Jon Stewart is getting slammed for ‘overvaluing’ his NYC home by 829% after labeling the Trump case as 'not victimless' — but here’s what his critics are missing
The civil fraud case involving former President Donald Trump, centered around allegations of overvaluing assets, has attracted a wide range of reactions from public figures.
And these opinions can vary significantly. For instance, “The Daily Show” host Jon Stewart recently blasted “Shark Tank” star Kevin O’Leary over his remarks about the Trump case.
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Stewart particularly challenged O’Leary’s assertion that the case lacked a victim.
“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 during a recent episode of “The Daily Show.” He then played a selection of "Shark Tank" clips in which O’Leary sharply criticized entrepreneurs for proposing what he deemed "insane" and "crazy" startup valuations, highlighting a perceived double standard.
Stewart argued that Trump's practices of asset overvaluation indeed have victims.
“They are not victimless crimes,” he explained. “First, the banks got paid back at lower interest rates, although, to be honest, who gives a s—. But, second, 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.”
He further remarked, “Donald Trump’s shenanigans cost the City of New York.”
In response to Stewart's comments, some online voices quickly pointed to Stewart's own experiences with property valuation.
Valued at $1.88 million, sold for $17.5 million
In a post on X, political commentator and podcaster Tim Pool shared a New York Times headline dating back to 2014, which announced, “Jon Stewart Sells TriBeCa Penthouse for $17.5 Million.”
In his post, Pool raised a question, “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.”
According to assessor records from 2013-2014, as reported by the New York Post, Stewart's former property was given an estimated market value of $1.882 million and an actual assessed value of $847,174.
This led to a significant observation: the $17.5 million sale price was 829% higher than the $1.882 million estimated market value. Consequently, the New York Post reported that Jon Stewart “found to have overvalued his NYC home by 829%.”
This discussion clearly resonated. At the time of publication, Pool’s post has garnered 2.1 million views, along with over 40,000 likes and close to 10,000 reposts.
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Market dynamics and real estate values
It's important to note that Stewart's sale of his Tribeca penthouse for $17.5 million, a figure significantly above the estimated market value of $1.882 million as appraised by the city of New York, doesn’t necessarily equate to an overvaluation on his part.
What it likely reflects is the dynamics of real estate transactions where the ultimate sale price is determined by what a buyer is willing to pay at a given time. In this instance, the buyers, financier Parag Pande and filmmaker Ritu Singh Pande, evidently saw value in the property to justify their investment at that price point at that time.
Nevertheless, this transaction turned out to be advantageous for Stewart, given the substantial difference between the sale price and the city's valuation.
However, the narrative extends beyond this successful sale. Subsequently, as reported by real estate news website The Real Deal, the Pandes placed the property back on the market and ended up selling it in 2021 for just over $13 million. This sale price, while still considerable, represents a nearly 26% decrease from their purchase price — further illustrating the volatile nature of real estate investments and the fact that market values can fluctuate significantly over time.
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This article provides information only and should not be construed as advice. It is provided without warranty of any kind.
