Several public figures have had different reactions to a civil fraud court case filed against former President Donald Trump. The case concerns claims of asset overvaluation.
Jon Stewart, the host of “The Daily Show,” has been making waves over his recent criticism of “Shark Tank” star Kevin O’Leary over the latter’s comments on the Trump lawsuit. Stewart went on to clap back at O’Leary’s comments, referring to the case as “victimless.”
“I’m surprised to hear he’s so chill about overvaluing something that he thinks is victimless because when someone tries to do that to him…” Stewart said in a recent episode of “The Daily Show.”
He then proceeded to show clips from “Shark Tank,” in which O’Leary slammed entrepreneurs for having “insane” startup values. The host then followed up on what sounded like a double standard.
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Moreover, Stewart claims that Trump’s techniques of asset overestimation are victim-free. Stewart confidently asked, “Are they victimless crimes?” The point is as follows: “First, the banks got paid back at lower interest rates, although, honestly, who gives a s—? But second, money isn’t infinite. A loan to the liar doesn’t go to someone giving a more honest evaluation, so the system becomes incentivized for corruption.”
He added, “Donald Trump’s shenanigans cost the City of New York.” Meanwhile, within minutes of the response, some online voices raised Stewart’s encounters with property assessment.
Conservative YouTube commentator and podcaster Tim Pool shared a 2014 headline from the New York Times: “Jon Stewart Sells TriBeCa Penthouse for $17.5 Million.”
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In the post, he asked, “Did @jonstewart commit fraud when he sold his penthouse for $17.5M? NY listed its market value at $1.8M and AV at around 800k. Who did he defraud?? I am shocked”
According to assessor records from 2013 to 2014, the previous Stewart property had an assessed market value of about $1.882 million and an actual assessed value of $847,174, as reported by the New York Post.
This led to a great observation. The sale price of $17.5 million was 829% higher than the estimated market value of $1.882 million. That led the New York Post to report that “Jon Stewart overvalued his NYC home by 829%.”
Although Jon Stewart sold his Tribeca penthouse condo for $17.5 million, more than $15.6 million over the city’s estimate of its market value, it doesn’t necessarily mean he overvalued it himself.
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Real estate transactions are ruled by using the fee that shoppers are inclined to pay in the interim. The buyers, Parag Pande and Ritu Singh Pande, must have seen value inside the home that made them pay that amount for it.
Stewart undoubtedly benefited from the transaction, given the substantial distinction between the sale rate and the city’s evaluation. But the same cannot be said for the Pandes. According to The Real Deal, the Pandes relisted the residence and sold it in 2021 for little more than $13 million.
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