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@nick_h.
The deeds to Mar a Lago say it can only be used as a club. It's not lawful for anyone to live there. Not even Trump. Trump asked for this change to the deeds in the nineties when he was short of cash. He wanted to devalue the property and thereby reduce his tax bill.
He also got the building listed by the National Trust for Historic Preservation. This rules out redevelopment of the land and restricts interior modifications. He chose this, to reduce the value and the tax liabilities. The $18m valuation is based on the club's profits. The property has no other value.
But in his head he has the freedom to undo all the restrictions which he asked for, to allow the 17 acre plot to be filled with new Trump-brand mansions. He probably thinks his next presidency would give him the power to overrule the Palm Beach County commissioners and build whatever he wants.
More detail here https://eu.palmbeachpost.com/story/news/trump/2024/02/16/why-new-york-judge-concluded-trumps-mar-a-lago-valuation-fraudulent/72632374007/