Donald Trump’s tax broker was forced to admit to authorities in 2020 that Mar-a-Lago had a market value of just $27 million — not the $517 million claimed in other documents, trial evidence revealed Monday.
Trump, 77, is also said to have boasted of having a net worth of up to $5 billion – possibly more than double what he actually has – to secure a coveted lease to a New York City golf course in 2010, according to documents.
The revelations come in the fifth week of a $250 million Manhattan Supreme Court civil fraud case in New York state against the former president, whose son, Don Jr. and Eric will testify this week.
Trump’s daughter Ivanka Trump was scheduled to take the stand in the case on Friday, but her testimony has been delayed until Nov. 8 due to a scheduling conflict, ABC News reported Monday.
Trump is still scheduled to testify on November 6.
During Monday’s testimony, emails were shown from Trump’s tax representative Michael Corbiciero revealing he tried to appeal the Palm Beach County assessor’s assessment of his boss’ famous Florida Mar-a-Largo golf club.
But Corbiciero eventually relented and finally agreed the estate was worth $26.6 million — even though it had been valued at $517 million on annual business statements, the outlet reported.
A tax broker for Donald Trump, seen here speaking to the press at Mar-a-Lago in 2022, tried to appeal the golf estate’s appraisal by Palm Beach authorities but eventually gave in, agreeing that it was only worth $26.6 million.REUTERS
“Is it your understanding that the appeal was withdrawn because the Trump Organization agreed with the appraiser’s value?” Andrew Amer – a lawyer in the office of New York Attorney General Letitia James – asked former Trump Organization Vice President Raymond Flores about the $27 million valuation.
“Yes,” Flores admitted.
In fact, from 2011 to 2021, Trump has valued the property between $426 million and $612 million on annual statements of financial condition — which a judge ruled last month was “at least 2,300%” more than the local official’s valuation. In the same ruling, the judge found Trump liable for fraud in several instances and revoked his New York business license while his other case continued.
Flores testified Monday about receiving correspondence on Nov. 17, 2021, from Corbiciero — a senior consultant at the time at Marvin F Power and Company — in which he explained the benefits of categorizing Mar-a-Lago as a residence rather than a social club . have taxes.
For about a decade, the former president valued Mar-a-Lago between $426 million and $612 million — or at least 2,300% more than the Palm Beach appraiser.AP
Corbiciero explained in an email — which Flores forwarded to former Trump Organization CFO Allen Weisselberg and Executive Vice President Eric Trump — that Mar-a-Lago could be valued at nearly 10 times its appraised value if it were classified as residential.
Illegally increasing the value of Trump’s holdings led to him getting loans and favorable insurance rates, among other things, netting him several hundred million dollars, state prosecutors said.
“Last year, we briefly discussed the possibility of filing a homestead exemption on the Mar-a-Lago property because President Donald Trump has legally declared Palm Beach and the Mar-a-Lago property to be his personal residence,” the email read, according to a report by Independent.
The email went on to explain that the property had to “meet certain requirements” for the exemption, including the Trump Org. need to transfer ownership of the Florida estate to Trump personally.
Manhattan Supreme Court Justice Arthur Engoron relied on the Florida assessor’s figures in finding that Trump committed fraud and revoked his New York business license.Steven Hirsch for the NYPost
Following Judge Arthur Engoron’s ruling last month, Trump has maintained that the Palm Beach property is worth much more than the appraiser backed it up — claiming it is worth as much as $1.5 billion.
A second witness on Monday, David Cerron – an assistant commissioner at the New York City Parks and Recreation Department – also testified that when the agency awarded the Trump Organization the right to run the city’s golf course at Ferry Point Park in 2010, Trump had declared his net worth at $3 billion and said he had $200 million in cash on hand, ABC News reported.
Trump had to keep telling the Parks Department what it was worth for decades to come so city officials felt confident it would remain solvent — and one year, he claimed it was $4.9 billion, according to evidence presented in court.
The Attorney General’s Office has claimed that Trump never had more than $2.1 billion during this time period.
Cerron said this financial disclosure is necessary “to ensure, as we always do, that existing operators have the funds to meet their obligations.”
Trump also told the New York City Department of Parks and Recreation that he was worth $3 billion in 2010 when it gave him the license to operate the Ferry Point Park golf course.AP
Attorney AG Sherief Gaber asked, “Does the Department of Parks and Recreation expect these representations to be true, complete and accurate?”
“Yes,” replied Cerron.
But under cross-examination by Trump’s lawyer, Jennifer Hernandez, Cerron acknowledged that Trump’s net worth “was the lowest consideration” in awarding him the right to the golf course and that experience and plans weighed more heavily.
Hernandez also noted that Trump has never missed a payment or other obligation under the licensing agreement.
Bally bought a licensing deal from the Trump Organization in 2020 as the city sought to distance itself from the Trump empire after the Capital Riots on Jan. 6.
AG James alleges in his lawsuit against Trump, his two eldest sons and the family’s real estate company that for at least 10 years Trump inflated his assets to the tune of billions of dollars a year to get better loan terms and insurance.
Trump, who is running for president again in 2024, vehemently denied the allegations and said he was the victim of a political witch hunt.
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Source: thtrangdai.edu.vn/en/
