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.

  • gregorum@lemm.eeEnglish
    49·
    9 months ago

    Another thing: all of his properties need to be reappraised. Current valuations were made up by Trump and have been found by the court to be (paraphrasing) bullshit.

    We may soon come to find out that Trump‘s entire real estate portfolio is worth a fraction of what he claims it is. New York State man fact, have to seize everything. Or close to it.

    • TransplantedSconie@lemm.ee
      14·
      9 months ago

      They better be sure so might as well seize it all. We can then watch them pull him out of Mar-A-Lago by his ankles while he is screaming.

      • orclev@lemmy.world
        5·
        9 months ago

        Unfortunately while they can seize anything in NY, property in other states requires them to go through the federal government. It can be done, but it’s a whole separate legal process.

        • Mycatiskai
          6·
          9 months ago

          Just seize everything in New York, then the creditors will take mar a lago to get their money back for the loans on the New York properties.