Trump's valuation of Mar-a-Lago was 20 times more than his tax rep's: report

As Donald Trump battles for the future of his Trump Organization in a Manhattan courtroom, evidence submitted shows that a Trump Org vice president admitted that his boss overvalued his Mar-a-Lago property by neary 20 times.

The value of Trump's signature resort in Florida has been front and center in New York Attorney General Letitia James' $250 civil suit that alleges that the former president's company has engaged in years of defrauding banks and insurance companies by inflating its value.

Judge Arthur Engoron has already ruled that the company is liable for fraud, meaning the ongoing trial is largely to descide damages.

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The documents show that in 2020 Trump valued Mar-a-Lago at $517 million, but the same year his tax representative, VP Raymond Flores, signed a waiver agreeing with the Palm Beach county's assessment that it was worth $27 million.

The former president has recently claimed the 62,500-square-foot seaside property is worth in the area of $1.5 billion, falsely claiming on Truth Social, "Now that it has been agreed in Court that Mar-a-Lago is WORTH 50 to 100 times the Value the Racist & Incompetent Attorney General of New York State, Letitia 'Peekaboo' James, ascribed to it (18 Million Dollars), & likewise other assets that were valued crazily low by this “Monster” that has allowed Violent Crime in New York to reach EPIDEMIC levels, and dangerous illegal migrants to roam free all over our State, we hope the Judge will TERMINATE his first ruling of fraud in that he was given false and ridiculous information by the Trump Deranged Lunatic, A.G. James."

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On Monday, ABC News reported that new documents entered into evidence show that former Flores previously agreed the value was overstated.

According to the report, "Trump's tax representative tried to appeal the assessment in 2020 before eventually withdrawing the appeal. In that withdrawal, Trump's representative conceded that 'the petitioner agrees with the determination of the property appraiser or tax collector.'"

Pressed by state attorney Andrew Amer, who asked, "Was it your understanding that the appeal was withdrawn because the Trump Organization agreed with the value of the property assessor?" Flores replied, "Yes."

The report notes that there were concerns about the tax implications when Trump made his resort his permanent home after abandoning New York City in emails exchanged between former Trump Organization CFO Allen Weisselberg and Eric Trump that were forwarded by Flores.

You can read more here.