Downsizing your home for retirement can be just the ticket to your golden years.

Added financial security can come from a profitable sale of your current home, and more from the savings on maintenance costs for your new home.

And your lifestyle can be simplified by liberating yourself from all the "stuff" we tend to accumulate by retirement age.

1. The bigger issues

You need to look beyond just the financial numbers, however. The question of whether to downsize is more about your quality of life and less about the money. There are emotional, physical and social factors to consider if the decision means moving far away.

Meditate on (and share with your partner) what really matters at this stage of your life — fun, health, creativity, living closer to family, spirituality, intellectual stimulation, community, as well as the financial relief downsizing may offer you.

2. The potential savings

If your answer favors making a move, consider these numbers. Even if the mortgage on your house is paid off, taxes and upkeep can still cost you each year. Most annual property tax bills average about 1% of a home's value (per the Tax Foundation) and annual maintenance bills average from one to 3% (per Freddie Mac).

So, carrying costs alone on a $500,000 home total about $15,000 a year. If you downsize and move into a $350,000 home — the figure drops to $10,500.

Another way of looking at that savings: Assume you only allow yourself a 4% rate of withdrawal annually from your retirement savings. In order to cover the taxes and upkeep on your current home, your retirement nest egg has to be $375,000. To cover the taxes and upkeep on a downsized home, a retirement nest egg of $262,500 will do.

3. What's your current home worth?

Surveys show 75% of would-be home sellers overestimated what their homes were worth, according to their real-estate agents. More than a third saw their home's value at 10 to 20% more than the market was likely to deliver.

Consult several local real estate agents to get a fair estimate of your home's current market value. You could also hire an independent appraiser. Lots of websites will give you information on what homes in your area have sold for recently. You can also use online estimators from major banks to determine a home's value.

When you're talking to the agents or appraisers, ask about inexpensive things you can do to boost your home's selling price.

4. What will a new home cost you?

Just as people tend to be optimistic about what their homes will sell for, they're likely to imagine that they'll get a steal on the next place they buy. That's unrealistic. Use the same online tools mentioned above, or our mortgage calculator below for researching recent sales prices to find what you can expect to pay for the type of home you plan to buy.

SEE ALSO: This Is When You Should Downsize Your Home

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Turns out you don't necessarily need to be a millionaire to live in a mansion.

Low real estate prices in older industrial cities like Cleveland and Baltimore can result in some great deals for a whole lot of space and not a lot of money.

"Typically built during manufacturing boom times, many of these properties fell into disrepair as local economies faltered, giving today’s buyers an opportunity to pick up a palatial abode on the cheap,"The Wall Street Journal's Adam Bonislawski recently wrote.

The experts at the real estate listing site Estately helped us find 11 grand homes on the market for less than $1 million.

Many of the houses feature classic touches and various iterations of Victorian architecture, which make these bargain buildings truly one-of-a-kind.

A $1 million Georgian-style mansion in Maryland sits on three acres of land.

9900 Timberknoll Ln, Ellicott City, MD

This Maryland estate features a stone facade outside and 18th century charm inside. The fully restored house was built in 1765, and has hardwood floors and spacious rooms.

It's located in the historic town of Ellicott City, which has been ranked as one of the best places to live in the US.

This $999,000 Victorian Romantic mansion in Vermont still features many original 1840s touches.

224 Wheeler Road, Brandon, VT

Sitting on a plot of nearly 40 acres, this huge Victorian Romantic-style mansion was built in 1840 and sports 11 rooms, a European sauna, and stained glass windows.

Its secluded Vermont location is still close enough to the rural charms of the historic town of Brandon so home owners don't feel too cut off.

Southern charm oozes from this giant turn of the century Texas farmhouse on the market for $995,900.

313 Jackson Rd N, Kerrville, TX

Though still a country house at heart, both the exterior and interior of this Texas farmhouse have been completely restored with modern touches.

It has a huge master suite, gourmet kitchen, and ginormous front porch. It's also firmly nestled in Texas Hill Country with beautiful scenery and state parks nearby.

Miami’s new most expensive mansion is a gorgeous historical property selling for $65 million.

Known as La Brisa, the home is in the heart of Coconut Grove, aka “the original Miami,” with a 13,800-square-foot residence, two-bedroom guest house, and 6.9 acres of land.

The nine-bedroom residence also has picturesque views of Biscayne Bay and the Atlantic Ocean, over 3,000 square feet of outdoor living space, a pool, a spa, and a private port constructed by the current (anonymous) owner that can accommodate a 70-foot yacht.

Coconut Grove has long attracted famous inhabitants, and is the oldest continuously inhabited neighborhood in Miami. The La Brisa mansion in particular has been owned in the past by Kirk Munroe, an author of children’s novels and books about Florida, and Henry Field, a grand-nephew of the founder of the Marshall Field’s department store chain.

William P.D. Pierce with Coldwell Banker Residential Real Estate’s Miami Beach office has the listing.

Welcome to La Brisa, Miami's new most expensive mansion at $65 million.

The home is in the heart of Coconut Grove, aka “the original Miami."

It sits on 6.9 acres of meticulously landscaped property.

JPMorgan Chase plans to build two towers in Hudson Yards that will cost the bank $6.5 billion.

The New York Times' Charles Bagli reports that in June the bank proposed to build a 62-story tower and a 40-story tower that would occupy as much space as two Empire State Buildings.

It is negotiating a massive incentives package with the city for its new headquarters and at one point sought as much as $1 billion in concessions. 

The list of concessions included lower sales tax on construction materials, job-training grants, and an underground passageway between both towers that would alter the design of a new subway station.

But for the city, approving the new construction could contradict Mayor Bill de Blasio's stance against corporate subsidies, while rejecting it may hurt his administration's relationship with one of the city's largest companies. The bank has said the benefits of the new buildings outweigh the concessions it wants.

The bank has sought fewer concessions in the past few days.

“There’s no way that the city would entertain a demand for a billion dollars in additional incentives at Hudson Yards,” Alicia Glen, the deputy mayor for economic development, told The Times.

About 16,000 JPMorgan employees would work in the new headquarters.

The buildings would be located on 33rd street between 10th and 11th avenue. The area is an industrial hub with many warehouses, and it has transformed in the eight years since former mayor Mike Bloomberg rezoned it for high-rise developments.

Last year, the bank sold Chase Manhattan Plaza to a Chinese group for $725 million.

The company's leaked third-quarter earnings showed that it posted net income of $5.6 billion, or $1.36 per share, missing the expectation of $1.38 per share. 

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Construction topped out at 432 Park Ave. last week, meaning the tower is officially the tallest residential building in New York City.

The luxury condo stands at 1,396 feet, slightly taller than One World Trade Center, which is 1,362 feet tall (not including its spire, which brings its official height to 1,776 feet). It contains 104 condos, including 10 floors of penthouses. One already sold for $95 million.

The views from the residences, some of the highest homes in the world, are truly astounding. Residents will be able to see to the top of Central Park to the north, One World Trade to the south, and Brooklyn and New Jersey to the east and west. 

Developers CIM Group and Macklowe Properties shared these incredible photos, snapped from the top of 432 Park.

Looking north across Central Park, the George Washington Bridge can be seen in the distance.From this height, the rest of the city looks tiny.To the south, there are views of New York City's iconic skyscrapers, including the Chrysler Building, MetLife Building, and Empire State Building. One World Trade is off in the distance.432 Park has already altered the New York City skyline. It towers above the other new construction on 57th Street, nicknamed "Billionaires' Row" for the abundance of luxury condos cropping up there.The building's 104 apartments start at $7 million.For those prices, we have high expectations for the interiors. And they don't disappoint.Designer Deborah Berke took a geometric approach. The huge windows are in a straight line from the front door, making the most of the apartment's perch above the city. According to Berke, the oak herringbone floors are a take on Park Avenue's more traditional apartment buildings.The kitchens will be outfitted with sleek marble countertops and stainless-steel appliances. But the kitchen's best feature has to be this 10-foot-long marble breakfast bar framed against the window. Just imagine enjoying your morning coffee here, with all of Manhattan sprawled out below you. The master suite's floor plan was designed so that the bed would be perfectly aligned with the window, offering the best views possible first thing in the morning. The master suite has separated his and hers bathrooms. Looking north from the marble-covered shower, you'll get a peek of Central Park and the Upper East Side. And to the south, views of the Chrysler Building, the Empire State Building, and One World Trade can all be enjoyed from this free-standing tub.The building's amenities include a lap pool, with incredible views out double-height windows.

Madeline Stone contributed to this post.

SEE ALSO: THE NEW BILLIONAIRES' ROW: See The Incredible Transformation Of NYC's 57th Street

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Mel Gibson just cannot find a buyer for his $30 million Costa Rican estate (via Curbed).

The home, which has been languishing on the market since 2010, was purchased by Gibson back in 2007 as a refuge from the paparazzi that dogged him.

And though you may not think of Costa Rica as a super exclusive retreat for millionaires, this piece of real estate may just change your mind.

The estate has over 500 acres of secluded jungle surrounding it, as well as three villas on the property.

This is the third time the forested compound has been listed for sale. The first was in 2010 for $32 million and the second in 2012 for $29.8 million, according to The Wall Street Journal.

Maybe the third time will be the charm for this $29.7 million slice of paradise.

Playa Barrigona is located on the Nicoya Peninsula, a completely secluded section off the western coast of Costa Rica.

The Spanish influence radiates through the home, evident in the entrance courtyard.

The main home, Casa Guanacaste, is a hacienda-style residence with two floors, 8 bedrooms, and 7 bathrooms.

Savvy homebuyers know that to get the maximum return on their real estate investment, they need to find not only a neighborhood that’s hot, but one that’s getting hotter.

How do you find those soon-to-be hot spots? Local price increases are the most obvious indicator that a neighborhood’s popularity is on the rise. But by the time prices skyrocket, it’s usually too late to beat the buyer wave and get the most bang for your buck.

Instead, if you’re looking for the next up-and-coming community, check out these helpful hints. For instance, keeping tabs on commercial development, home renovations and local crime are great ways to start scouting the next “it” neighborhood.

1) Look for Popular Commercial Projects

When you see neighborhoods with ample commercial projects under construction — think Chipotle, Whole Foods and Starbucks — you’re likely looking at an area on the rise. Think Pilates studios, funky bars and coffee shops. All of these venues are trendy staples these days and they hint at an upcoming wave of buyers.

After all, developers of popular brand-name businesses don’t take their money lightly. If a trendy retailer or eatery has chosen to set up shop in an area, it’s only after their experienced staff have thoroughly vetted the future economic return there.

So, the more “coming soon” signs in shop windows, the better potential there is for that neighborhood to be the next hot spot.

2) Mass Transit Expansion Draws Development

Especially in large cities or dense metro areas, another sure-fire clue to the next hot neighborhood is a mass transit expansion.

If a major city builds a brand-new metro or subway stop in a more run-down area, chances are that area won’t be run-down for long. Savvy real estate buyers snap up properties near new or upcoming mass transit areas while the prices still reflect the conditions of the current neighborhood.

In fact, nearly any property near a mass transit stop in large cities – new or not — is sure to eventually be in a hot neighborhood. That’s because cities have limited space, but growing demand as the population continues to expand.

3) Sporadic Renovations Signal Resurgence

Then there are renovations. A few newly remodeled homes amid blocks of older, shabbier homes are great indicators that the community is poised to enjoy an energetic turn-around.

Look for manicured and landscaped lawns, fresh exteriors like siding replacements and an overall polished look to a property. Fixtures such as new mailboxes, new fences or new doors are other great hints that a homebuyer has invested in a property and that many others will soon follow suit.

4) Declining Crime as A Clue to More Improvements

Finally, declining crime stats can also indicate an emerging neighborhood that’s in the process of shedding its gritty roots.

If a neighborhood is experiencing a crime reduction, homebuyers can assume city officials and residents are making a concerted effort to improve the quality of life there. And with improved quality of life comes more homebuyers and higher property values.

Especially in dense cities where properties are in increasing demand, if a crime-ridden area that has long deterred buyers is making improvements, tab it as an upcoming hot neighborhood.

SEE ALSO: The 25 Richest Neighborhoods In America

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Lady Gaga has reportedly dropped $23 million on a Malibu, California, mansion with a Batcave (yep, you read that right), according to Curbed.

The Batcave, which is accessible by a secret door, contains a wine cellar, home theater, and bowling alley.

The home was sold by Dan Romanelli, the founder of the consumer-products division at Warner Bros., who listed it for $24.95 million in May 2014.

Romanelli built the superhero-inspired home in 2006. "Batman was something that really helped build my division," Romanelli, who worked on toys linked to the series, told The Wall Street Journal when the home went on sale.

The nearly 10,270-square-foot mansion also has five bedrooms, 12 bathrooms, an elevator, gym, and pool. 

Here's what you see when you drive up to Lady Gaga's new digs.

If you head around back, the view gets even more impressive.

Let's jump right to the underground "Batcave." It contains arcade games and a collection of vintage toys.

A gorgeous beachfront estate in Turks and Caicos has just hit the market for $48 million, according to the Wall Street Journal. 

Built by Dallas-based investor Robert Haas and his wife Candice, the home is nicknamed "Oliver's Cove" after a dog the couple rescued. With two homes totaling over 12,000 square feet on 6.54 acres along the beach, there are only a few rooms that don't have a view of the clear blue ocean.

The house sits on he private island Parrot Cay, which is part of the Parrot Cay by Como Resort. Officially a part of the resort, the home also offers all of the resort's amenities like a spa, a gym, Pilates classes, tennis courts, and room service. Neighbors include celebs like Bruce Willis, Donna Karan, and Christie Brinkley.

The estate is on a private island called Parrot Cay.

It features over 800 feet of private, secluded beachfront.

The great room sitting area defines the term "ocean view."

America's 100 biggest landowners increased their private holdings by 500,000 acres in the past year, according to The Land Report, which just released its annual list of landowners by acreage.

That's slightly down from 2013, when the top 100 added 700,000 acres to their holdings. Even so, it means these land tycoons control more than 30 million acres, or almost 2% of America's land mass.

Media tycoon John Malone, who owns 2.2 million acres — more than twice as much land as the state of Delaware — tops the list for the fourth year running. We're taking a closer look at the top 25 land owners. You can download the full report here.

#25 Amazon CEO Jeff Bezos owns 290,000 acres.

Amazon CEO Jeff Bezos bought a 290,000-acre ranch in Texas in 2004, and his aerospace firm Blue Origin uses it to test space vehicles.

Data provided by The Land Report.

#24 The Nunley cattle-ranching family owns 301,500 acres.

The Nunley brothers have been in the ranching business for more than 70 years, and specialize in the Santa Gertrudis breed of cow. They own holdings in Texas and New Mexico, including a major cow-calf operation.

Data provided by The Land Report. 

#23 The Collins family, who have a forest products company, owns 310,472 acres.

Privately-owned, The Collins Companies runs timber operations from Pennsylvania to Oregon. Since 2010, they've added around 17,000 acres to their holdings.

Data provided by The Land Report.

Manhattan has a new record for most expensive co-op ever sold: $80 million.

Ukrainian billionaire Leonard Blavatnik bought New York Jets owner Woody Johnson’s unit at 834 Fifth Avenue, which was listed for $75 million. Earlier this month, Johnson accepted the offer from Blavatnik.

Johnson, heir to the Johnson & Johnson fortune, never lived in the 11th- and 12th-floor duplex, but did use the space for parties and fundraisers. Blavatnik is the world’s 32nd richest man, according to Forbes. He’s made other trophy real estate buys in Manhattan, including 2 East 63rd Street, a townhouse that used to be the New York Academy of Science, which he bought in 2005 for $31.3 million.

A year later, he bought a unit at 998 Fifth Avenue for $27 million and in 2007, he purchased Edgar Bronfman’s 15 East 64th Street townhouse for $51 million, according to the New York Post.

Until now, the record for priciest co-op ever sold was held by hedge fund manager Israel Englander, who bought a duplex at 740 Park Avenue for $71.3 million earlier this year. [NYP]

SEE ALSO: Lady Gaga Reportedly Dropped $23 Million On This Insane Malibu Mansion With A Secret 'Batcave'

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As popular cities have become overrun with inhabitants, many are forced to give up the basic comfort of space to live in a cultural hub. 

But Muji, the Japanese retail company known for it's minimalistic products, has designed a spacious home specifically for urban dwellers living in tight spaces — by building up. The home employs many strategies for making a space looking bigger than it actually is: there are no internal walls or doors, a large open stairwell runs through the entire house, and it has plenty of bright windows that let in natural sunlight.  The prefabricated ‘Vertical House’ prototype is located in the notoriously overcrowded Tokyo. It occupies a small plot of land that is spread across three stories. The home has a “split-level system” where all functions and programs are placed side-by-side, so that the space has a more connected environment. The home has a simplistic style, and is minimally decorated with Muji products.

It will be available in Japan in seven different variations for about 20 million yen ($180,116), according to Quartz. 

SEE ALSO: This Design Studio Is Partnering With IKEA To Sell Prefab Homes For $86,500

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Locksley Hall, originally built in 1904 by banker C.O. Perry, sits on the southern crest of Belvedere Island, and is on the market for $49 million, according to Curbed.

The three-story, 9,235-square-foot estate has six bedrooms, a wraparound veranda, a quiet hydraulic elevator that serves every floor, a pool with imported stone, a rose garden, and a bronze gate designed by the famed architect Julia Morgan.  

Located on an Island about a half hour from San Francisco, the estate has stunning views that extend from Angel Island and the Raccoon Strait, to the Golden Gate Bridge and San Francisco city skyline.

The home has undergone massive restorations of around $30 million by previous owner and mining mogul Robert Friedland to retain its original architectural detail. The properly last appeared in 2009 for around $70, so the new listing price has be cut by $21 million, according to Curbed. 

Neal Ward has the listing. 

Welcome to 440 Golden Gate on Belvedere Island.

It sits on southern crest of the Island, which offers incredible unobstructed 270-degree views of San Francisco.

The home is a historical landmark and is covered under the ‘Mills Act,’ so there are significant reductions in property taxes.

The village of Johnsonville, Connecticut, has been a theme park, a textile mill, a movie set, and a ghost town. Now, the entire town can be yours for $800,000.

Johnsonville's founding dates back to the 1830s, when it was a mill town for the twine industry in Connecticut. Fast forward to 1960, when, according to Curbed, aerospace millionaire Ray Schmitt bought up all the buildings in town. He also brought his own buildings to Johnsonville, including a Victorian-era stable and a chapel from Massachusetts, opening a quaint theme park. 

By 1994, after a fight with local officials and a few fires, the park closed. Save for the movie "Freedom" being filmed there as well as a Billy Joel music video, the 64 acres have been left abandoned ever since. 

A hotel developer did purchase the property in 2008, but after trying to unload it last year for $2.9 million, the property is now being auctioned starting at a discounted $800,000.

Many of the original buildings from the 1800s are still standing, though they are in terrible shape.

The structures, though dilapidated, feature authentic and original colonial and Victorian design.

Fires destroyed some of the original structures, but at least eight still remain on the property.

The Whitman, located in New York’s Flatiron district, is known for being the home of former first daughter Chelsea Clinton, NASCAR’s Jeff Gordon, and hedge fund manager John Silvetz.

So it's only fitting that another famous face is the newest addition to the star-studded condominium — namely, Jennifer Lopez. 

Lopez has bought the incredible 6,500-square-foot penthouse that overlooks Madison Square Park for $22 million, according to real estate website Zillow. 

The pre-war condominium has four bedrooms, six bathrooms, and four separate terraces with a grand total of 3,000 square feet of exterior space.

It even has a full-time doorman, gym, private storage, and key-locked elevators with private elevator landings. 

Douglas Elliman has the listing. 

Welcome to The Whitman at 21 East 26th Street. This luxurious complex has a full-time door man for its four apartments.

The enormous living room has arched windows that look right out onto Madison Square Park.

The kitchen was designed by famed Italian design company Arclinea.

Beverly Hills has a new star moving into the neighborhood. Jennifer Lawrence just plopped down a cool $8.2 million for Jessica Simpson's old pad, according to real estate website Trulia.

Lawrence bought the property from an unknown buyer after Jessica Simpson sold it in October 2013 for $6.4 million.

Simpson isn't the only one: Paul Hogan, Ellen DeGeneres, and other industry bigwigs have all called this mansion home, Trulia reports.

The mansion has 5 bedrooms and 6 bathrooms for a total of 5,500 square feet. The gated and walled property was custom built in 1991. 

Lawrence joins a neighborhood of stars, as Ashton Kutcher and Mila Kunis, who just moved in down the street.

The property is fully walled and gated, offering the ultimate in privacy to its A-list owner.

The house is also located in one of the most private and secure celebrity enclaves in Beverly Hills.

A formal living room delights guests with classical touches like hanging chandeliers. Adjacent to the living room is the formal dining room.

Is New York City’s luxury housing bubble getting ready to pop? It’s a recurring and, as of late, frequent question— and one that industry heavyweights tackled Wednesday at the Urban Land Institute’s fall conference.

Developments along the 57th Street corridor – dubbed Billionaires’ Row – have been cited most often as examples of an inflated market, thanks to eye-popping prices like the $34 million paid recently for a 4,483-square-foot condo at Extell Development’s One57.

Bruce Beal, president and general partner of Related Cos., noted that high land costs in the area helped spur the high-end projects, which also benefitted from investments of foreign capital.

“The question is how much more foreign capital is going to flow in here,” he said. “If you look domestically, you are unfortunately pricing out people who live here. Not everyone is a hedge fund manager,” said Beal. “I tend to think we’re kind of at the top of what really should be produced there now.”

Robert Toll, executive chairman of national homebuilder Toll Bros. Inc., acknowledged the push-and-pull felt by developers. “It seems like we hit the goal post last year,” he said, adding that it’s “difficult to pull the ripcord and say, ‘Enough.’”

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The Hamptons home of late cable and telecommunications entrepreneur Richard Treibick has sold after just two months on the market, according to Candace Taylor at The Wall Street Journal. It had been listed for $34.99 million in August.

The home is located on 31 acres of beachfront property in Sagaponack, in the Hamptons. The buyer remains unknown.

Treibick, the former chairman of Cable Holdings and Cellular Information Systems, died earlier this year. The Sagaponack property was his summer home, with his primary residence in Greenwich, Conn.

Gary DePersia of the Corcoran Grouphadhas the listing.

The estate is made up of two parcels: a 6,000-square foot house and 23 acres of adjacent farmland. Treibick leased part of the land to local farmers, using the rest to grow vegetables and berries. A barn, greenhouse, and shed sit on the property.With seven bedrooms and multiple decks, the house itself is gorgeous.

The pool deck is a great place to relax with family and friends.

And there are plenty of options for dining outside when the weather permits.

You're never too far from the beach on this property. A private boardwalk leads down to the sand.

And there are plenty of ways to enjoy the view.

SEE ALSO: The 10 Biggest Tech Billionaire Yachts On The High Seas

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Nearly half of the apartments in one of New York’s most expensive neighborhoods are empty for the majority of the year.

Data from the Census Bureau’s 2012 American Community Survey reveals that, 285 out of 496 apartments, or 57 percent, in a three-block stretch of Midtown, from East 56th Street to East 59th Street, between Fifth Avenue and Park Avenue, are vacant at least 10 months a year.

From East 59th Street to East 63rd Street, 628 of 1,261 homes, or almost 50 percent, are vacant the majority of the time.

“My district has some of the most expensive land values in the world — I’m ground zero for the issue of foreign buyers,” State Senator Liz Krueger, whose district includes Midtown, told the New York Times. “I met with a developer who is building one of those billionaire buildings on 57th Street and he told me, ‘Don’t worry, you won’t need any more services, because the buyers won’t be sending their kids to school here, there won’t be traffic.’”

The developer told her that the buyers basically would never be here. “He said it like this was a positive thing,” she added.

It should be noted, however, that the Census Bureau data does not drill down into individual buildings. State Senator Brad Hoylman is proposing legislation to charge an additional tax to owners of expensive pieds-à-terre.

According to the proposal, owners of a pied-à-terre priced between $5 million and $6 million would pay 0.5 percent of the amount over the $5 million threshold in annual taxes. This would gradually increase, capping off at properties of more than $25 million, where the owner would pay a $370,000 annual fee plus 4 percent of the amount over $25 million. (via New York Times).

SEE ALSO: RANKED: The 50 Best Suburbs In America

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A civil racketeering lawsuit against Donald Trump can proceed as a class action, a federal judge has ruled, in a major incremental victory for a former student accusing him of running a bogus investment university.

The ruling by Judge Gonzalo Curiel means that a California businessman named Art Cohen can sue Donald Trump on behalf of anybody who bought seminars from Trump University after January 2007.

That lawsuit accuses Donald Trump and his university of violating federal racketeering law by scheming to defraud students into paying thousands of dollars for useless real estate investing classes.

Curiel's ruling is a big deal because it is generally not worth a lawyer's time to pursue a case like this on behalf of one person. Now, Cohen is representing thousands of people who were allegedly duped by Trump University, according to court documents filed by his attorneys.

Here's what Trump's lawyers said in a statement emailed to Business Insider: "We are taking action to immediately appeal the Court’s decision to certify a class in this case.  However, we are confident that Mr. Trump will ultimately prevail on the merits once all the evidence is considered."

Trump University stopped operating in 2011 but has been the subject of continuous litigation. New York Attorney General Eric Schneiderman sued Trump University last year for allegedly failing to deliver on promises to teach real estate investment techniques and defrauding students of $40 million.

Cohen also filed his suit last year after he allegedly spent $34,996 on Trump University's "Gold Elite" program. Trump misled students into believing they would learn investment secrets from both him and his "handpicked professors," the lawsuit claims. Instead, Cohen said, Trump had no real role in choosing instructors and didn't give students access to any of his real estate investing secrets.

"The misleading nature of the enterprise is embodied by its very name," the complaint said. "That is because, though Defendant promised 'Trump University,' he delivered neither Donald Trump nor a university."

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