Former United States President Donald Trump is facing a pretty horrible situation this week as a New York Judge has determined that Trump and his adult sons, Eric Trump and Donald Trump Jr., engaged in widespread and rampant fraud in order to receive more favorable loans and insurance terms.
According to a recent report from ABC News, New York Judge Arthur Engoron said that Donald Trump and other defendants in the case have a “propensity to engage in persistent fraud” and have submitted “fraudulent valuations” for various assets, including his Mar-a-Lago resort.
“Engoron also found that Trump inflated the value of his Mar-a-Lago club by at least 2,300%, claiming the property assessed by the county between $18 million and $27.6 million was actually worth between $426,529,614 and $612,110,496,” ABC News wrote this week.
It’s absolutely horrible news for Trump as he heads into a $250 million civil fraud trial set to begin next month, and people had plenty to say about it on social media as a result.
Mar-a-lago gets revenue of $25m a year. It's valued at max $75m. You idiots claimed it's worth $739m. You did this with virtually all of your properties to inflate net worth and get loans from banks on more favorable terms (fraud) https://t.co/T4qLmVO3ry
— Secular Talk🎙 (@KyleKulinski) September 27, 2023
As the Trumps go around saying Mar-a-Lago is worth $1 billion, reminder that the Trump holding company that owns Mar-a-Lago filed 2020 tax returns saying it had real estate assets of $28 million and a yearly net income *loss* of $3 million.
A $1 billion business, it isn’t. pic.twitter.com/d93BZS1GQ8
— Robert J. DeNault (@robertjdenault) September 27, 2023
Problem for the Trumps
Mar-a-Lago had a tax assessed value of $18-27 million.
So if Mar-a-Lago is “worth a billion” as Eric Trump says — then the Trumps have committed major felony tax evasion, and they’ll go to prison.
They should just stick with their civil fraud judgment.
— Tristan Snell (@TristanSnell) September 28, 2023
That time in 2020 when Donald Trump disputed the $26.6M valuation on his Mar-a-Lago property as being too high to try to lower his $511,673 tax bill.
— MeidasTouch (@MeidasTouch) September 27, 2023
To clarify the property value debate, Mar-a-Lago was worth a billion dollars when it had stolen classified documents.
Now it’s worth $18 million.
Hope this helps.
Have a pleasant day.
— Jack E. Smith ⚖️ (@7Veritas4) September 27, 2023
In yet another rant full of projections and lies (“nobody has been as unhinged as this guy”) from Mar-a-Lago, the corrupt former president threatens the judge who found him liable for fraud: “Must be stopped.”
When will Republicans finally say: enough is enough? pic.twitter.com/AvZtbu0Bl2
— Republicans against Trump (@RpsAgainstTrump) September 27, 2023
We’ll have to see how this plays out for Trump and his family, but it’s clear that the courts aren’t necessarily buying the notion that the property is worth several hundreds of millions of dollars, or even over $1 billion.