Jon Stewart, the host of “The Daily Show,” has come under fire after it was revealed that he overvalued his New York City penthouse by an astonishing 829%, despite criticizing Donald Trump for similar actions with his Mar-a-Lago residence.
During a recent segment of his show, Stewart blasted Kevin O'Leary of “Shark Tank” for his relaxed stance on property valuation, saying such actions were “victimless crimes.”
Stewart quipped, “I'm surprised to hear this from Kevin O'Leary, a guy who's such an asshole… that even the other people on Shark Tank think he's an asshole.”
In a scathing critique of Trump, Stewart accused the former president of costing New York City by avoiding taxes through inflated property valuations, saying, “Donald Trump's shenanigans cost the city of New York.” He joked, “that is money that the city of New York could have used to build more Walgreens.”
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“Everything you just listed off is done by every real estate developer everywhere on earth in every city. This has never, ever been prosecuted,” O' Leary noted at the time.
“To take a law that we use to protect people against buying refrigerators at an overpriced value decades ago and apply it against an individual and then talk about seizing assets like in Cuba. This is a very, very, very bad look for New York and everybody around the world is watching this,” O' Leary said on CNN last week.
“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 then claimed. “It was all part of a very specific real estate practice known as lying.”
However, the news of Stewart's own property dealings has exposed the late night host who has returned for election season. Internet detectives quickly scrutinized the property transactions of the New York City penthouse owned by Stewart, revealing the significant overvaluation. In 2014, Stewart sold his Tribeca duplex for $17.5 million.
However, assessor records from 2013-2014 verified by The New York Post, show the property's estimated market value was just $1.882 million, with the actual assessed value even lower at $847,174. As a result, Stewart benefited from considerably reduced property taxes, calculated based on this lower assessed value.
Parag Pande later sold the penthouse at a loss of nearly 26%, for just over $13 million in 2021, as reported by The Real Deal. The news then sparked accusations of hypocrisy on social media.
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
This discrepancy between the sale price and the assessed value mirrors the very issue Stewart decried on his show. His property taxes were also calculated based on the lower assessed valuation, further entangling him in the type of behavior he lambasted when discussing Trump.
The former president has faced scrutiny over recent months for the way his businesses and properties have been valued.
New York Judge Arthur Engoron ruled that Trump provided a fraudulent valuation of his Mar-a-Lago home, leading to a $354.8 million penalty against him. Trump and his sons, Donald Trump Jr. and Eric Trump, were also ordered to pay over $4 million each.
Despite the ruling, Trump has continued to assert that his financial statements were understated, and that Mar-a-Lago's valuation did not account for its brand value.
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