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But you can't back into a value for Mar-A-Lago that way - because so much of the value of a piece of property is derived from the use of the property, not merely the size of the lot.
We're going to disagree here. Land is valued separately for a reason, which is why I showed you the vacant lot literally down the road. Land is the starting point for what someone plans to do with the lot. In the case of MaL and the other place down the A1A they're in similar geographic and economic zones so the land values should be similar.
Land value is also the basis for every property tax statement - it's always Land + Buildings, which are assessed separately.
