General Discussion
Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsTrump 11 Br mansion on St. Martin destroyed.
http://www.marketwatch.com/story/richard-bransons-virgin-islands-home-destroyed-by-hurricane-irma-2017-09-07mahatmakanejeeves
(57,617 posts)Retweeted by David Fahrenthold: https://twitter.com/fahrenthold
That time Trump took $17 million in insurance money for non-existent damages to Mar-a-Lago
Link to tweet
By JEFF HORWITZ and TERRY SPENCER
Oct. 24, 2016
PALM BEACH, Fla. (AP) Donald Trump said he received a $17 million insurance payment in 2005 for hurricane damage to Mar-a-Lago, his private club in Palm Beach, but The Associated Press found little evidence of such large-scale damage.
Two years after a series of storms, the real estate tycoon said he didnt know how much had been spent on repairs but acknowledged he pocketed some of the money. Trump transferred funds into his personal accounts, saying that under the terms of his policy, you didnt have to reinvest it.
In a deposition in an unrelated civil lawsuit, Trump said he got the cash from a very good insurance policy and cited ongoing work to the historic home.
....
Trumps description of extensive damage does not match those of Mar-a-Lago members and even Trump loyalists. In an interview about the estates history, Trumps longtime former butler, Anthony Senecal, recalled no catastrophic damage. He said Hurricane Wilma, the last of a string of storms that barreled through in 2004 and 2005, flattened trees behind Mar-a-Lago, but the house itself only lost some roof tiles.
TreasonousBastard
(43,049 posts)PoindexterOglethorpe
(25,902 posts)if they made that kind of an unwarranted payout.
Takket
(21,632 posts)former9thward
(32,082 posts)Do you really believe an insurance company is going to write a $17 million dollar check just because an adjuster told them to?
Not Ruth
(3,613 posts)Look at the way the 9/11 payouts went, something that should never have been challenged by an insurance company.
marybourg
(12,635 posts)last night from "one of ours". Yes, it seems that a few dollars worth of chemicals could have stopped Katrina in its tracks when it was just a little hurricane, but G. Bush Jr. "didn't want to spend the money" and covered up this miracle hurricane cure.
Yes, we have ours also. This guy seems pretty normal, otherwise.
avebury
(10,952 posts)he has always seemed like a nice guy. No sympathy for Trump.
n2doc
(47,953 posts)dixiegrrrrl
(60,010 posts)In fact, he had put it up for sale and dropped the asking rather quickly.
his business model is he gets projects built by lending his name to them, then he and his partners, take out as many loans as they can, using the projects for collateral, when the loan payment is due, they refinance
over and over until the that merry go round stops, then he files for bankruptcy.
which explains the 6 bankruptcies, where he ended up with a clean slate.
Money laundering is suspected as source of the construction money.
His Atlantic City casino was charged and heavily fined for money laundering in 2015.
Several hotels/Co-ops have gone bust, leaving tenants out in the cold.
but...now...the game has stopped, his money has been drying up at the same time more loans are coming due, and the poor wee little man is not realizing the financial windfalls he anticipated from the election.
Kushner uses same kind of game.
n2doc
(47,953 posts)dixiegrrrrl
(60,010 posts)tell ya what...I will leave the info here for future us.....
clutterbox1830
(395 posts)Always seem like a good guy. He started and donated to the relief fund efforts.
n2doc
(47,953 posts)Responsible thing would have been to order everyone off of the island when there was a solid chance that it would hit. He put the lives of his staff and guests at risk so that he could enjoy a thrill. There is zero other reason why a person with his resources would have to ride out a 185 mph cat 5 hurricane.
former9thward
(32,082 posts)defacto7
(13,485 posts)Not Ruth
(3,613 posts)Now Trump gets the price he was selling it for, and he keeps the land
niyad
(113,581 posts)progressoid
(49,999 posts)Weekend Warrior
(1,301 posts)Something is really wrong with that. To be that far off on market value is absurd. I would like to know when it was put up for sale. Did he put it on the market at that price before becoming President?
Not Ruth
(3,613 posts)You see the same thing on EBay when someone asks $30 for a $15 item.
Same thing Zuckerberg's neighbors did when he moved into the neighborhood. They raised prices to make Zuckerberg stop annoying them. Then Zuckerberg bought them out anyway.
Weekend Warrior
(1,301 posts)The timing of it going to market would be key. It wouldn't be the first home he sold to a Russian investor for well over market value.
So I believe your "obviously" is really not that obvious.
PCIntern
(25,586 posts)Isn't a total loss.
malaise
(269,182 posts)former9thward
(32,082 posts)even though hundreds of thousands, if not more, will suffer the same fate. Wow...
lpbk2713
(42,766 posts)Tough shit Donnie. He'll weasel some way to make a profit from it.
lunatica
(53,410 posts)Nope. Still can't.
KY_EnviroGuy
(14,494 posts)My give a damn is busted!
Xolodno
(6,401 posts)Just in case....
TheBlackAdder
(28,218 posts)Initech
(100,104 posts)bdamomma
(63,923 posts)about science and the implications of climate change. Hurricanes (sorry) will just get worse until freaking people wake up I am not talking about those who are aware of climate change and it's deadly affects. Caribbean, Texas and now Florida horrible 3 major hurricanes in the Atlantic basin since 2010 simultaneously.
Initech
(100,104 posts)jberryhill
(62,444 posts)"The extent of the damage to Trumps property is not yet fully known..." per the linked article.