Rep. Jared Moskowitz calls for Palm Beach County to tax Mar-a-Lago at the rate Trump claims it's worth

[CowboyTed]

The state of New York is about to lose one of the biggest real-estate enterprises In Manhattan... lots of jobs lost and income taxes lost for one aging anti Trump hippy freak in a black robe he doesn't deserve and a woman who box checked her way to NYC DA... give me a break.... this entire case will be tossed out of court by an appeals judge with integrity...

There will be no job losses...

Trump isn't the only property developer in MYC and the others like to obey the law...

What this does, is show that lenders can feel safe in the knowledge that there are laws which protect them..

 

[Dragonlady]

I'm amused by your contention that Trump is a "LOSER" because he's filed for bankruptcy 7 times, Dragonlady! He's had I believe well over 500 corporations doing business. Having a failure rate of 7 out 500 is actually remarkable. There is a reason why you set up corporations as separate entities...and there are a multitude of reasons why it makes sense to declare bankruptcy. I suppose you think Trump is a "LOSER" with Truth Social? Were you really a banker? You don't seem to know that much about business and how it operates. Just saying...

Bullshit. 7 bankruptcies but none of his businesses has succeeded. Trump Airlines was broken up and sold off, but never went bankrupt. Ditto Trump Mortgage Company. Trump hadn't paid personal income taxes in decades because he made no money!!!

No other billionaire in the world has gone bankrupt more than once. American Banks stopped lending to him in 2000 and Deutches Banke was the only bank in the world still lending to him. Former employees have said that there were "outside influences" telling them to make the loans.

Deutsche Bank examined Trump's account for Russia links

Bank looked for evidence of whether loans to president were underpinned by guarantees from Moscow, Guardian learns

www.theguardian.com

 

[Man With A Plan]

Bullshit. 7 bankruptcies but none of his businesses has succeeded. Trump Airlines was broken up and sold off, but never went bankrupt. Ditto Trump Mortgage Company. Trump hadn't been personal income taxes in decades because he made no money!!!

No other billionaire in the world has gone bankrupt more than once. American Banks stopped lending to him in 2000 and Deutches Banke was the only bank in the world still lending to him. Former employees have said that there were "outside influences" telling them to make the loans.

Deutsche Bank examined Trump's account for Russia links

Bank looked for evidence of whether loans to president were underpinned by guarantees from Moscow, Guardian learns

www.theguardian.com

No other billionaire in the world has had a company they own go bankrupt more than once? Did you seriously just make that assertion, Dragonlady? That's laughable! Richard Branson has multiple bankruptcies on his record. You need to take a break...go out and walk around until your head clears! Right now you're ranting untruths.

 

[Rambunctious]

There will be no job losses...

Trump isn't the only property developer in MYC and the others like to obey the law...

What this does, is show that lenders can feel safe in the knowledge that there are laws which protect them..

Investors.... are already saying they are done with NY... its too risky.... James has done great harm to NY and especially NYC...
You ask any property investor in NY in a private conversation if they may have overvalued their property a time or two and they would say absolutely... upon sale and loans....

 

[80zephyr]

Is that the result of your crack research team's work?

Give me a break. Go make stuff up somewhere else.

He is not making it up. “If we’re going to do that, let’s penalize all the developers all across America. They’ve all done the same thing,” O’Leary added. “All of them should go to jail and we should stop building buildings. That’s what the message is from New York.”

Shark Tank’s O’Leary on $355M decision against Trump: ‘What fraud?’

“Shark Tank” investor Kevin O’Leary in an interview with CNN host Laura Coates on Monday blasted a New York judge’s decision ordering former President Trump to pay $355 million in penalties i…

thehill.com

 

[80zephyr]

Lying on financial statements is fraud.

There are no formulas to fill out those statements. They are opinion. I can hire an appraiser today that will appraise my property high, and hire another that will appraise it low. All appraisals are simply a guess.

 

[80zephyr]

There's only about a 20% difference in mine. That's normal BTW. 2,500% is not.

Maybe you have never had to value a unique property.

 

[Marener]

There are no formulas to fill out those statements. They are opinion. I can hire an appraiser today that will appraise my property high, and hire another that will appraise it low. All appraisals are simply a guess.

If the appraiser says it’s $1 million and you write down $2 million, is that okay?

 

[80zephyr]

If the appraiser says it’s $1 million and you write down $2 million, is that okay?

Yes. If its what you believe. I have seen valuations for Mar a Largo. Testifying for Trump’s defense, a Florida real estate attorney said the property could be sold as a home, notwithstanding decades-old legal documents in which Trump said he intended to forswear its use as anything but a club. Then a Palm Beach luxury real estate broker testified that he’d value the historic estate at over $1 billion as of 2021.

'Breathtaking' Mar-a-Lago worth 'over $1 billion,' defense witness tells Trump fraud trial

Trump is accused of deceiving lenders by giving them statements that greatly overstated the values of some of his assets, including Mar-a-Lago

nationalpost.com

This is a unique property that gets valuations all over the monetary map.

 

[Marener]

Yes. If its what you believe. I have seen valuations for Mar a Largo. Testifying for Trump’s defense, a Florida real estate attorney said the property could be sold as a home, notwithstanding decades-old legal documents in which Trump said he intended to forswear its use as anything but a club. Then a Palm Beach luxury real estate broker testified that he’d value the historic estate at over $1 billion as of 2021.

'Breathtaking' Mar-a-Lago worth 'over $1 billion,' defense witness tells Trump fraud trial

Trump is accused of deceiving lenders by giving them statements that greatly overstated the values of some of his assets, including Mar-a-Lago

nationalpost.com

This is a unique property that gets valuations all over the monetary map.

So in your world, you can write down anything you want on a financial statement as long as you “believe“ it?

 

[80zephyr]

So in your world, you can write down anything you want on a financial statement as long as you “believe“ it?

Yes. Like I said, there is no formula for doing so. If the bank disagrees, they will value accordingly. i have been involved in real estate my entire adult life. Go thru a condemnation or two, and we'll talk again.

 

[Marener]

Yes. Like I said, there is no formula for doing so. If the bank disagrees, they will value accordingly. i have been involved in real estate my entire adult life. Go thru a condemnation or two, and we'll talk again.

Oh my. No.

You cannot invent any number you want to place on a financial statement. You have to be able to justify it.

 

[80zephyr]

Oh my. No.

You cannot invent any number you want to place on a financial statement. You have to be able to justify it.

How would you do that to a one of a kind property?

 

[Marener]

How would you do that to a one of a kind property?

.
The problem Trump has is that he misrepresented his properties to get the valuations he wanted.

Mar a Lago has deed restrictions. He ignored it
Apartments have rent control. He ignored it.
Seven Springs has an easement. He ignored it.

These are material facts discarded to get a higher valuation.

 

[Man With A Plan]

.
The problem Trump has is that he misrepresented his properties to get the valuations he wanted.

Mar a Lago has deed restrictions. He ignored it
Apartments have rent control. He ignored it.
Seven Springs has an easement. He ignored it.

These are material facts discarded to get a higher valuation.

Oh for God's sake! You only get a higher valuation if the bank's appraiser goes along with what you've claimed! What part of that don't you grasp? These banks weren't being held up at gunpoint. They did their due diligence. They came to an agreement with the Trump group as to what the loan would consist of. What Trump "ignored" when he valued his properties wouldn't sway me as an appraiser! The value any property owner put on their property would be of little interest to an appraiser. You go through the appraisal process. You look at highest and best use. You look at comps. You look at the Cap rate. None of that is affected by the value that the owner places on the property!

 

[Marener]

Oh for God's sake! You only get a higher valuation if the bank's appraiser goes along with what you've claimed! What part of that don't you grasp? These banks weren't being held up at gunpoint. They did their due diligence. They came to an agreement with the Trump group as to what the loan would consist of. What Trump "ignored" when he valued his properties wouldn't sway me as an appraiser! The value any property owner put on their property would be of little interest to an appraiser. You go through the appraisal process. You look at highest and best use. You look at comps. You look at the Cap rate. None of that is affected by the value that the owner places on the property!

The banks did not independently appraise every property on Trump’s financial statement. The banks testified they used Trump’s numbers and thought he was being honest.

What the banks do or don’t do isn’t relevant to the crime.

 

[Man With A Plan]

There will be no job losses...

Trump isn't the only property developer in MYC and the others like to obey the law...

What this does, is show that lenders can feel safe in the knowledge that there are laws which protect them..

In what way did this decision protect the banks? They made money on the deal. They were happy with the deal. They wanted to do MORE deals with the Trump group!
This isn't a good thing for banks trying to do business in New York State because the investors they rely on to take out the loans they need to write in order to be profitable won't be coming to New York because they're scared of government overreach. They'll build something in Texas, Florida or Tennessee instead.
This ruling is a disaster for New York banks.

 

[Man With A Plan]

The banks did not independently appraise every property on Trump’s financial statement. The banks testified they used Trump’s numbers and thought he was being honest.

What the banks do or don’t do isn’t relevant to the crime.

Really? Show me where they testified to that.

 

[Man With A Plan]

I'm still waiting for you to give me an example of any other real estate developer being charged with fraud and hit with a huge fine on a deal where the loan was paid back in full, with interest and on time!

Because if you can't? Then this is selective prosecution at it's ugliest and this judgement will be thrown out completely or the fine dropped to something reflective of a victimless "crime"!

 

[Marener]

Really? Show me where they testified to that.

It's noted in the judge's decision. He goes through the relevant testimony of each individual.

https://ag.ny.gov/sites/default/files/decisions/trump-decision.pdf