Eric Trump, former President Donald Trump's middle son, got "tripped up" when discussing the value of Mar-a-Lago, and it left one legal expert wondering how his father will handle the same line of questioning at trial.
Donald Trump has previously claimed that the Mar-a-Lago property is worth north of $1 billion, but valuations cited in court are closer to $20 million. That's in part because Trump and his family appear to be valuing the club property as if it were a residence, without the existing restrictions it has.
MSNBC legal analyst Lisa Rubin noted on Saturday that Trump's second son messed up on that particular issue.
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"In less than 48 hours, former President Donald Trump is scheduled to testify at the New York attorney general’s civil fraud trial against him, his companies, and others. His lawyers are probably hoping he is less confused than his son, Eric, about Mar-a-Lago," the lawyer wrote.
She then added:
"When Trump himself was deposed, he insisted Mar-a-Lago is worth $1.5 billion, a figure he acknowledged was based on 'broker talk' and would necessitate turning Mar-a-Lago into a private residence or a single-member club for benefit of the owner."
The problem, according to Rubin, is that "there are binding covenants on Trump’s use of the property. He has pledged to use it only as a club, per a 1993 agreement with the Town of Palm Beach."
"Trump also agreed, through a 2002 agreement with the National Trust for Historic Preservation, that he would not develop or use the property for anything other than club use," she added.
She continued:
"The trouble is this: Mar-a-Lago’s estimated current value in Trump’s statements of financial condition assumes it is or could be a private residence not subject to any of those conditions; by contrast, it has been assessed by tax officials according to its permitted use as a private club. And that’s where Eric Trump, who is otherwise cannier than many would have you believe, got tripped up."
Rubin describes how Eric Trump claimed the property wasn't a club, until he changed his tune after being shown documentation.
"The bottom line? I am really looking forward to seeing how Trump explains this one. Because that valuation differential is neither normal nor one that can be laid at the feet of the McConneys and Benders of the world," Rubin wrote on Saturday.
