-a-Lago is Worth Over $1 Billion

Mar-a-Lago is a Key Element of the Current New York Civil Case Against Trump and His Company

Originally Post From https://www.azfamily.com/2023/12/05/trumps-defense-civil-fraud-trial-zooms-mar-a-lago-with-broker-calling-it-breathtaking/

Trump’s Civil Fraud Trial Defense Highlights Mar-a-Lago as “Breathtaking” Property