‘Bold, gold and tough’: Donald Trump needs to sell many more sneakers to cover his legal costs

Former president is worth nearly $4bn but with only about $600m cash in the bank he may be forced to liquidate assets.

The spray-painted shoes are described as ‘bold, gold and tough, just like President Trump’, a website set up to sell the shoes said. Picture: Getty Images via AFP

Facing fines and legal costs of more than $US500m ($766m), Donald Trump spent part of his weekend trying to raise money by selling a $US399 pair of trainers. As he appeared at “Sneaker Con” in Philadelphia on Saturday afternoon before making a campaign speech in Michigan, the former president, 77, was greeted by a mixture of boos and chants of “USA!” as he stood on a podium to flog “The Never Surrender High-Tops”.

The shoes, which are sprayed gold, are described as “your rally cry in shoe form. Lace up and step out ready to conquer.” They are “bold, gold and tough, just like President Trump”, a website set up to sell the shoes said.

One man paid $US9000 for a signed pair, but even that will hardly make any difference to the mountain of cash Trump needs to find to pay off his various legal debts. On Friday a New York court fined him $US354.9 million ($543.5m) for business malpractice. With interest and other costs, that sum is likely to rise to more than $US450 million.

He has also been ordered to pay the writer E Jean Carroll $US83.3 million for defamation after being found liable for sexually assaulting her in the 1990s.

Not included in that ledger are the legal costs he needs to pay for these cases and the four criminal cases he faces, which together mean he is answering 91 charges.

Speaking in Michigan, Trump dismissed Friday’s decision as a “sham” and argued that businesses would be queuing up to leave New York.

He will appeal against Judge Arthur Engoron’s ruling, which also barred Trump from borrowing money in the state for three years.

His business empire spans about 500 companies, most of which are involved in property, entertainment or licensing the Trump brand.

Forbes estimates that his wealth stands at about $US2.6 billion, easily enough to cover what he owes. Most of his assets are not easily converted to cash, however, and their values could fall if potential buyers know that the former president is under pressure to sell them.

In a sworn legal statement last April Trump said he had about $US400 million in cash at the bank, but this, too, would fall short of what he needs to cover his fines.

It is not all gloom for Trump, however. Despite his troubles, the Republican primary process has been a breeze for him. On average he has a more than 30-point lead in South Carolina over his only rival, Nikki Haley, and it is possible that a victory in the state’s primary on Saturday would knock her out of the race.

He could then divert even more of his campaign money to his legal costs before the starting gun in the general election race was fired.

His bank balance could also receive a windfall if he sells his stake in Truth Social, the social media platform he helped to set up after being banned from Twitter/X in the wake of the January 6 riots at the US Capitol in 2021.

The value of the platform has soared as his attempt to return to the White House gathers steam.

Trump’s stake in the company Trump Media & Technology Group is worth about $US4 billion, based on the value of an acquisition vehicle that has agreed to merge with it. If the deal is completed, Trump would be able to sell his shares in the combined company six months later. Financial regulators approved the deal last week.

If relying on the sale of trainers alone, however, Trump would have to shift more than 1.25 million pairs to cover his legal costs.

The Times