Real estate agent testifies that Trump's Mar-a-Lago resort is worth up to $1 billion

 December 7, 2023

New York Attorney General Letitia James filed a civil fraud lawsuit earlier this year which alleged that former President Donald Trump overvalued his properties in order to obtain bank loans.

Yet if the testimony of one witness is to be believed then the case should end with a victory for the former president. 

Real estate agent says Mar-a-Lago is worth up to $1 billion

According to Bloomberg, Florida real estate agent Lawrence A. Moens has likened Trump’s Mar-a-Lago resort to the Taj Mahal.

Moens sold the property to Trump fifteen years ago and said in a sworn deposition that July that it is worth between $750 million and $1 billion. What's more, he characterized Trump's own estimate of his holdings as being "appropriate" and "conservative."

Further, Moens indicated that there are "at least a dozen" individuals with the means to purchase the Palm Beach resort.

"I could dream up anyone from Elon Musk to Bill Gates and everyone in between. Kings, emperors, heads of state. But with net worths in the multiple billions," he insisted.

Judge accused Moens of making unsubstantiated claims

However, Moens contention was disputed by Kevin Wallace, who works as a lawyer for the state attorney general's office.

"He literally said he came up with the price for Mar-a-Lago with a fantasy list of everyone from Bill Gates to Elon Musk, kings, emperors and heads of state," Wallace was quoted as telling Judge Arthur Engoron.

"They’re trying to establish that you are wrong, that it should be valued at $1 billion just because Elon Musk might want to move to Palm Beach," the attorney complained.

Bloomberg noted that for his part, Engoron initially said he "cannot consider an expert affidavit that is based on unexplained and unsubstantiated 'dreams.'" However, the judge later allowed Moens to testify.

Emails show bank was eager to do business with Trump

Moens' testimony came less than a week after CNN reported that a 17-year employee of Deutsche Bank told the court adjustments made to Trump's net worth were not out of the ordinary.

"It’s not unusual or atypical for any client's provide[d] financial statements to be adjusted to this level to this extent," David Williams was quoted as saying.

Meanwhile, the Associated Press reported that Trump's defense team introduced emails from 2011 in which then Deutsche Bank managing director Rosemary Vrablic described Trump as a "whale" with which the bank was eager to do business.

What more, other emails showed that Deutsche Bank co-chair Anshu Jain argued for "leveraging Mr. Trump’s personal and professional network within the real estate industry."

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