Trump inflated his net worth by $2.2 billion, New York AG says In filing
Aug 31, 2023 09:14:53 #
ABC News
ABC News
Trump inflated his net worth by $2.2 billion, New York AG says
Former President Donald Trump routinely overstated his net worth -- sometimes by more than $2 billion -- during years when the actual values of his real estate holdings were far less than he claimed, according to a court filing Wednesday by the office of New York Attorney General Letitia James.
The attorney general's office included the numbers in a motion for summary judgement that asks the court to resolve a civil fraud claim before the AG's $250 million civil suit against Trump goes to trial.
The former president, meanwhile, called his real estate portfolio "the Mona Lisa of properties" during an April deposition in the suit, according to a transcript of the deposition that was made public Wednesday.
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MORE: New York AG Letitia James files $250M lawsuit against Trump for defrauding lenders, others
"We have properties that make money, but you can sell for many, many times because of the quality of the property, like a Turnberry in Scotland," Trump said, according to the transcript. "I could sell that. That's like selling a painting. A painting on a wall that sells for $250 million and doesn't make income. It just sits on a wall, but it sells for numbers."
Unlike his first deposition with James, during which Trump invoked his Fifth Amendment right against self-incrimination hundreds of times, the former president in the April deposition answered questions for hours about his real estate holdings, which he suggested are worth far more than what appeared on property valuations.
"I have -- literally, I have some of the greatest pieces of property in the world and they sell -- as Mar-a-Lago, some of the things I own in Europe, some of the things I own in New York, even like at Trump Towers, 57th and Fifth, it's the best location," Trump said at the April 13 deposition at the attorney general's office near Wall Street. "I have great assets."
James last year brought a $250 million lawsuit against Trump, his children and his company that accuses them of "grossly" inflating the former president's net worth by billions of dollars and c***ting lenders and others with false and misleading financial statements. Trump has insisted he has done nothing wrong and has attacked James, who is Black, as r****t.
Republican p**********l candidate former U.S. President Donald Trump speaks at the Faith and Freedom Road to Majority conference at the Washington Hilton on June 24, 2023, in Washington, D.C.
Republican p**********l candidate former U.S. President Donald Trump speaks at the Faith and Freedom Road to Majority conference at the Washington Hilton on June 24, 2023, in Washington, D.C.
© Drew Angerer/Getty Images, FILE
The trial is scheduled to begin in October.
In 2014, Trump claimed on his statements of financial condition to be holding $6.7 billion in assets -- but the attorney general's office said in Wednesday's filing that figure overstated Trump's actual net worth that year by more than $2.2 billion.
"Based on the undisputed evidence, no trial is required for the Court to determine that Defendants presented grossly and materially inflated asset values in the SFCs and then used those SFCs repeatedly in business t***sactions to defraud banks and insurers," the filing said.
The attorney general's filing Wednesday said Trump valued his Florida Mar-a-Lago estate "as if it could be sold as a private single family residence for amounts ranging between $347 million to $739 million." The filing said those figures ignored limitations placed on how the property could be developed.
During that same period, the property was assessed by Palm Beach County as having a market value based on its restricted use as a social club ranging between $18 million to $27.6 million, the filing said.
The attorney general's office also said Trump tacked on an extra 15-30% "brand premium" to the value of many of his golf clubs and inflated the value of unsold condominium units he owned at Trump Park Avenue in New York City. The filing said Trump valued rent stabilized apartments as if they were not rent stabilized, and valued other unsold units in excess of current market value.
MORE: New York AG seeking to expedite fraud suit against Trump and company
Two apartments leased by Trump's daughter, Ivanka Trump, were valued at amounts two to three times the price at which she had the contractual option to purchase the units, the filing said.
Trump's legal team is expected to oppose the motion for summary judgment.
In his April deposition released Wednesday, Trump said that as president, he turned over all but major business decisions to his adult children because he was too busy to run the company and he was concerned about potential conflicts. He said he instructed Donald Trump Jr. and Eric Trump not to do any new real estate deals -- only run the company's existing properties.
Trump boasted about his golf courses and other properties, and claimed to have $400 million in cash on hand, though he conceded during the deposition his legal bills were adding up.
"My biggest expense is probably legal fees, unfortunately. That's OK. But we have a lot of cash. We have great assets. And we have a very valuable company," Trump said.
Trump lied !!!!
Hohum !!!!
Your president lied ?????
Shocking , just shocking !!!!!
Get your checkbooks out this is really going to cost you this time.
ABC News
Trump inflated his net worth by $2.2 billion, New York AG says
Former President Donald Trump routinely overstated his net worth -- sometimes by more than $2 billion -- during years when the actual values of his real estate holdings were far less than he claimed, according to a court filing Wednesday by the office of New York Attorney General Letitia James.
The attorney general's office included the numbers in a motion for summary judgement that asks the court to resolve a civil fraud claim before the AG's $250 million civil suit against Trump goes to trial.
The former president, meanwhile, called his real estate portfolio "the Mona Lisa of properties" during an April deposition in the suit, according to a transcript of the deposition that was made public Wednesday.
"These Consolidation Loans Helped Me Become Debt-Free (Find Out How)"
Ad
Debt Consolidation
"These Consolidation Loans Helped Me Become Debt-Free (Find Out How)"
MORE: New York AG Letitia James files $250M lawsuit against Trump for defrauding lenders, others
"We have properties that make money, but you can sell for many, many times because of the quality of the property, like a Turnberry in Scotland," Trump said, according to the transcript. "I could sell that. That's like selling a painting. A painting on a wall that sells for $250 million and doesn't make income. It just sits on a wall, but it sells for numbers."
Unlike his first deposition with James, during which Trump invoked his Fifth Amendment right against self-incrimination hundreds of times, the former president in the April deposition answered questions for hours about his real estate holdings, which he suggested are worth far more than what appeared on property valuations.
"I have -- literally, I have some of the greatest pieces of property in the world and they sell -- as Mar-a-Lago, some of the things I own in Europe, some of the things I own in New York, even like at Trump Towers, 57th and Fifth, it's the best location," Trump said at the April 13 deposition at the attorney general's office near Wall Street. "I have great assets."
James last year brought a $250 million lawsuit against Trump, his children and his company that accuses them of "grossly" inflating the former president's net worth by billions of dollars and c***ting lenders and others with false and misleading financial statements. Trump has insisted he has done nothing wrong and has attacked James, who is Black, as r****t.
Republican p**********l candidate former U.S. President Donald Trump speaks at the Faith and Freedom Road to Majority conference at the Washington Hilton on June 24, 2023, in Washington, D.C.
Republican p**********l candidate former U.S. President Donald Trump speaks at the Faith and Freedom Road to Majority conference at the Washington Hilton on June 24, 2023, in Washington, D.C.
© Drew Angerer/Getty Images, FILE
The trial is scheduled to begin in October.
In 2014, Trump claimed on his statements of financial condition to be holding $6.7 billion in assets -- but the attorney general's office said in Wednesday's filing that figure overstated Trump's actual net worth that year by more than $2.2 billion.
"Based on the undisputed evidence, no trial is required for the Court to determine that Defendants presented grossly and materially inflated asset values in the SFCs and then used those SFCs repeatedly in business t***sactions to defraud banks and insurers," the filing said.
The attorney general's filing Wednesday said Trump valued his Florida Mar-a-Lago estate "as if it could be sold as a private single family residence for amounts ranging between $347 million to $739 million." The filing said those figures ignored limitations placed on how the property could be developed.
During that same period, the property was assessed by Palm Beach County as having a market value based on its restricted use as a social club ranging between $18 million to $27.6 million, the filing said.
The attorney general's office also said Trump tacked on an extra 15-30% "brand premium" to the value of many of his golf clubs and inflated the value of unsold condominium units he owned at Trump Park Avenue in New York City. The filing said Trump valued rent stabilized apartments as if they were not rent stabilized, and valued other unsold units in excess of current market value.
MORE: New York AG seeking to expedite fraud suit against Trump and company
Two apartments leased by Trump's daughter, Ivanka Trump, were valued at amounts two to three times the price at which she had the contractual option to purchase the units, the filing said.
Trump's legal team is expected to oppose the motion for summary judgment.
In his April deposition released Wednesday, Trump said that as president, he turned over all but major business decisions to his adult children because he was too busy to run the company and he was concerned about potential conflicts. He said he instructed Donald Trump Jr. and Eric Trump not to do any new real estate deals -- only run the company's existing properties.
Trump boasted about his golf courses and other properties, and claimed to have $400 million in cash on hand, though he conceded during the deposition his legal bills were adding up.
"My biggest expense is probably legal fees, unfortunately. That's OK. But we have a lot of cash. We have great assets. And we have a very valuable company," Trump said.
Trump lied !!!!
Hohum !!!!
Your president lied ?????
Shocking , just shocking !!!!!
Get your checkbooks out this is really going to cost you this time.
Aug 31, 2023 09:36:27 #
Valuations are opinions. Opinions vary. It is not a precise number cast in stone. When you deal with such large number, the valuations can differ by a lot.
Aug 31, 2023 10:00:39 #
Skiladi wrote:
Valuations are opinions. Opinions vary. It is not a precise number cast in stone. When you deal with such large number, the valuations can differ by a lot.
Right !!!
But lies are still lies !
They never turn into t***hs .
Facts remain facts.
So , trump was only giving his opinion on his wealth or lack of it ?
$2.8 Billion is a lot of opinion and valuation !
No ?
When you factor in , trump is a lifelong compulsive liar .
Accurate valuations become ethereal .
T***h
Lies bleeding at the side of the road !
Aug 31, 2023 10:04:22 #
Milosia2 wrote:
ABC News br ABC News br br Trump inflated his net... (show quote)
Do you know what the meaning of net worth is?
Aug 31, 2023 10:06:12 #
Milosia2 wrote:
Right !!!
But lies are still lies !
They never turn into t***hs .
Facts remain facts.
So , trump was only giving his opinion on his wealth or lack of it ?
$2.8 Billion is a lot of opinion and valuation !
No ?
When you factor in , trump is a lifelong compulsive liar .
Accurate valuations become ethereal .
T***h
Lies bleeding at the side of the road !
But lies are still lies !
They never turn into t***hs .
Facts remain facts.
So , trump was only giving his opinion on his wealth or lack of it ?
$2.8 Billion is a lot of opinion and valuation !
No ?
When you factor in , trump is a lifelong compulsive liar .
Accurate valuations become ethereal .
T***h
Lies bleeding at the side of the road !
Who really cares!
Aug 31, 2023 10:14:06 #
Parky60 wrote:
Do you know what the meaning of net worth is?
Do you know what
lying about your Net worth entails ?
The deception and criminality ?
To favor a better outcome for only yourself.
It’s akin to
Lying , C***ting and Stealing .
A criminal lifetime of trump .
Aug 31, 2023 10:15:48 #
Milosia2 wrote:
Do you know what
lying about your Net worth entails ?
The deception and criminality ?
To favor a better outcome for only yourself.
It’s akin to
Lying , C***ting and Stealing .
A criminal lifetime of trump .
lying about your Net worth entails ?
The deception and criminality ?
To favor a better outcome for only yourself.
It’s akin to
Lying , C***ting and Stealing .
A criminal lifetime of trump .
Hey dummy, you can't "lie" on your net worth... and as usual you didn't answer the question. I'll help you out... you don't have a net worth.
Aug 31, 2023 10:16:12 #
Milosia2 wrote:
Do you know what
lying about your Net worth entails ?
The deception and criminality ?
To favor a better outcome for only yourself.
It’s akin to
Lying , C***ting and Stealing .
A criminal lifetime of trump .
lying about your Net worth entails ?
The deception and criminality ?
To favor a better outcome for only yourself.
It’s akin to
Lying , C***ting and Stealing .
A criminal lifetime of trump .
😂😂😂😂😂😂😂😂
Aug 31, 2023 11:12:08 #
Milosia2 wrote:
ABC News br ABC News br br Trump inflated his net... (show quote)
===================
The purpose of those b****s in NYC, Bragg and Leticia James is to bankrupt Trump. They have promised that.
Based on what I see, most Democrats specially the b****s in NYC are dumb, and dishonest. Because they do not have real estate business but stay in politics, to corrupt. The rest steal and l**t. I see them in NYC every day.
They don't understand that selling price in the real estate market value is based on the present market value not the assessment record country value. And that is how you measure value of your assets.
Market value is the value of the prevailing market; the buyer is willing to pay and the seller willing to sell. And that's what the properties of Donald Trump is worth.
Those who own real estate properties must understand this. The County tax assessment of your property is lower than the prevailing and current market value of your property. Especially now that real estate properties are on demand, Values have gone up to high. A tax assessment of that property, E.g. $300,000 but could have a market value that commands $800,000, to $1 million. The high demand with lesser supplies is important why real estate values go up so much.
The County recorded values are much lower than the market value. I had been a licensed realtor, and I have assessed market value of real estate properties. I own real estate properties. The market value is different than the County record assessment value.
Those black handouts and corrupt people elected people in NYC
may not understand this, or just being dishonest to hook up Trump. I wish I could defend Trump in court in NYC. But I am not a lawyer. I am an Accountant, and also a Licensed realtor. Was engaged on Real Estate business before.
Trump's property assessment is correct!
Aug 31, 2023 11:26:39 #
Parky60 wrote:
Hey dummy, you can't "lie" on your net worth... and as usual you didn't answer the question. I'll help you out... you don't have a net worth.
Not true. Zero is still a number.
Aug 31, 2023 15:26:41 #
You've got your asking price, your selling price, and your taxing price. Simple as that.......
Just because you disagree with it doesn't mean it's illegal or improper!!!
Just because you disagree with it doesn't mean it's illegal or improper!!!
Aug 31, 2023 17:41:03 #
Aug 31, 2023 22:37:00 #
Mario Moreno wrote:
You've got your asking price, your selling price, and your taxing price. Simple as that.......
Just because you disagree with it doesn't mean it's illegal or improper!!!
Just because you disagree with it doesn't mean it's illegal or improper!!!
===============
May I know to who you are talking about?
Sep 1, 2023 02:16:30 #
Michael Roy wrote:
Not true. Zero is still a number.
===============
Lol.. Zero is your net worth?
Sep 1, 2023 02:21:45 #
Milosia2 wrote:
ABC News br ABC News br br Trump inflated his net... (show quote)
=================
I wish I am the Accountant of Trump. I will defend him on all these accusations against him.
Niki Haley is sending me to the WH to account for the massive spending of Joe Biden. I surely have lots of ways to doing that if Joe does not hide his crimes.
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