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No, it doesn't. First, because you can't prorate it like that - because Mar-a-Lago can't be subdivided. Four 4-acre luxury houses on 4 acres are worth far, far more than one luxury house on 17 acres. Second, because Mar-a-Lago doesn't have beachfront. And third, this is **today** - so something selling for $29 million today would not have sold for $29 million at the time Trump inflated his Mar-a-Lago values.
I'm approximating land values. You're correct that a developer could reap much more than what the raw land value would bring in if the land could be subdivided into many homes.
