Post #15314 by Dope1 on the Mechanical Investing board

Investment Strategies / Mechanical Investing ❤

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Mar-a-Lago is a problem property

A luxo golf course on some of Florida's most expensive real estate. I think that's called a "First world problem" but YMMV.

It's 17 acres zoned single-family residential in a residential neighborhood subject to deed restrictions that prohibit it from ever being subdivided and from being used for anything other than a club and is subject to a historic designation restriction.

And...? What if I'm Trendwest and I want to add it to my stable?

If you scraped Mar-a-Lago and put it on the market, but it was subject to that no-subdivision requirement, it wouldn't get $100 million (no single family home in the State had ever sold for that much when Trump valued it). Add in the historic designation and the club requirement, and you're not going to get anywhere close to that. If Trump said it was worth $400-600 million, he was lying through his teeth.

https://www.palmbeachdailynews.com/story/business/...

Several agents and brokers said that if sold in this market, Mar-a-Lago would be worth about $400 million at a bare minimum and perhaps as much as $550 million or even more.

But it's probably worth more than that.
The same real estate pro mentioned the recent sale of another commercial trophy property in Palm Beach County. Today known as The Boca Raton, the former Boca Raton Resort & Club sold in 2019 for a reported $875 million — which included the historic hotel and a members-only club — to a company led by billionaire Michael Dell.

Again, I hope every real estate developer flees New York and never goes back. They deserve that much for this blatantly political prosecution.

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