At his Park Avenue condo building, Trump valued 12 unsold units at $49 million—but they were actually rent-controlled apartments that were unavailable for sale on the market, so their real value was closer to $750,000, according to Letitia James, the state’s AG. Trump figured the value of his Mar-a-Lago resort at around $739 million—perhaps a reasonable number for such a large piece of oceanfront property in Palm Beach if it could be sold as a residence and subdivided to build more homes. But, James alleges, Trump knew very well from the deeds he himself had signed that the property can’t ever be divided up into residential lots. It’s arguably worth about one-tenth of what he told bankers, according to James.
Source: “Grossly Inflated, Objectively False, and Therefore Fraudulent and Illegal” – Mother Jones