A number of properties New York Attorney Letitia James could seize, including Trump Tower, have accrued loans, according to financial disclosures.

Donald Trump has multiple loans on his properties amounting to at least $200 million, which may devalue their worth and make it less likely that they will be seized to recuperate the costs of his legal fines.

The former president has until March 25 to come up with the bond amount or New York Attorney Letitia James could begin seizing some of his assets and properties after Judge Arthur Engoron ruled that the former president will have to pay roughly $355 million in penalties for fraud. The February ruling stated that Trump and top executives at The Trump Organization inflated the value of his assets to obtain more favorable terms from lenders and insurers.

The lawsuit, brought by James, initially sought $250 million in damages, but she increased this figure to $370 million, plus interest. With interest, the payment exceeds $464 million.

  • AutoTL;DR@lemmings.worldBEnglish
    81·
    9 months ago

    This is the best summary I could come up with:

    Donald Trump has multiple loans on his properties amounting to at least $200 million, which may devalue their worth and make it less likely that they will be seized to recuperate the costs of his legal fines.

    But this week, the former president’s legal team said paying the full civil fraud penalty would be “a practical impossibility” leading to speculation that James may soon start seizing his properties.

    If the properties are not seized, it has been speculated that Trump may have to sell off some of his real estate empire to pay the penalty issued to him by Engoron.

    In a post to his Truth Social account this week, Trump criticized the judgment handed down by Engoron and said he may have to sell some of his properties cheaply to come up with the bond amount.

    "Judge Engoron actually wants me to put up Hundreds of Millions of Dollars for the Right to Appeal his ridiculous decision.

    "I would be forced to mortgage or sell Great Assets, perhaps at Fire Sale prices, and if and when I win the Appeal, they would be gone.

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