1031 Exchange question - Is this allowed?

[Whitney Breedlove]

I'm trying to figure out how to interpret the 1031 exchange rule that the new property being purchase has to have at least the same value as the property being sold. Is this based off of the price you paid for the original property or the final sale price?

For example.. I'm wondering if I can 1031 exchange out of a property I paid $280k for but eventually selling it for $400k (with a ~$200k loan) for another property that I'd buy in cash for $280k. I'm assuming the answer is no and the new property would need to be worth at least $400k.. Thanks for the help!