Trump’s $75M Mar-a-Lago estate overvalued at $739M: NY attorney general
A lawsuit by New York’s attorney general claims former President Donald Trump overvalued his $75 million Mar-a-Lago estate in Palm Beach County at $739 million to lie about his net worth.
Attorney General Letitia James announced the New York state civil court’s $250 million lawsuit on Wednesday alleging a fraudulent scheme to deceive lenders, insurers, and tax authorities.
“Claiming you have money that you do not have does not amount to the art of the deal. It’s the art of the steal,” James said referring to Trump’s book published in 1987.
Trump released a statement referring to the civil case as “Another Witch Hunt” and to James, who is Black and a Democrat, as ”racist.”
Donald Jr., Ivanka, and Eric Trump, and Trump Organization executives Allen Weisselberg and Jeffrey McConney are also defendants in the lawsuit.
James accused the defendants of excluding the limitation that the Mar-a-Lago property was only to be used as a club when assessing the property from 2011 to 2021.
“All of the valuations of this property were false and misleading,” James wrote adding that in a filing to local authorities Trump had described the estate as a “white elephant” that was “impossible to sell” as a private residence and needed to be “preserved” by club members.
Related document: Here is the 222-page lawsuit and attachments