Donald Trump’s Tower and these other NY properties could be lost in $250M civil fraud caseBy Mary K. Jacob and Zachary Kussin
Published Oct. 3, 2023
For decades before his presidency, Donald Trump had long been synonymous with the real estate industry — as well as his namesake New York properties, which have been the subject of great discussion recently.
That’s when a New York judge, Arthur F. Engoron of the state Supreme Court, concluded in a 35-page judgment that Trump had exaggerated the value of his holdings to secure favorable loan and insurance terms with financial institutions.
Judge Engoron’s decision was issued as part of New York State Attorney General Letitia James’ $250 million civil fraud case against the former president, his company and executives. And if that ruling ultimately stands, Trump could lose control over some well-known New York City properties that bear his name.
The highly publicized trial began on Monday, and in opening remarks, The Post reported Trump lawyer Christopher Kise argued the defendants didn’t intend to defraud anyone with differing property values. He said it’s the essence of the real estate market: “Buyers have a view, sellers have a view, none of them are wrong.”
Indeed, the “Art of the Deal” author’s lawyers and a real estate industry expert also argued that James’ suit doesn’t properly factor the value of the Trump brand or subjective valuations, in which lenders and borrowers offer varying estimates.
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Source:
https://nypost.com/2023/10/03/donald-trumps-tower-at-risk-250m-civil-fraud-case/
