Rep. Matt Gaetz (R-FL), who often chastises The New York Times as “left wing media,” is now citing a 1981 article published in Times (‘Post Home For Sale For $20 Million) in an attempt to defend claims asserted by former President Donald Trump in his business fraud trial.
[NOTE: Trump is currently awaiting a verdict from Judge Arthur Engoron in a civil fraud case brought by New York Attorney General Letitia James accusing Trump’s company of, among other fraudulent business practices, inflating the value of his Mar-a-Lago estate to $739 million, when the property should be “valued at closer to $75 million.”]
In 1981, the New York Times reported that Mar-a-Lago was for sale for $20 million.
— Rep. Matt Gaetz (@RepMattGaetz) February 2, 2024
Now, 43 years later New York Judge Engoron expects you to believe that Mar-a-Lago has not appreciated a cent, and is actually worth $18 million. pic.twitter.com/2SmpiVg8Vq
Gaetz wrote on X: “In 1981, the New York Times reported that Mar-a-Lago was for sale for $20 million. Now, 43 years later New York Judge Engoron expects you to believe that Mar-a-Lago has not appreciated a cent, and is actually worth $18 million.”
Trump’s team asserts that the appreciation of Mar-a-Lago under his ownership has been no less than astronomical, claiming Mar-A-Lago is “worth more than $1 billion,” according to reports.
The Times article (‘Post Home For Sale For $20 Million) Gaetz cites reported that the estate (formerly owned by the Post family) was put on the market in 1981 for $20 million. However, Trump reportedly was able to buy the property for just $5 million in 1985. (See NBC News video below.)
The 1981 Times article quotes the then-superintendent of the estate, James Griffin, who said it would cost about $1 million a year to run it. Griffin added that being the owner of such a property (a 126-room, 62,500 sq ft mansion on 17 acres of land): ”is a life style which most people in this day and age don’t know or don’t want.”
That description may have included Trump, who instead of maintaining the property for his private use, turned Mar-a-Lago into a club in 1995. The transition from private residence to social club is another factor considered in the valutation — the tax adjustment implications of its club status and Mar-a-Lago’s designation as a National Landmark are believed to decrease its potential value in a sale.
Forbes reports: “According to a 2023 market appraisal report by the city of Palm Beach, the total value of the property is $37 million, an increase of $6 million from last year and nearly $10 million more than the appraised value Engoron cited in his ruling this week.”
Gaetz chose to amplify the Times article rather than a recent article appearing in the more conservative Rupert Murdoch-owned New York Post, which begins:
“Donald Trump’s tax broker was forced to admit to authorities in 2020 that Mar-a-Lago had a market value of just $27 million — not the $517 million claimed in other documents, trial evidence revealed Monday.”
New York Post
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