New York Attorney-General eyes Trump’s prized golf course and family estate to secure bond
New York Attorney-General registers the civil-fraud case in Westchester County, in possible prelude to seeking to seize Donald Trump’s assets.
Donald Trump is facing the loss of his prized golf club and a family estate in New York in proceedings that could begin as soon as Monday (Tuesday AEDT), if the former president can’t find a bond to guarantee a US$464 million civil-fraud Judgement against him.
New York City Attorney-General Letitia James registered the controversial Judgement against Mr Trump in Westchester County earlier this month, Bloomberg has revealed, a first step in seizing his properties in that area, including Trump National Golf Club and the 212-acre Seven Springs estate.
The former president and putative Republican Party nominee for president on Thursday (Friday AEDT) once again blasted the “Radical Left New York Judge” Arthur Engoron, who last month determined Mr Trump needed to pay a penalty of US$355m plus interest for overstating the value of his properties to obtain better lending rates.
Mr Trump’s lawyers on Monday said the penalty was so large they couldn’t obtain a bond from at least 30 financial institutions, even after offering Mr Trump’s substantial real estate holdings in Florida and New York as collateral.
“If I sold assets, and then won the Appeal, the assets would be forever gone. Also, putting up money before an Appeal is VERY EXPENSIVE,” Mr Trump said on social media. His lawyers have asked New York appellate courts, who are yet to respond, to accept a reduced bond of UIS$100 million or waive the requirement pending the outcome of Mr Trump’s appeal.
“When I win the Appeal, all of that money is gone, and I would have done nothing wrong,” Mr Trump added, amid speculation Mr Trump would declare bankruptcy or seek help from wealthy friends.
Bess Freedman, chief executive of luxury real estate firm Brown Harris Stevens, told CNN on Wednesday Mr Trump’s private club in Florida, Mar-a-Lago could be sold quickly, even within days. “I think the valuation is something in the hundreds of millions and there could be a buyer for something like that,” she said.
Ms James, a Democrat, has urged the appeals court to dismiss Mr Trump’s claim, arguing “there is nothing unusual about even billion-dollar judgments being fully bonded on appeal”.
Her registration in Westchester, just north of New York City, suggests Ms James could be looking further afield than Manhattan, where Mr Trump owns numerous high profile properties including Trump Tower and 40 Wall Street, to secure collateral equivalent to 120 per cent of the penalty as required under New York law.
“We are prepared to make sure that the Judgement is paid to New Yorkers, and yes I look at 40 Wall Street each and every day,” she told ABC News last month, referring to a building near her government office.
Monday 25th March was meant to be the start of Mr Trump’s hush-money payments trial, which has been delayed a month by the agreement of both parties. Instead, it could see the beginning of a major financial setback for the former president and putative Republican presidential nominee for president, who has long prided himself on his billionaire status and business acumen.
As part of his verdict brought down last month Judge Engoron found Mr Trump had inflate the value of Seven Springs by more than 400 per cent in 2014, alleging it was worth US$261 in contrast to a professional valuation of around US$30 million.
Ms James did not need to register the Judgement in Manhattan in a prelude to seizing property there since that is where the case and Judgement were first heard.
The law wasn’t the only source of Mr Trump’s financial troubles this week after official campaign finance figures for February emerged on Wednesday, showing Mr Trump had raised less than half of the sum Joe Biden had secured (US$53m) last month.
Mr Trump’s political campaign funds totalled around US$42 million in cash on hand compared to $155m for Joe Biden, according to the Federal Election Commission.
“If Donald Trump put up these kinds of numbers on ‘The Apprentice,’ he’d fire himself,” Biden campaign communications director Michael Tyler said in a statement
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