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Real estate magnate Grant Cardone has invested $500 million, originally intended for New York City, in Fort Lauderdale, Florida.
The money was diverted after a judge in New York ordered former President Donald Trump and his companies to pay $364 million in fines. The judge ruled that they were guilty of fraud by inflating Trump’s assets to get favorable treatment from the banks.
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“When governments go crazy, money moves. While New York, Illinois, California and the like continue to make stupid decisions, [money flows] toward more rational, business-friendly markets,” Cardone wrote in a recent post on X.
At the time of the ruling, Trump called the decision a “complete and total sham” in an emailed statement and accused the legal system of being politically biased against him.
The post sparked a debate among Cardone’s followers, with some applauding Cardone’s move and others wondering what impact it will have on those who invested in his funds.
Follower Andrew Morgasen wrote: “So you’ve decided to walk away from a good investment because of a court ruling that doesn’t apply to you or your investment? When you invest clients’ money, you’re acting as a fiduciary.”
In another post, “Leave Delaware” noted that Cardone Capital’s shift is part of a broader trend of investors leaving blue states like Delaware, New York and California.
“Smart money is moving to more business-friendly environments,” Leave Delaware wrote.
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Following the ruling by New York Judge Arthur Engoron, Cardone, a well-known Trump supporter, announced he would “immediately cease” doing business in New York City.
“We invest at Cardone Capital for 14,000 investors who depend on cash flow. And if I can’t predict cash flow because of a ruling or because of the migrants or because I can’t deport people, New York City continues to do everything they can There’s only one thing they can do to sell real estate in Florida, and not to sell real estate in New York,” Cardone said at the time.
He also encouraged his followers to send a message by donating to the $355 million “Unjust Judgment GoFundMe” account his wife Elena created.
Cardone isn’t the only business mogul to challenge the judge’s decision. “Shark Tank” star Kevin O’Leary called the decision to fine Trump “unjust,” “terrible” and “un-American.”
“The fact that he was found guilty might as well find every real estate developer in the world guilty,” said O’Leary, who believes the ruling against Trump will likely be overturned on appeal.
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This article Cardone Capital Forwards $500 Million to Florida – ‘When Governments Go Crazy, Smart Money Moves’ originally appeared on Benzinga.com
