A defense witness asserted that Mar-a-Lago is worth more than $1 billion.
A Florida real estate agent this week testified in former President Donald Trump’s civil fraud trial in New York that his Mar-a-Lago property is worth at least $1 billion.
Lawrence Moens, who was called as a witness by the defense, testified that the Florida property could be sold as a home, saying he would value it at over $1 billion as of 2021.
“It’s something breathtaking. It’s something amazing to see,” he said of Mar-a-Lago, adding that he had valued it at over $1.2 billion in 2021. He also told the court that President Trump’s company had actually undervalued Mar-a-Lago by about half.
Mr. Moens’s valuation assumes that Mar-a-Lago is a personal residence, a premise that a judge already has rejected in the ongoing civil fraud trial.
“I work very hard to sell rich people property in Palm Beach,” testified Mr. Moens. “I’m on the front lines every day of selling properties, and I have a pretty good handle on what’s happening in the market.”
Spanning 17 acres with waterfront on two sides, the Trump estate and social club is his home, a place where the former president and current Republican 2024 front-runner has conducted high-profile meetings while in and out of office, and the spot where federal special counsel Jack Smith alleges he improperly stashed classified documents, which President Trump denies.
Mar-a-Lago also is a key element of the current New York civil case. State Attorney General Letitia James’ lawsuit claims that the ex-president and his company deceived lenders and others by giving them financial statements that greatly overstated the values of some of his prime assets, including Mar-a-Lago.
Testifying for Trump’s defense, a Florida real estate attorney said the property could be sold as a home, notwithstanding decades-old legal documents in which Trump said he intended to forswear its use as anything but a club. Then a Palm Beach luxury real estate broker testified that he’d value the historic estate at over $1 billion as of 2021.
Judge Arthur Engoron, in a pretrial ruling declaring that Trump and his company engaged in fraud, found that he exaggerated Mar-a-Lago’s worth by as much as 2,300 percent, compared to the Palm Beach County tax appraiser’s valuations. They ranged from $18 million to $28 million.
