@raphjd said in USSA watch: Mar a Lago worth $300 million plus; judge lies & calls it $18 million as threat to Biden's opposition leader:
There are plenty more condos in NYC that are well over $18 million and most do not have any land use.
Do you think the legal phrase "land use" means usable land?
Land use restrictions mean legal restrictions on the purposes or uses to which the land can be put. For example, if a parcel of land is restricted to single-family residence use, then that means you cannot built on that land something like an apartment building or a Walmart. It can only be used to construct a single family household building.
If a parcel of land has a land use restriction on it limiting it to use as a church, then you can't do anything else with it. You can build a church on it and it won't matter whether it's a Baptist church or a Catholic one, but it better damn well be a church building. You can't just decide you want to sub-divide it up and build condos.
That's Trump's problem. He put restriction after restriction onto the property (restrictions which will flow thru to anyone who purchases the property from Trump) that the Mar-a-Lago property can now only be used as a social club. It cannot be used as a private residence. It cannot be divided up and used to build luxury condos.
It's a social club. It MUST be a social club. That means anyone evaluating it for purchase would have to take those onerous restrictions into account.
It's like arcade tokens. Arcade tokens have SOME value, since they can be used at that specific arcade to play skee-ball. If you found yourself with a handful of extra tokens, you could probably find someone inside the arcade willing to buy them from you nearly at what you paid for them ($0.25/token). However, hop on a plane and fly to another city, and you're going to have a real hard time finding someone to pay you the same amount for tokens that can only be used in an arcade in another city.
The utility of the tokens affects their value. The less the purchaser can use the tokens, the less he will be willing to pay for them. The same is true for anyone evaluationg Mar-a-Lago. The usefulness of the property is less than an unrestricted parcel of land; therefore, they aren't going to pay the FMV of land in that area.
But you two dumbfucks keep comparing Mar-a-Lago to the unrestricted parcels of land around it, ignoring the difference between those unrestricted parcels and Mar-a-Lago.