commercial real estate firm Cushman & Wakefield (mai, ai, appraiksal institute) IMPLICATED IN TRUMP TAX FRAUD

Report: New York AG Investigating Trump $21M Tax Break.

commercial real estate firm Cushman & Wakefield (mai, ai, appraiksal institute) IMPLICATED IN TRUMP TAX FRAUD

Trump secured the windfall based on a 2016 appraisal that valued Seven Springs at $56.5 million, the Post reported. That figure was more than double the value assessed by the three towns that each contain a piece of the property, according to the newspaper.

Two independent appraisers who reviewed the document at the Post’s request said it appears the Seven Springs appraisal relied on unsupported assertions and misleading conclusions that increased the value of Trump’s  charitable gift. The appraisal was written by the commercial real estate firm Cushman & Wakefield (mai, ai, appraiksal institute).

At issue is the firm’s claim that a future buyer could build and sell 24 mansions on the land, despite there being no evidence that local regulations would allow for such a subdivision. The Post noted that local opposition and environmental disputes have prevented Trump from building a golf course and various housing developments there. 

The appraisal also said the land that was preserved had no economic value of its own, which one of the independent appraisers called “crazy.” The tax break is calculated by subtracting the value of the property from the value when it could be developed.