During a short cross-examination of the defense's real estate valuation expert, Lawrence Moens, state attorney Kevin Wallace attempted to highlight flaws in Moens' analysis that valued Mar-a-Lago at $1.2 billion in 2021.

Wallace noted that Moens' analysis added over $100 million in membership dues to the value of the property, while Trump's own statements of financial conduction didn't include the membership fees since they're refundable.

"Some get paid back, and some are nonrefundable," Moens said in response. "I don't know what their methodology is in those numbers."

Wallace also asked if Moens had a membership in the club he had been paid to value.

"Are you a member at the club?" Wallace asked.

"I am," Moens said, adding that he joined in 1995 or 1996. "I don't go too often. I don't like clubs," he said.

Moens described his process for valuing properties as comparable to a baker making a cake by taste, rather than a recipe. By his own admission, the process was not replicable or scientific.

"You're not running a process that is recreatable ... is that fair?" Wallace asked.

"That's fair," Moens said.

Like during his direct examination, Moens appeared confident and playful on the stand, even taking a job at the profession of a colleague mentioned in an email.

"I think he is still a liar -- I mean a lawyer," Moens said. "Sorry, I apologize, it was really low."

Defense attorney Clifford Robert said the defense team was able to "streamline" their case and cut Eric Trump from their witness list.

After being called to the stand by the state last month, Eric Trump had been scheduled to testify for the defense on Wednesday, but now he will not appear.

Trump lawyer Chris Kise also requested that Judge Engoron postpone Donald Trump's testimony until the New York Court of Appeals rules on Trump's appeal of the case's gag order.

"He is not capable of fully testifying because he is subject to the gag order," Kise said.

Engoron flatly denied the request to delay Trump's testimony, which is scheduled for Monday.

"Absolutely not. No way, no how. It's a nonstarter," Engoron said. "If he is going to testify, it'll be Monday, and that's that."

Donald Trump's Mar-a-Lago Club was worth more than $1.2 billion in 2021 -- roughly double the value listed in Trump's statement of financial condition -- according to defense expert Lawrence Moens.

Describing Mar-a-Lago as a castle nestled on 17.6 acres of waterfront property, Moens said he determined the value by considering nearby properties and adding the total value of the club's 500 memberships, which in 2021 cost $350,000 each.

Between 2011 and 2021, Moens' analysis found that Trump undervalued Mar-a-Lago in his statements of financial condition -- but his analysis appeared to be based on Trump being able to sell the property to an individual to use it as a private residence, which the New York attorney general says Trump is prohibited from doing based on a 2002 deed he signed that would "forever extinguish their right to develop or use the Property for any purpose other than club use."

Judge Engoron only qualified Moens as an expert on the value of residential real estate.

Moens spoke with confidence about his ability to value real estate in Palm Beach, saying that he has sold billions of dollars of real estate since his first sale as a broker in 1982. Asked if any broker has sold more Palm Beach real estate than he has, Moens replied, "They don't exist."

"I am on the front lines everyday of selling properties, and I have a pretty good handle of what is going on currently in the market," Moens said. He later added, "My numbers are usually right."

Moens also put together a seven-minute promotional video about Mar-a-Lago, which was played during his testimony. Set to relaxing music, the video included high-resolution drone shots and dramatic panning shots of the property's amenities. After the video played, Moens highlighted details such as hand-carved stones, gold decorations that cost millions to construct, and other details that required years of work from tradesmen.

"I invited the attorney general's office to come see it anytime. The offer still stands," Moens said. "I will make sure he is not there when you come," he said of Trump.

Engoron appeared attentive to Moen's testimony -- but once Moens left the courtroom, he indicated that he wasn't as concerned about Mar-a-Lago's specific value as he was about whether it was misrepresented.

"I see this case about the documents -- whether the defendants used false documents when transacting business," Engoron said. "I am not trying to figure out what the value is ... I don't necessarily consider it relevant."

Defense expert John Shubin attempted to explain that a 1993 agreement preserved Donald Trump's right to sell his Mar-a-Lago social club as a private residence.

The testimony came after Judge Engoron prevented Shubin from sharing his own conclusion about whether Mar-a-Lago was a residence, leading Shubin to read into the record several documents involving the issue.

Shubin suggested that a 1993 agreement between Trump and the town of Palm Beach included a provision that Trump's property would revert from a social club to Trump's private residence if the club was ever abandoned, despite Trump's 2002 deed restricting the property's use to a social club.

Shubin also read into the record documents related to a 2021 Town of Palm Beach town meeting concerning whether Trump could continue to live at Mar-a-Lago as his residence.

"In sum, it is argued that Mar-a-Lago is either a private residence or a club, but cannot be both," Palm Beach Town Attorney John C. Randolph wrote in a report read by Shubin.

"If he is a bona fide employee of the Club, absent a specific restriction prohibiting former President Trump from residing at the club, it appears the Zoning Code permits him to reside at the Club," Randolph's report concluded.

According to Shubin, no action was taken by the town after the meeting, suggesting Town officials concluded that Trump had the right to use the club as a residence.

New York Attorney General Letitia James has accused Trump of valuing the property as a residence worth upwards of half a billion dollars in Trump's financial statements, while treating it as social club worth between $18 million and $28 million for tax purposes.

Doug Larson's name appears across five years of Donald Trump's financial documents, according to records entered into evidence.

A longtime professional appraiser with the real estate firm Cushman & Wakefield, Larson was cited in Trump Organization documents as an expert at valuing properties like 40 Wall Street, Trump Tower, and an adjoining retail space called "Niketown." Spreadsheets entered as evidence explicitly reference multiple phone calls with Larson between 2013 and 2017.

When asked about these phone calls in court, Larson testified that no such conversations occurred.

"Is it fair to say that Mr. Trump valued Trump Tower at $526 million in conjunction with you?" state attorney Mark Ladov asked Larson.

"No, that is incorrect," Larson said.

"Were you aware that Mr. McConney was citing you as a valuation source in his work papers?" Ladov asked.

"No, I was not," replied Larson, who said he did not assist Trump Organization executives in valuing Trump Tower, Niketown, or 40 Wall Street, despite Trump's paperwork referencing him as a source.

Evidence presented by the state instead suggested that the valuations were determined using cherry-picked metrics from a generic email Larson sent clients.

"It's a way to get your name out to clients for potential work," Larson said about one such "email blast" that was used in a Trump Tower valuation.

Larson added that the valuations Trump Organization executives determined based on "consultation" with him used flawed methodologies, such as using capitalization rates related to office buildings to appraise the retail Niketown building.

"It doesn't make sense," Larson said about Niketown's $287 million valuation.

"It's inappropriate and inaccurate," Larson said about the Trump Organization relying on his name to support their valuations. "I should have been told, and appraisals should have been ordered."