The odd profit he was able to achieve for his Beverly Hills house, where he had the affair with adult film star Stormy Daniels, is one of the many items David Cay Johnston writes about in connection to former President Donald Trump’s finances.
According to Johnston’s new book The Big Cheat, Trump paid $7 million for the 5,400-square-foot property in 2007. He hired a property lawyer in 2016 to argue for a $6 million appraisal. Suddenly, in 2019, Trump sold the house for $13.5 million, about double the price he had hoped for.
Property Shark, a real estate website, also noticed the unusual price tag, saying that the area’s property values didn’t exactly match Trump’s profits.
“There was only a 20 percent median increase from 2008 to 2017, which indicates that prices didn’t increase as drastically as you would expect in this lavish city. The median sale price for these Beverly Hills homes was $2.2 million in 2008 and $2.5 million in 2017,” Johnston cited the website.
Three years ago, Donald Trump’s tax attorney, trying to lower his property taxes, argued that Trump’s Beverly Hills mansion’s market value had dropped to $6 million. The county appeals board agreed.
Trump just sold the property for $13.5 million. https://t.co/IVNcHBKXTM
— Matt Pearce 🦅 (@mattdpearce) June 12, 2019
Trump also owned the house next door that sold it in 2009, claiming he lost $850,000.
Who would pay more than twice the price for a Beverly Hills mansion merely because it belonged to the president of the United States, Johnston wondered? The investigative reporter discovered it was a firm called Hillcrest Asia Limited, which is a “front for Hary Tanoesoedibjo, an Indonesian media, and real estate baron. A foreigner was paying the American president what at the very least was a very good price for American property.”
Last weekend the Washington Post reported that US President Donald Trump’s family-owned company sold a property in the form of a mansion in Beverly Hills, California, Los Angeles, to Hary Tanoe. The transaction value reached US $ 13.5 million, equivalent to Rp 193.32 billion, https://t.co/F5rUdgTR9A
— ReefPilot🇺🇸👨✈️🤙🛩 (@reefpilot) September 28, 2020
He had no intention of moving to Beverly Hills, and his fortune was based on the hope of creating an Asian replica of Hollywood. Trump was planning to develop luxury residences, a resort, and a golf course to complement Tanoesoedibjo’s plans. The Lido City development is still promoted on the Trump Organization’s website.
“We look forward to creating a new ‘point of departure’ in the most populated archipelago in the world with this iconic resort development,” the site says. “As the foremost golf course developer in the world, Trump delivers the finest portfolio of award-winning courses, set against the most spectacular landscapes, presenting new levels of challenge.”
Donald Trump quietly sells Beverly Hills mansion to Indonesian business partner https://t.co/BooB1T7mok pic.twitter.com/R9sKKuZyz4
— Yahoo Entertainment (@YahooEnt) June 22, 2019
However, it was reported in March that the project would go through with or without Trump.
“The Trump Organization, which had been linked with the development since 2015, had been scrubbed from the presentation and promotional materials,” reported Nikkea Asia.
The story quoted “self-made billionaire” Tanoesoedibjo, who considers himself the “Donald Trump of Indonesia.” He confessed that the Trump Org. “won’t likely pick up yet for the time being.”
That project was scheduled to be combined with a “six-star” Trump tower and golf facility in Bali. Tanoesoedibjo was invited to Trump’s 2017 inauguration and met with Don Jr. and Eric Trump.
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The Bali project froze two months before Tanoesoedibjo purchased the Beverly Hills home. Don Jr., on the other hand, stated in August 2019 that it was back on.
“Property is about location, location, location,” said Don Jr., calling the Indonesian resorts they would build “dream projects.” Tanoesoedibjo at the time stated that it would be developed by his company over three years for $1.7 billion.
“Inspired by the grace and charm of the area, Trump Residences Bali is tucked away in the 102-hectare grounds of Trump International Resort, Golf Club & Residences at MNC Bali Resort,” a tweet read.
“With breathtaking mountain views, Trump International Golf Club Lido – 18 holes PGA standard golf course designed by Ernie Els, offers a fascinating experience for all members to enjoy,” said another tweet.
#TrumpLido and #TrumpBali haven’t been mentioned in over a year, save on the Trump Organization’s website, of course.
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