That example doesn't work. What you would have had to say is that HI has a law for selling something for more than it's market value, which we don't have. But thanks for playing.
Trump isn't a professional, even with sqft. The lender would have to verify it if it's that important by sending out a professional to verify the sqft and correct as needed. 1 cannot just rely on blue prints either as whats on paper can also be wrong. I mean are you expecting Trump to go and measure the property and not even be 1ft off? Cause whether he's 1 ft or 1,000,000 ft off, it's still not correct and you would think he's a fraud. Same goes with getting an expired meter ticket, 1 minute or 10 mins after the meter expires is still a ticket. Or 14ft away from a corner instead of 15ft. Or if cops were to enforce mag limits. 15rd mag pistol mag or 30rd pistol mag, are both the same level of illegal.
Trump isn't a saint. I dont' expect any billionaire to be one either. I would even call him an asshole at times, but he's the asshole we need that got stuff done. But this is just based off of his TV show and public appearances. I have never met him, so maybe this is his persona he's portraying. But from people who have been interviewed that have met him (regular folk), they all said the same thing "he's a lot nicer in person than what they thought". And of course the fake news never aired this interview again. 1 was for the VEgas shooting when he visited the hospital, another was when he visited the veterans hospital, another when he was ordering burgers in Boston (IIRC). Or would you rather have a nice guy who shits on this country?
There is no actual formula for assessing the value of any propoerty.
For most properties, you have to factor in "location, location, location."
A property would have to be compared to other properties with a similar size, age and amenities, all within the same general area.
How easy do you think it is to find another property that's comparable to Trump's properties (known for their lavish luxury), in the same general area, WHICH HAVE RECENTLY SOLD??
Good luck with that assessment!
If someone thinks square feet is the end-all, be-all of this issue, they need to try doing a market survey themselves. It's really not that difficult or time consuming ... for residential properties or areas where business properties change hands relatively frequently.