Oops! Eric Trump denies Mar-a-Lago sold for $422 million; Zillow admits listing error

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.

A spokeswoman for Zillow on Friday afternoon attributed the initial listing to erroneous information provided to the popular website. But even so, the listing gained media attention in stories initially published by The Daily Express and, later, Newsweek.

Trump’s son Eric Trump on Friday released to Newsweek a statement denying the sale.

“Mar-a-Lago has not been sold nor will it ever be. This rumor is asinine,” Eric Trump’s statement said.

Although the Zillow.com listing was still online Friday morning, the sale-price figure had been removed by 12:15 p.m., the Palm Beach Daily News found.

In a statement released to the Palm Beach Daily News, a Zillow spokeswoman said the information about the sale “provided” to the site appeared to be erroneous.

“Zillow strives for accuracy on our site and if we become aware of inaccurate information, we will update it immediately. After an investigation, it appears that the information provided was incorrect. We’ve corrected the information on this property,” the statement said.

The Zillow spokeswoman did not provide details about the source of the erroneous information.

During the time the erroneous post was active Friday morning, the Palm Beach Daily News was unable to confirm any sale of Mar-a-Lago through online searches of state business filings and Palm Beach County courthouse and property records.

No deed has apparently been recorded showing Mar-a-Lago changed hands since Donald Trump transferred ownership from his name in 1995 to an entity he controlled named Mar-a-Lago Club Inc. That transaction was recorded at $12 million. The former president bought the property to use as his personal vacation home in 1985 and opened it as a private club about a decade later.

Florida business records show Mar-a-Lago Club Inc. today is headed by another of the former president’s sons, Donald J. Trump Jr., who holds the titles director, chairman, vice president, secretary and treasurer.

Trump Jr. assumed leadership of the property’s ownership company via a state filing on Jan. 23, 2017, three days after his father’s inauguration as president of the United States, records show. Until that change, Donald Trump Sr. had served as president of the property’s ownership company.

FROM THE ARCHIVES: How much is Trump’s Mar-a-Lago worth? It depends on who you ask

On Thursday, Trump traveled to Atlanta, where he was booked at the Fulton County Courthouse on state charges alleging he took part in a conspiracy to illegally overturn the 2020 presidential-election results in Georgia. He was released on $200,000 bond.

In their reports Friday, Newsweek and other media outlets attributed the information about the sale to Zillow.com and The Express.

Mar-a-Lago stands on 17.5 acres of land stretching between the Atlantic Ocean and the Intracoastal Waterway.

In October, the Palm Beach Daily News queried Palm Beach real estate experts about the value of Mar-a-Lago and its real estate. They spoke about Mar-a-Lago and Trump only on condition of anonymity.

“It’s priceless,” quipped one seasoned Palm Beach real estate professional.

Another didn’t hesitate to provide a number: “I’d put Mar-a-Lago's value (conservatively) at $450 million,” the real estate agent said.

For tax purposes, the Palm Beach County Property Appraiser figures the value of Mar-a-Lago using a formula called an "income approach," a process dictated by longstanding deed restrictions that prevents Mar-a-Lago from being redeveloped or used for any purpose other than a club, according to the property appraiser's office.

To determine the value, the property appraiser estimates the club’s revenue and expenses and determines its net operating income based on confidential information the club provides. That income is then “capitalized” using a rate that translates it into value.

For the 2023 tax rolls, the county appraisal team this month assigned Mar-a-Lago an estimated market value of $37 million and a preliminary taxable value of about $33.4 million, up from $31 million and $30.36 million, respectively, last year.

BIG TAX BILL FOR TRUMP: Trump could pay nearly $2 million in Palm Beach County property taxes, new estimates show

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This story was updated from a previous version. This is a developing story. Check back for updates.

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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 dhofheinz@pbdailynews.com, call 561-820-3831 or tweet @PBDN_Hofheinz. Help support our journalism. Subscribe today.

This article originally appeared on Palm Beach Daily News: Mar-a-Lago was 'not sold.' Zillow says info provided was erroneous