These are the 20 properties in Donald Trump’s alleged fraud scheme

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Donald Trump’s real estate empire engaged in an “astonishing” level of fraud and deceptive business practices for more than a decade, with the former president and his associates “grossly and fraudulently” inflating the value of his properties to avoid taxes, loans and insurance incentives while boosting his financial ambitions, according to New York Attorney General Letitia James.

A 222-page civil lawsuit alleges that Mr. Trump inflated his ability to “mislead banks and the people of the great state of New York,” Ms. James told reporters Sept. 21.

She described the multiple “financial condition statements” his former accounting firm prepared for nearly all of Mr. Trump’s tent properties as “exaggerated, grossly inflated, objectively inaccurate, and therefore fraudulent and illegal.”

The lawsuit follows a three-year civil investigation into at least 23 of his property and assets, from his Mar-a-Lago resort home in Florida to his eponymous tower in Manhattan and golf courses in Scotland.

Ms. James’s office found that at least 11 of Mr. Trump’s financial statements contained more than 200 false and misleading asset valuations.

“The amount of grossly inflated asset values ​​is staggering and affects most if not all real estate holdings in any given year,” the lawsuit said.

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The Attorney General seeks to permanently ban Mr Trump and his children Donald Trump Jr, Ivanka Trump and Eric Trump from holding offices at New York companies, and to ban Mr Trump and his company from entering into real estate deals in the state for five years, and forfeited a quarter of a billion dollars, obtained from allegedly ill-gotten gains obtained through his “ongoing” fraud.

These are the property and assets that the Attorney General’s office said were at the center of a fraudulent plan orchestrated by Mr. Trump and his business associates.

Trump Park Avenue

According to the attorney general’s office, the property was appraised on Mr. Trump’s financial statements with values ​​ranging from $90.9 million and $350 million from 2011 to 2021.

“Reported values ​​of the unsold housing units of the Trump Park Avenue building were significantly higher than the internal valuations used by the Trump organization for business planning and did not account for the fact that many units were rent-stabilized,” the office said. Mrs James.

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In July 2020, the Trump Organization received an appraisal that valued the property at $84.5 million. But a 2020 financial statement estimated the property at $135.8 million.

Trump Tower

According to Ms. James’s office, valuations for Mr Trump’s eponymous tower were based on “cherry-picked” data and inflated numbers that didn’t match its internal safeguards. In 2015, the property was valued under a different formula at a value of $170 million higher than the previous year’s value, and nearly $250 million more than the following year’s value, and $75 million higher than the value that in any other year was obtained using the formula used previously.

Triplex Apartment in Trump Tower

The former president’s personal triplex apartment in Manhattan was estimated to be 30,000 square feet, but it’s less than 11,000 square feet, according to the attorney general’s office.

In 2015, the apartment was appraised at an “absurd” price of $327 million, bringing its value to $29,738 per square foot, according to Ms. James’s office.

“In the 30-year-old Trump Tower, record sales at the time were just $16.5 million at a price of less than $4,500 per square foot,” her office said.

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40 Wall Street

According to Ms. James’s office, the property was appraised by a bank in 2012 to be worth $220 million, “but in the statement that year and the following year…40 Wall Street was appraised at $527 million and $530 million—more than double the value calculated by TAUT professional appraisers.”

Seven Springs, Westchester County, New York

Mr. Trump bought the 212-acre estate in 1995 for $7.5 million, but was valued at up to $291 million over the past decade based on claims the property was earmarked for nine mansions that could be sold at a profit. at more than $161 million, a “fiction, totally unsupported” by development history, according to Ms. James’s office.

Niketown, New York

On “several occasions” from 2011 to 2019, Mr. Trump gave “false and misleading representations” of the property’s value, while appraisals from 2013 to 2018 (except 2015) omitted “key variables” including rental costs.

“When escalating planned rental costs were factored into Niketown’s valuations for 2020 and 2021, reported property values ​​fell from the mid-$400 million to $225-$250 million,” said Ms. James’s office.

Letitia James announced a lawsuit against Donald Trump on September 21.

(Getty Images)

Trump International Hotel and Tower, Las Vegas, Nevada

Prior to 2013, the financial statements omitted Mr. Trump’s 50 percent interest in the property “because Mr. Trump claimed for tax purposes that the property had no value,” according to Ms. Jame’s office. Meanwhile, Mr. Trump has “repeatedly filed lower real estate valuation estimates with the Nevada IRS and higher real estate valuations on his statements.”

Vornado

Mr. Trump had a minority interest in the company, but his financial statements often included cash held by this entity. “In some years, these limited funds accounted for nearly a third of all the money reported by Mr. Trump,” said Ms. James’s office.

Mar-a-Lago

The former president’s Florida resort was valued at $739 million, but “in reality, the club generated annual sales of less than $25 million and should have been valued closer to $75 million.”

Trump’s Golf Clubs

Ms. James’s office outlines several schemes often used to allegedly drive up the value of Mr. Trump’s golf clubs.

He reportedly did not specify every club, but instead “presented their value as a single aggregated line item,” according to the lawsuit.

At Trump National Golf Club Westchester in New York’s Briarcliff Manor, property valuations depended on expected revenues from inflated membership numbers, the suit said. In 2011, that was contingent on paying a nearly $200,000 fee for new members, though most never did. According to Ms. James’s office, Mr. Trump has also “specifically directed” employees to “reduce or eliminate initiation fees” to boost memberships.

Other plans, according to the lawsuit, would have increased the value of the former president’s clubs in North Carolina, New York, New Jersey, Philadelphia and Virginia.

Mr. Trump bought his Trump National Golf Club Jupiter in Jupiter, Florida for $5 million, but the property was appraised a year later in 2013 at $62 million less — a 1,100 percent mark-up, according to the lawsuit.

On September 21, Trump’s Mar-a-Lago residence in Florida is pictured.

(EPA)

The Trump Organization has “inappropriately inflated the value of Trump National Golf Club Los Angeles” by increasing the value of a significant number of potential lots for sale in the areas surrounding the golf course and, from 2013 to 2020, a undisclosed 30 per cent brand premium that boosted the value of the golf club,” said Ms. James’s office.

The premium plan allegedly led to a nearly $50 million increase in the golf club’s valuation in a 2013 statement.

The Trump Organization also donated 16 lots, worth $25 million which was achieved “through tactics that fraudulently manipulated the valuation, including ignoring a report prepared by an engineer to reduce the cost of developing the lot.” assess” and disregarding cost savings from a nearly $1 million commitment the company avoided by not developing affordable housing there.

Trump International Golf Links Scotland (Aberdeen)

The golf course was valued at $327 million in 2014, based on the Trump Organization’s claim that 2,500 homes could be developed on the property, though the company has only been zoned to build fewer than 1,500 units, according to the lawsuit. The units proposed by the Trump Organization accounted for 80 percent of the company’s total valuation.

Trump International Golf Links Scotland (Turnberry)

The course has operated at a loss since it opened in 2017, after it was purchased for $60 million in 2014 with values ​​between $123 million and $126.8 million in subsequent years, according to the lawsuit, which alleges that the Trump Organization has relied on a “false and misleading” valuation and should have been valued at a much lower amount.

Trump International Hotel & Tower, Chicago

The property has not been included in Mr. Trump’s financial statements since 2009 because “according to an affidavit, Mr. Trump did not wish to take a position that would contradict his claim to the IRS that the property had become worthless, thus the basis of a significant loss under federal tax law.”

But in 2012, Mr. Trump and the Trump Organization obtained a $107 million loan for the Deutsche Bank building. The loan received a $45 million extension in 2014, and “Mr. Trump’s presumed $4 billion net worth reflected in his statement was used to personally guarantee the original loan” at a lower, more favorable interest rate, the office said. from Mrs James.

Trump National Doral, Miami, Florida

A loan agreement required for the property obtained through Deutsche Bank required that Mr. Trump confirm “the truth and accuracy” of his statements as a condition of the loan.

Trump Old Post Office, Washington DC

The Trump Organization obtained a $170 million loan from Deutsche Bank to convert the property into a luxury hotel, then sold it in 2022 for $375 million — resulting in “more than $100 million in net profit, which was the result of the loan he received. can obtain by using his false and misleading statements,” the attorney general’s office said.

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