- Trump was ordered to pay more than $350 million and barred from doing business in New York for 3 years
- The court found Trump dramatically inflated the values of multiple properties including his Trump Tower penthouse and Mar-a-Lago estate
Donald Trump has long touted his vast real estate empire, but the future of the embattled former president’s property holdings remains unclear after the former president was ordered to pay more than $350 million in the blockbuster civil fraud trial and banned from doing business in New York for three years.
Judge Arthur Engoron issued the order on Friday. Trump’s sons Eric and Don Jr. are also banned from serving in top roles at New York company for two years and ordered to pay $4 million each.
It’s unclear what exactly the ruling means for the former president’s finances and properties. Much of his wealth is tied up in real estate. Trump has to come up with the money or secure a bond within 30 days.
In the end, Trump could have to sell property or other assets to cover his legal penalties.
The former president’s lawyer Alina Habba has vowed to appeal the decision calling it ‘a manifest injustice – plain and simple.’
The ruling follows an explosive three-month court case in which Trump was accused of massively inflating the value of his properties including his Trump Tower penthouse and Mar-a-Lago estate to obtain favorable bank loan terms.
During the trial, the former president railed against the judge and prosecutor arguing his financial statements were perfect, he is innocent and was being targeted by political opponents.
Here’s a breakdown of the properties that Trump is accused of inflating the values of:
Trump Tower and the penthouse apartment which Trump claimed was three times its actual size
Located on Fifth Avenue, Trump Tower is perhaps the most recognizable property carrying the former president’s name and is headquarters of the Trump Organization.
Prosecutors said Trump inflated the value of his Manhattan penthouse in Trump Tower by about $200 million when he tripled the estimate of the square footage from 11,000 square feet to 30,000 square feet.
Trump had valued the apartment at $327 million, which James called ‘absurd.’
The former president claimed it was an ‘honest mistake’ and was immediately corrected.
Trump Park Avenue which Trump valued based on the units’ market value but were rent stabilized and worth far less at $84.5 million
The Trump Organization received a valuation for Trump Park Avenue, a 32-story condo building with 120 apartments and eight penthouses, in 2020 at $84.5 million.
On a 2020 statement of Trump’s financial condition he listed the property being worth $135.8 million.
James’ team found that in 2011 and 2012, Trump ‘ignored legal restrictions’ listed 12 rent-stabilized units in the building by what they would be worth if they could be rented out at market value. Trump claimed the units were worth $50 million, over 65 times the $750,000 those units were appraised at in 2010.
Trump’s Seven Springs estate which he valued at $291, nearly ten times what it was appraised for only a few years prior
In 1995 Trump purchased his 213-acre estate in Westchester County, New York for $7.5 million.
Two decades later in 2006 it was found to be worth $30 million, but Trump’s statements of financial condition from 2011 to 2021 found the property to be worth $261 million and $291 million.
40 Wall Street which Trump listed at $300 million more than what it was found to be worth at $530 million
The Trump building at 40 Wall Street, where Trump owns the ground lease was valued at $220 million in 2012. The Trump Organization listed the property’s value at $530 million in 2013.
Trump did not factor in escalating rent expenses for his Niketown valuation in the mid-$400 million range
Trump owns two ground leases for a space that adjoins Trump Tower that for many years he rented to Nike. In 2020 and 2021 Trump reported the value of the property was in the mid-$400 million range, while James’ office found the property to be worth $225-$250 million range, arguing that Trump had not factored in ‘escalating scheduled rent expenses.’
Trump valued Mar-a-Lago at nearly 10 times what it was worth at $739 million
James argued Trump’s glamorous Florida golf resort where he currently lives was valued at $739 million under the ‘false premise’ that it was unrestricted property and could be developed for residential use.
Her office pointed out that Trump donated the residential development rights of the property and sharply restricted making any changes.
The court found Trump inflated the value of Mar-a-Lago as much as 2,300 percent, ruling its valued between $18 million and $27.6 million based on the Palm Beach County tax appraiser’s estimates.
During the case Trump claimed Mar-a-Lago was really worth up to $1.5 billion.
Trump International Hotel and Tower in Las Vegas which Trump told tax authorities was worth far less than what his financial statement showed at $108 million
Trump owns a 50 percent stake in a hotel condominium tower together with businessman Phillip Ruffin. In 2015 the Trump Organization submitted a $24,950,000 valuation to contest taxes they owed to Nevada, but the same year his statement showed the property to be worth $108 million.
Turnberry golf course which Trump valued on a fixed asset scheme at $127 million even though it has been operating at a loss
In 2017, Trump’s golf course in Turnberry, Scotland, was valued at nearly $127million. But James insists it has operated as a loss since then, and says it was ‘false and misleading’ of Trump to use a valuation of the course based on a fixed asset scheme.
Trump Lawyer Alina Habba slammed the devastating ruling and has vowed to appeal.
‘This verdict is a manifest injustice – plain and simple,’ Alina blasted the decision in a statement provided to DailyMail.com. ‘It is the culmination of a multi-year, politically fueled witch hunt that was designed to “take down Donald Trump,” before Letitia james ever stepped foot into the Attorney General’s office.’
Habba goes on that countless hours of testimony ‘proved that there was no wrongdoing, no crime, and no victim.’
