Comments by "" (@hewitc) on "Donald Trump Jr. takes stand in civil fraud trial l GMA" video.
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@generalbiochemistryi8498 All the Trump supporters continue confuse their own experience with residential real estate with commercial real estate. MAL cannot be used as a private residence, its landmarked fixtures must be preserved and maintained and it can only be used as a 'private club', meaning a restaurant with recreational facilities. It is not and cannot be used as a hotel. These are deed restrictions that came with the property and also from Trump's contract when he receive multi-million dollar tax benefits. Given these restrictions, a buyer hoping to make a profit on the business (again, not a Billionaire looking for a private mansion, like Ken Griffin) has to earn enough from the restaurant (which is closed all summer) to cover the property maintenance, including landscaping, utilities, and now extremely expensive insurance premiums,etc. etc. to make a return on what was paid for the property. That makes the value of this place depressed. In fact, that's how Donald bought it for a song-- there were no other bidders. Even the federal gvernment and the state of Florida wouldn't take it for free! Donald made a big mistake because he just assume he could subdivide it and sell the lots. He was wrong and got stuck with a very attractive looking landmarked White Elephant. The value has many considerations, but private home valuations are irrelevant to it.
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