re: Joe Rogan shreds people for saying Donald Trump’s Mar-A-Lago is only worth $18Million

Many years ago I was an assessor in a county with a lot of high value properties. I also held a residential appraisal license for a while and worked for banks.

First off, I believe the county Mar A Lago is in has a maximum increase of 3% per year. This is so in markets that are accelerating at a fast rate can't drop major tax increases on an individual in a single swoop.

Also, assessors use mass appraisal based on sales of like properties and plug those sales into an algorithm that is dispersed through thousands and thousands of lines of excel spreadsheets. MAL, is not a like property and would be treated the same as the like properties for reasons of uniformity and also not to increase lesser properties in the same neighborhood because of MAL alone.

As far as valuation, a property like that has no comparables. We can only see that lesser properties are selling for well over 100 million, in an expanded geographic region.

That property would not be handled by a residential appraiser. It would likely fall to an extremely experienced commercial appraiser who has done multiple luxury properties. Those appraisers are rare because of the niche.

So, what is MAL worth? It's a range of reasonable value. Probably we'll north of 500B and that would be my conservative estimate.

The real tell here is if you went to every single bank in the country and said, would you lend 100M on MAL? Every single bank, every one of them would take it in seconds. Why is that? Because of MAL is ever foreclosed on, those banks know that place is selling right away for over 500 million. No questions asked.

This valuation of 18-25 million by the AG in New York is probably the biggest joke I've ever seen in real estate valuation over my career. Ever. It's that bad.