https://en.wikipedia.org/wiki/Mar-a-LagoDuring the 1920s Florida land boom, Marjorie Merriweather Post, heiress to the Post Cereals business and then the wealthiest woman in the United States,[10][11] paid for the house to be built with her husband Edward F. Hutton. She hired Marion Sims Wyeth to design it and Joseph Urban to create interior design and exterior decorations.[12][13] Post spent US$7 million (equivalent to $118 million in 2022), and it was finished in 1927.[14] At the time of building, it was the most expensive non-royal residence built in history.
Federal government and foundation
By the 1950s and 1960s, social tastes had changed, and many mansions constructed in the 1920s were demolished.[17] In 1969, Mar-a-Lago was designated a national historic site.[18] A contemporary report prepared by the Department of the Interior attributed its significance to providing "an excellent picture of winter resort life in Palm Beach prior to the Depression".[12]
Post, who died in 1973, willed the 17-acre (6.9 ha) estate to the United States government as a Winter White House for presidents and visiting foreign dignitaries.[19] Richard Nixon preferred the Florida White House in Key Biscayne, however, and Jimmy Carter was not interested. The federal government soon realized the immense cost of maintenance and the difficulty of maintaining security for diplomats,[20] and returned it to the Post Foundation in 1981. It was then listed for sale for $20 million. Dina Merrill and Post's two other daughters did not maintain the property in the meantime, anticipating a sale,[21] but there was so little interest that its demolition to build smaller homes was approved.[22]
Mar-a-Lago was declared a National Historic Landmark in 1980 for exemplifying "the baronial way of life of the wealthy who built mansions in Florida during the Florida land boom of the 1920s".[4][23][24]
Trump ownership
Entrance gate in 2014
Donald Trump learned about the estate after unsuccessfully trying to purchase and combine two apartments in Palm Beach for his family. He offered the Post family $15 million for it, but they rejected it. Trump purchased the land between Mar-a-Lago and the ocean from Jack C. Massey, the former owner of KFC, for $2 million,[25] stating he intended to build a home that would block Mar-a-Lago's beach view. The threat caused interest in the property to decline, and Trump ended up getting the property for $7 million in 1985.[26][21] Different sources have put the combined total cost of the purchase at around $10 million.[27][28][29] The minimum acceptable bid had been $20 million, and the interior furnishings were appraised at $8 million.[30]
After purchasing the estate, Trump did extensive renovations, adding a 20,000-square-foot (1,900 m2) ballroom.[22] The club also has five clay tennis courts and a waterfront pool. His wife at the time, Ivana Trump, was put in charge of running the property.[31]
In the early 1990s, Trump faced financial difficulties. While negotiating with his bankers, he promised to divide Mar-a-Lago into smaller properties, alarming Palm Beach residents, so the city council rejected his plan to do so. Trump instead turned the estate into a private club in 1994,[32] fighting off what he considered to be excessive restrictions.[33][34]
The new club hosted concerts by Céline Dion and Billy Joel and had beauty pageant contestants as guests.[22][21][35] Mar-a-Lago has frequently hosted the International Red Cross Ball, an annual "white tie, tails, and tiara" event.[36] Founded by Post, it has a history of support of the mission of the American Red Cross.[37]
According to financial disclosure forms filed by Trump, the Mar-a-Lago Club had $29.7 million in gross revenues in the period June 2015 through May 2016.[38] The club had revenues of $25.1 million for calendar year 2017, $22 million in 2018, and $21.4 million in 2019.[39][40]
In 2022, Forbes estimated the value of the estate at around $350 million.[27] Forbes said that 'Real estate experts outside of Palm Beach guessed that the place was worth more than $200 million. Brokers on the island thought it could be worth far more, with the most aggressive estimate coming in at $725 million. When Forbes last valued the property in March, we went with a conservative $350 million.' In a 2022 lawsuit filed by New York Attorney General Letitia James, it was alleged that Trump inflated the value of Mar-a-Lago to $739 million, when the property should actually be valued at $75 million.[41]