Former President Donald Trump's Mar-a-Lago Club in Palm Beach did not sell for $422 million on Aug. 4, despite recent media reports based on an erroneous "sold" listing that appeared on the real estate website Zillow.
The frenzy surrounding the alleged sale of Mar-a-Lago sent shockwaves through the media, with many outlets immediately picking up the story. However, it turns out that the listing was nothing more than a costly mistake. Zillow, the popular real estate website, has admitted to the error, clarifying that the initial information provided to them was incorrect.
In an official statement released by Eric Trump, he vehemently denied the sale and labeled the rumor as "asinine." The misinformation was promptly rectified by Zillow, who took down the sale-price figure from their listing.
While the source of the erroneous information is still unclear, investigations are ongoing to determine how such a mistake occurred. The Palm Beach Daily News tried to verify the sale, but their searches, including online searches of state business filings and Palm Beach County courthouse and property records, yielded no evidence of any transaction.
Mar-a-Lago holds sentimental value for Donald Trump, as he purchased the property in 1985 for personal use and later transformed it into a private club. Ownership of Mar-a-Lago was transferred to an entity named Mar-a-Lago Club Inc. in 1995, with Donald Trump Jr. currently acting as the head of the organization.
The value of Mar-a-Lago has long been a topic of discussion among real estate experts, with estimates ranging from conservative figures to the belief that it is truly priceless. For tax purposes, the Palm Beach County Property Appraiser employs an "income approach" formula to calculate its value based on the club's revenue and expenses. However, redevelopment is restricted due to longstanding deed restrictions.
As the story continues to develop, it is important to rely on accurate and verified information. False reports can quickly spread, leading to confusion and misinformation. In this case, the alleged sale of Mar-a-Lago turned out to be nothing more than a listing error. Let us await authentic updates and ensure that the facts prevail.
Darrell Hofheinz is a USA TODAY Network of Florida journalist who writes about Palm Beach real estate in his weekly "Beyond the Hedges" column. He welcomes tips about real estate news on the island. Email [email protected], call 561-820-3831, or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.
