He is locked in the legal fight of his life, but Donald Trump’s much scrutinised fortune is growing.
With the former president on trial in New York, accused of inflating his wealth by billions of dollars for more than a decade, the question of how much he’s worth is as relevant as ever.
Trump took the stand and testified that the properties whose values he’s accused of inflating were actually undervalued, based on the premium his “brand” adds. He also said that banks didn’t rely on his statements of financial condition when weighing loans. New York’s estimated value “was a shock to the real estate community and anybody with any understanding of the island and its values,” said Liza Pulitzer, a real estate agent at Brown Harris Stevens and a Palm Beach native.That assumes a buyer views it as a single-family residence. It’s currently not zoned for such use, though Trump is able to reside there through a loophole designating himself an employee.
That uncertainty isn’t shared by everyone. If the city and county allowed it, “there is no reason why it wouldn’t be able to converted to a full-time private residence,” said Eli Beracha, director of the Hollo School of Real Estate at Florida International University.Trump’s valuation : $US131.3 million, Bloomberg valuation : $US40 million, New York valuation: No current estimate available
A better comparison would be a 9450-square-foot penthouse in Olympic Tower, five blocks south on Fifth Avenue, which has been on and off the market for $US35 million since 2016. Then there’s Carl Icahn’s 14,000-square-foot penthouse at Museum Tower on West 53rd Street. It was listed for $US35 million in 2019 before he attempted to split the space and sell it as two separate apartments. Both were eventually delisted.
Rent-stabilised units “with a positive cash flow are often valued at 15-25 cents a dollar of the open market value, versus single digits for negative cash flow,” said Jonathan Miller, president of appraiser Miller Samuel.
Australia Latest News, Australia Headlines
Similar News:You can also read news stories similar to this one that we have collected from other news sources.
The $777 million surprise: Donald Trump is getting richerHe is locked in the legal fight of his life, but Donald Trump’s much scrutinised fortune is growing.
Read more »
Donald Trump races ahead of Joe Biden in election pollsUS voters in key battleground states said they trusted Donald Trump over Joe Biden on the economy, foreign policy and immigration by a wide margin.
Read more »
Donald Trump expected to appear in $250m civil fraud trial in New YorkEx-president’s appearance will follow testimony of his sons Eric and Donald Jr, who claimed ignorance last week about finances
Read more »
Donald Trump defiant at New York fraud trialDonald Trump often avoided direct answers, instead bragging about his properties and his wealth, at his New York civil business-fraud trial.
Read more »
Donald Trump clashes with judge in court appearance for New York civil fraud trialDonald Trump repeatedly clashes with a New York judge during a hostile and rambling court appearance in the fraud trial that threatens the future of his real estate empire.
Read more »