Donald Trump is facing a key deadline on Monday in the fight to stop his properties from being seized by authorities following his New York civil fraud trial.
In February, Judge Arthur Engoron ruled that Trump had to pay roughly $454 million, with interest included, in penalties for fraud.
The ruling stated that Trump and executives at the Trump Organization inflated the value of his assets to obtain more favorable terms from lenders and insurers. The lawsuit, brought by New York Attorney General Letitia James, initially sought $250 million in damages, but she later increased this figure to $370 million, plus interest.
The former president has been seeking a bond of $464 million to cover his fines and the disgorgement for his sons Eric and Donald Jr., who were co-defendants in the case. Disgorgement requires a party who benefits financially from illegal or wrongful acts to give up any profits they made as a result of that conduct.
Now, Trump has until March 25 to come up with a bond amount or the New York AG could begin seizing some of his assets. He is yet to announce how that amount will be paid or what alternative action he might take.
Photo by Win McNamee/Getty Images
Newsweek has contacted a Trump representative by email to comment on this story.
Newsweek previously reviewed a document from the attorney general’s office that lists properties owned by Trump that had “fraudulent” and “misleading” values and could end up being seized. They are:
- Trump Park Avenue, New York, N.Y.
- Trump Tower, New York City.
- 40 Wall Street, New York City.
- Trump Seven Springs, Westchester County, N.Y.
- Trump International Hotel, Las Vegas.
- Mar-a-Lago, Palm Beach, Florida.
- Trump National Golf Club Westchester, Briarcliff Manor, N.Y.
- Trump National Golf Club Charlotte, Mooresville, North Carolina.
- Trump National Golf Club Colts Neck, Colts Neck, New Jersey.
- Trump National Golf Club, Washington D.C., Sterling, Virginia.
- Trump National Golf Club Hudson Valley, Hopewell Junction, N.Y.
- Trump National Golf Club Jupiter, Jupiter, Florida.
- Trump National Golf Club Los Angeles, Rancho Palos Verdes, California.
- Trump National Golf Club Philadelphia, Pine Hill, New Jersey.
- Trump International Golf Links Scotland, Aberdeen.
- Trump International Golf Links Scotland, Turnberry.
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.
This week, the former president’s legal team said paying the full civil fraud penalty would be “a practical impossibility,” leading to speculation that Trump may be forced to sell off some of his real estate empire to pay the penalty.
On Friday Trump wrote on his social media platform Truth Social that he now has “almost 500 million dollars in cash,” which he intended to use for his 2024 presidential campaign.
“The often overturned political hack judge on the rigged and corrupt a.g. Case, where I have done nothing wrong, knew this, wanted to take it away from me, and that’s where and why he came up with the shocking number which, coupled with his crazy interest demand, is approximately $454,000,000,” Trump wrote in an all-caps response, calling the penalty “communism in America.”
This week, Trump also launched a joint fundraising committee with the Republican National Committee to raise money.
Whether he sells properties, comes up with the bond or allows his assets to be seized remains to be seen on Monday.
Uncommon Knowledge
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Newsweek is committed to challenging conventional wisdom and finding connections in the search for common ground.