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How much is Donald Trump’s Mar-a-Lago resort worth?
LANDMARK and resort, Mar-a-Lago, was built between the years 1924 and 1927.
Years after the death of Mar-a-Lago's original owner, Donald Trump acquired the estate which serves as his primary residence post-presidency.
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How much is Mar-a-Lago worth?
Mar-a-Lago is a resort and historic landmark built by cereal heiress Marjorie Merriweather Post.
After her death, the estate was ultimately given to the Marjorie Merriweather Post Foundation by the federal government.
Donald Trump purchased Mar-a-lago from the foundation back in 1985 for a small fortune - $10million - and turned it into a moneymaking machine.
As per , the former president paid "$5 million for the massive home, a reported $3 million for its lavish furnishings, plus another $2 million for 400 feet of prime beachfront directly across the street."
As of 2022, "the crown jewel of Palm Beach is worth an estimated $350 million," according to . The estate is said to be one of Trump's greatest investments.
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Where is Mar-a-Lago?
The 62,500-square-foot property located in Palm Beach, Florida, was completed in 1927 and has roughly 126 rooms.
When Post died in 1973, she gave the property to the National Park Service, hoping it could be used for state visits or as a Winter White House.
However, the property was returned to the Post Foundation by an Act of Congress in 1981 due to its costly maintenance.
It boasts the second-largest mansion in the state of Florida and the 24th-largest mansion in the US.
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Does Donald Trump live on the Florida property?
Since 2019, Mar-a-Lago has acted as Trump and Melania’s primary residence.
Throughout his presidency, he was often seen at the residence when he was not at The White House.
Previously in December 2020, the Trump family clashed with the DeMoss family over certain stipulations involving the former party's accommodation.
At the time, the latter party reportedly initiated legal action to prevent them from moving back.
A letter was sent by an attorney for the DeMoss family to authorities in Palm Beach and the US Secret Service, stating Trump had lost his legal right to permanently live there due to a supposed 1993 agreement.
The letter suggested the town "avoid an embarrassing situation" for the former president and requested them to inform Trump he can not live there full time.
Trump allegedly signed a "use agreement" in 1993 after he converted the private residence into a social club.
Part of the deal forbids any of the club members from spending more than 21 days a year in the club's guest suites or staying there longer than seven consecutive days.
However, Trump visited more than 30 times during his tenure in the White House, breaking his rule with more than 130 nights worth of stays.
Trump was also required to ensure more than half of the club's members live or work in Palm Beach and that there were no more than 500 members.
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What is the Mar-a-Lago Club?
Donald Trump was facing financial difficulties in the late ’90s and decided that he would turn Mar-a-Lago into small, divided properties to make money.
However, the city council rejected the proposal, and the estate was turned into a members-only club.
The estate operates as a resort and hotel for the members and rents out venues for private events.
Membership at the Mar-a-Lago Club required a $200,000 initiation fee up until 2012 when it was lowered to $100,000.
In addition, the annual dues are $14,000, and there's an annual food minimum of $2,000.
According to the , the exclusive membership grants paying owners access to the “Trump Spa and Salon, the pool, the Beach Club, breathtaking guest rooms and exclusive suites, a state-of the-art-fitness center, award-winning tennis courts, beautiful croquet lawns, and an entertainment series which hosts internationally world-renowned talent.”
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Mar-a-Lago members can also enjoy using Trump Golf properties in the US.
According to the New York Times, billionaires such as William I Koch, Thomas Peterffy, Richard LeFrak, Jeff Greene, insurance executive George Norcross, real estate developer Bruce Toll, and Newsmax CEO Christopher Ruddy are members of the exclusive club.
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