Trump tax rep acknowledged much lower value for Mar-a-Lago
In 2020, the same year Donald Trump valued his Mar-a-Lago social club at $517 million in his statement of financial condition, the former president's tax representative signed a waiver agreeing with a much lower market value of $27 million, according to documents entered into evidence at trial.
Judge Engoron already determined in a summary judgment that Trump overvalued Mar-a-Lago by "at least 2,300%" by valuing the club between $426 and $612 million in his financial statements, despite the Palm Beach county assessor appraising the value between $18 and $27.6 million between 2011 and 2021. The documents entered into evidence today, as well as testimony from former Trump Organization VP Raymond Flores, adds context regarding who at the Trump Organization could have been aware of the discrepancy.
Trump's tax representative tried to appeal the assessment in 2020 before eventually withdrawing the appeal. In that withdrawal, Trump's representative conceded that "the petitioner agrees with the determination of the property appraiser or tax collector."
"Was it your understanding that the appeal was withdrawn because the Trump Organization agreed with the value of the property assessor?" state attorney Andrew Amer asked Flores about the $27 million valuation.
"Yes," Flores answered.
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Trump Organization controller Jeffrey McConney previously testified that Trump valued Mar-a-Lago as a private residence from 2011 through 2021, despite Trump signing a deed that restricted Mar-a-Lago's usage to a social club, thereby limiting its resale value.
During a 2021 email exchange, Flores forwarded an email to former Trump Organization CFO Allen Weisselberg and Eric Trump in which Trump's tax broker, Michael Corbiciero, explained the tax implications of classifying Mar-a-Lago as Trump's residence, rather than a social club.
"Currently this property is assessed as a private club with the current assessed value at $359/sqft'' compared to nearby properties valued at nearly ten times the rate, the email stated. Corbisiero ultimately recommended against classifying Mar-a-Lago as a residence rather than a social club due to the tax implications, according to the email forwarded to Eric Trump and Weisselberg.