No deed has apparently been recorded showing Mar-a-Lago changed hands since Donald Trump transferred ownership from his name in 1995 to an entity he controlled named Mar-a-Lago Club Inc. That transaction was recorded at $12 million. The former president bought the property to use as his personal vacation home in 1985 and opened it as a private club about a decade later.
Florida business records show Mar-a-Lago Club Inc. today is headed by another of the former president’s sons, Donald J. Trump Jr., who holds the titles director, chairman, vice president, secretary and treasurer.
Trump Jr. assumed leadership of the property’s ownership company via a state filing on Jan. 23, 2017, three days after his father’s inauguration as president of the United States, records show. Until that change, Donald Trump Sr. had served as president of the property’s ownership company.
FROM THE ARCHIVES:How much is Trump’s Mar-a-Lago worth? It depends on who you ask
On Thursday, Trump traveled to Atlanta, where he was booked at the Fulton County Courthouse on state charges alleging he took part in a conspiracy to illegally overturn the 2020 presidential-election results in Georgia. He was released on $200,000 bond.
In their reports Friday, Newsweek and other media outlets attributed the information about the sale to Zillow.com and The Express.
Mar-a-Lago stands on 17.5 acres of land stretching between the Atlantic Ocean and the Intracoastal Waterway.
In October, the Palm Beach Daily News queried Palm Beach real estate experts about the value of Mar-a-Lago and its real estate. They spoke about Mar-a-Lago and Trump only on condition of anonymity.
“It’s priceless,” quipped one seasoned Palm Beach real estate professional.
Another didn’t hesitate to provide a number: “I’d put Mar-a-Lago’s value (conservatively) at $450 million,” the real estate agent said.
For tax purposes, the Palm Beach County Property Appraiser figures the value of Mar-a-Lago using a formula called an “income approach,” a process dictated by longstanding deed restrictions that prevents Mar-a-Lago from being redeveloped or used for any purpose other than a club, according to the property appraiser’s office.
To determine the value, the property appraiser estimates the club’s revenue and expenses and determines its net operating income based on confidential information the club provides. That income is then “capitalized” using a rate that translates it into value.
For the 2023 tax rolls, the county appraisal team this month assigned Mar-a-Lago an estimated market value of $37 million and a preliminary taxable value of about $33.4 million, up from $31 million and $30.36 million, respectively, last year.
BIG TAX BILL FOR TRUMP:Trump could pay nearly $2 million in Palm Beach County property taxes, new estimates show
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This story was updated from a previous version. This is a developing story. Check back for updates.
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Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly “Beyond the Hedges” column. He welcomes tips about real estate news on the island. Email [email protected], call 561-820-3831 or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.