However, special magistrates twice have ruled against Trump’s appeals of his property tax bill to the Value Adjustment Board. And experts in golf course appraisals say valuing the properties can be a tricky task.
Jupiter Golf Club LLC, owner of the Trump National Golf Club in Jupiter, this month sued the Palm Beach County Property Appraiser to contest the course’s taxable value of $18.4 million.
That estimate means the property appraiser values the course’s 131 acres of land zoned for golf at $140,802 per acre. Only the Palm Beach Country Club — located just a chip shot from the ocean — is worth more, at $149,956 per acre.
By that calculation, Trump National Golf Club in Jupiter is worth more per acre than every other course in the county, including St. Andrews Country Club in Boca Raton ($119,450 per acre) and the Breakers’ course in Palm Beach ($113,055 per acre).
While Palm Beach County houses near the ocean are valued at a premium, experts on valuing golf courses say a prime location isn’t always the main driver of value.
“Forget about price per acre. Forget about closer to the ocean,” said Larry Hirsch, an appraiser in Pennsylvania and author of Golf Property Analysis and Valuation: A Modern Approach. “The way you evaluate a property like that is based on its economics, and how much money it makes.”
Golden Bear Plaza, the 245-673-square-foot office complex in Palm Beach Gardens, has changed hands for $62.3 million, brokerage CBRE Group said Monday.
The property at 11750 U.S. Highway 1 fetched $254 a square foot.
The new owner is Alliance Partners HSP, a unit of Shidler Group of Pennsylvania, CBRE said. Neil Merin of NAI Merin Hunter Codman and CBRE’s Christian Lee and José Antonio Lobón represented the seller, Equus Capital Partners, Ltd.
The office complex sold in 1997 for $51.5 million and in 2003 for $32.25 million, according to property records. The complex has nearly 42,000 square feet of empty space, CBRE said.
But is Venmo a wise way to conduct illicit transactions? Probably not, writes Lend Edu’s Mike Brown.
“It would seem a near impossible task for engineers at Venmo to be able to monitor daily transactions and flag payments that look suspicious. That mission becomes even more overwhelming when you consider that Venmo is on track to process $20 billion in payments per year,” Brown writes. “One interesting point is that any and all transactions made on Venmo will be on file, similar to a payment made with a credit card. Those who use Venmo for suspect transactions run the risk of leaving behind a paper trail that could come back to haunt them.”
In a quick flip, several warehouse properties in central Palm Beach County sold for $7.6 million, according to commercial real estate brokerage Cushman & Wakefield. They previously traded in October for $5.2 million, according to property records.
All three properties once were part of the warehouse empire amassed by the late Fred Keller, who killed his estranged wife in 2003 and died in prison in 2007. The Silverman Group of Short Hills, New Jersey, last year paid $50 million for Keller’s industrial portfolio. The properties involved in the latest deal:
6677–6687 North 42nd Terrace, a two-building campus totaling 34,520 square feet in Riviera Beach. The metal buildings feature ceilings of 11 to 15 feet.
Dyer Business Park, a two-building campus totaling 33,600 square feet at 4574 Dyer Boulevard in West Palm Beach.
Westroads Industrial Park, a three-building campus totaling 27,600 square feet. The buildings are at 4249, 4255 and 4261 Westroads Drive in Riviera Beach.
The sale price amounts to $79 per square foot. The properties were 99 percent leased.
Kornegay, a former private equity executive who lives in Palm Beach, pitched his process as a pollution-free way to transform landscaping waste into feed for sugar fields, citrus groves and golf courses.
“We’re the Tesla of fertilizer,” Kornegay said in an interview, referring to the maker of electric cars.
(Note to investors, lenders and economic developers: Beware of snazzy start-ups that sum up their business models by name-dropping another hot company. DayJet, the Boca Raton company that met the same fate as BioNitrogen, once called itself “Tivo for travel.”)
Despite the tall talk, Kornegay’s company had no revenue, and it faced a lawsuit from a Canadian company that said BioNitrogen failed to repay an $845,000 loan with a hefty interest rate of 30 percent.
BioNitrogen later moved to Miami, and Kornegay left the company.
Former Los Angeles Dodgers owner Frank McCourt just sold a nine-acre parcel in Wellington for $12 million, according to property records.
The deed identifies the buyer as Elite Equestrian Estates LLC of New Haven, Connecticut. The deal includes a seven-acre property at 13700 Quarter Horse Trail and two acres at 13664 Quarter Horse Trail, both in Wellington’s Mallet Hill neighborhood.
While the Palm Beach County Property Appraiser shows buildings on one of the parcels, the sites were marketed as vacant land. The land is just south of Microsoft billionaire Bill Gates’ assemblage of properties. Gates has spent $27 million on Wellington real estate in recent years.
Ziegler, 59, was the co-founder and managing partner of Artisan Partners, an investment firm with $100 billion under management. He retired in 2014. Ziegler also owns a 13,658-square-foot spread in Wellington, which is on the market for $16.5 million.
His nearly 3.5 million shares in Artisan Partners Asset Management (NYSE: APAM) are worth about $100 million.