A New York judge’s lowball valuation for Donald Trump’s real estate properties has sent shockwaves through real estate and political circles, the New York Post reports.

Insiders are especially flummoxed by Manhattan Supreme Court Justice Arthur Engoron’s $18 million assessment for Trump’s 20-acre oceanfront Mar-a-Lago golf club in Palm Beach.

“It’s utterly delusional to think that property is only worth $18 million,” one prominent Palm Beach, Fla., real estate broker told the Post on the condition of anonymity.

“If that property were on the market today, I would list it at $300 million minimum … at least. He also has the separate golf course minutes away,” the real estate agent added.

Engoron ruled that the former president inflated the value of his wealth. His ruling—made without a jury under the guise the “facts” were unequivocal and none was needed—holds Trump and the Trump Organizations liable for fraud, mirroring the central allegation in New York Attorney General Letitia James’ lawsuit against the 45th president of the United States, who made a name for himself with blockbuster New York real estate deals.

Engoron’s 35-page verdict cites a Palm Beach Assessor valuation for the property of $18 million to $28 million between the years 2011 and 2021.

A two-acre wooded lot five minutes away from Mar-a-Lago is currently listed for $150 million, and another, 2.3-acre plot is on the market for $200 million.

In March, Rush Limbaugh’s widow, Kathryn Adams Limbaugh, sold his Palm Beach estate on 2.7 acres for $155 million.

Purchased in 1985 for $10 million by Trump, the 128-room mansion with a 20,000-square-foot ballroom was appraised for $160 million in 2018 by Forbes.

Built between 1924 and 1927 for businesswoman and socialite Marjorie Merriweather Post, Mar-a-Lago is a National Historic Landmark.

The judge and AG James allege Trump exaggerated the value of his business and properties in order to obtain more favorable bank loans and insurance.