https://nypost.com/2024/03/27/real-estate/jon-stewart-found-to-have-overvalued-his-nyc-home-by-829/

Jon Stewart benefited by 829% ‘overvalue’ of his NYC home even as he labels Trump’s civil case ‘not victimless’
By Social Links forMary K. Jacob
Published March 27, 2024
Updated March 27, 2024, 1:29 p.m. ET
Comedian Jon Stewart ranted this week that Donald Trump’s civil real-estate case overvaluing his properties was “not victimless,” yet when it came to his own home, Stewart benefited from a similar inflation.

On Monday night, Stewart, 61, unpacked Trump’s $454 million appeal bond, calling out experts framing the former president’s New York civil case as not causing direct harm to any individual.

“The Daily Show” host rolled a clip of CNN’s Laura Coates interviewing “Shark Tank” star Kevin O’Leary, who commented that the ruling didn’t “go over well” with the real estate industry that was now fretting over the possibility of becoming the next target.

Jon Stewart
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Jon Stewart is facing online backlash after saying Donald Trump’s case overvaluing his properties was “not victimless,” and sleuths found his own records.
Corey Sipkin for the NY POST
Donald Trump
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Stewart, 61, unpacked Trump’s $454 million appeal bond, calling out experts framing the former president’s New York civil case as not causing direct harm to any individual.
Getty Images
Coates responds to O’Leary by highlighting that Trump was found liable for falsifying business records in the second degree, issuing false financial statements, insurance fraud and conspiracy, all due to asset inflation.

“Everything that you just listed off is done by every real estate developer everywhere on Earth in every city. This has never been prosecuted,” O’Leary replied.


Karl Lagerfeld’s final residence sells for $10.81M at auction
In response, Stewart asked: “How is he not this mad about overvaluations in the real world?”

“Because they are not victimless crimes,” he said.

Kevin O'Leary.
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“Shark Tank” star Kevin O’Leary slammed a New York judge’s ruling in Donald Trump’s civil fraud case.
ABC via Getty Images
To further his point, Stewart argued that “money isn’t infinite. A loan that goes to the liar doesn’t go to someone who’s giving a more honest evaluation. So the system becomes incentivized for corruption.”

Stewart also contended that failing to declare a higher market value on a property, while paying taxes based on a lower assessed value, constitutes fraudulent behavior.

“The attorney general of New York knew that Trump’s property values were inflated because when it came time to pay taxes, Trump undervalued the very same properties,” Stewart added. “It was all part of a very specific real estate practice known as lying.”

Stewart sold his 6,280-square-foot Tribeca duplex for $17.5 million in 2014.
New York Post

But it didn’t take long for internet sleuths to look into Stewart’s own property history, which shows his New York City penthouse sold for 829% more than its assessed value, records confirmed by The Post reveal.

In 2014, Stewart sold his 6,280-square-foot Tribeca duplex to financier Parag Pande for $17.5 million.

The property’s asking price at that time is not available in listing records.

But according to 2013-2014 assessor records obtained by The Post, the property had the estimated market-value at only $1.882 million.

2013-2014 Property assessment of Jon Stewart's Tribeca penthouse.
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The 2013-2014 property assessment of Jon Stewart’s Tribeca penthouse.
NY Gov
The actual assessor valuation was even lower, at $847,174.

Records also show that Stewart paid significantly lower property taxes, which were calculated based on that assessor valuation price — precisely what he called Trump out for doing in his Monday monologue.

Pande, who purchased the penthouse from Stewart, then resold the property at a nearly 26% loss, according to the Real Deal — at just over $13 million — in 2021.

Timothy Pool, a political commentator known for more right-leaning views, alleged on X that Stewart was being a hypocrite.

Did @jonstewart commit fraud when he sold his penthouse for $17.5M?

NY listed its market value at $1.8M an AV at around 800k

Who did he He defraud??

I am SHOCKED

SHOCKED pic.twitter.com/9okis96VQP

— Tim Pool (@Timcast) March 26, 2024
“Did @jonstewart commit fraud when he sold his penthouse for $17.5M? NY listed its market value at $1.8M an AV at around 800k… Who did he defraud?? I am SHOCKED,” he wrote.

“This is right in [Letitia James’] jurisdiction! I look forward to the grand jury indictment,” a user quipped in response to the tweet.

Stewart’s reps did not respond to The Post’s request for comment, but the comedian tweeted Wednesday evening: “OMG!! I’ve been caught doing something not remotely similar to Trump! I guess all I need to do now is start a fraud college, steal classified docs, bankrupt casinos, pay hush money, grab pussies, discriminate in housing, c***t at golf and foment i**********n and you’ll revere me!”

Meanwhile, the New York assessor valuation on Stewart’s former penthouse is the exact same citation method and metric that New York Attorney General Letitia James used to value Trump’s private and personal properties, and then sued him for inflating those assets.

OMG!! I've been caught doing something not remotely similar to Trump! I guess all I need to do now is start a fraud college, steal classified docs, bankrupt casinos, pay hush money, grab pussies, discriminate in housing, c***t at golf and foment i**********n and you'll revere me!

— Jon Stewart (@jonstewart) March 27, 2024
Market value was not considered throughout the case.

This includes Trump’s Mar-a-Lago estate in Palm Beach, known as his main residence, which was assessed at only $18 million at the time.

Real estate brokers had valued the property at 50 times more than that amount.

Same for his private 200-acre New York family estate in Westchester, which was assessed between $30 million and $56 million.

Trump's children grew on the estate and would often visit during the summers and weekends.
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Donald Trump’s 230-acre private family estate, known as Seven Springs, in Westchester County, New York.
Trump Organization
Trump had valued the property, known as Seven Springs, at $261 million.

The difference between Stewart and Trump’s cases is that a judge ruled that Trump sometimes exaggerated to lenders about how big his properties were, including the square footage of his Trump Tower apartment.

Last month, Manhattan Supreme Court Justice Arthur Engoron ordered Trump to pay $355 million — and temporarily banned him from doing business in the state — relying heavily on the assessed valuations of the properties to determine the ruling.

The $454 million bond to appeal the ruling marks the highest bond ever recorded in United States history against a single individual.