As I understand it, the deed requires that the property actually remains as a social club. But no improvements or changes to the property are allowed, including subdividing it in any way. This is why the county tax assessor valued it the way they did. Normally, they'd take into account the possibility of improvements, even if the effects of those improvements might be negligible.

As I understand it, he's using it as a residence. I don't know enough about Florida real estate law to know if that violates any law, but it's not like Trump worries about such things.