The Breakdown Of Properties New York Claims Trump Inflated In ’20-year Fraud Scheme’

After a three-year investigation into the former president’s finances, New York Attorney General Letitia James filed a civil lawsuit against Donald Trump on Wednesday over alleged “numerous fraud cases.”

After reviewing “millions of documents” with a team of investigators, she told reporters she was suing Trump for “breaking the law as part of his efforts to make a profit for himself, his family and his business.” James specifically named Trump and his three adult children, Don Jr., Eric and Ivanka Trump, saying they “continued” to drive up asset values.

The attorney general, who will run for re-election in November, claimed that the settlement’s financial benefit totaled $250 million, including interest savings and transaction gains, and came in financial statements from 2001 to 2021. The former president, in turn, claimed James , who is black, is a ‘racist’ and she herself is the ‘fraudster’.

Here’s a rundown of the lawsuit’s biggest allegations:

Trump Claimed His Penthouse Apartment in Trump Tower Was Three Times its Actual Size

According to James, Trump claimed that his penthouse at Trump Tower in Manhattan was 30,000 square feet, when in reality the place was only a third that size – 11,000 square feet. Based on the inflated square footage, Trump estimated the apartment at $327 million, a price James called “absurd.”

“To date, no other New York City apartment has ever sold for this much,” she said.

Trump Valued Mar-a-Lago Nearly 10 Times What It Was Worth

Trump’s Florida golf resort was valued at $739 million “on the false premise that it was unrestrictedly owned and could be developed for residential use,” James said. Her office pointed out that Trump donated the residential development rights to the property and severely restricted changes to be made. She claims the property should have been appraised at $75 million and would bring in about $25 million in annual revenue.

The breakdown of properties New York claims Trump inflated in

Trump appraised his Park Avenue based on the units’ market value, although the rent had stabilized and was worth much less

The Trump Organization received an $84.5 million appraisal in 2020 for Trump Park Avenue, a 32-story condo building with 120 apartments and eight penthouses. On a 2020 statement of Trump’s financial condition, he stated that the property was worth $135.8 million. James’s team found that in 2011 and 2012, Trump “ignored legal restrictions” and listed 12 rent-stabilized units in the building based on what they would be worth if they could be rented out at market value. Trump claimed the units were worth $50 million, more than 65 times the $750,000 these units were valued at in 2010.

Trump valued his Seven Springs estate nearly ten times as much as a few years earlier

In 1995, Trump bought his 213-acre estate in Westchester County, New York for $7.5 million. Two decades later, in 2006, it was found to be worth $30 million, but in Trump’s financial condition from 2011 to 2021, the property was found to be worth $261 million and $291 million.

In 1995, Trump bought his 213-acre estate in Westchester County, New York for $7.5 million

Trump cracks down on ‘racist’ New York Attorney General Letitia ‘Peekboo’ James after filing charges against him

“Another witch hunt by a racist Attorney General, Letitia James, who failed in her run for governor, gained almost no support from the public, and is now underperforming against the Law & Order AG candidate, highly respected Michael Henry,” it wrote. Trump in a message on Truth Social.

“I never thought this case would be brought up – until I saw her really bad poll numbers. She’s a con man who campaigned on a ‘get Trump’ platform, despite the city being one of the crime and murder disasters of the world under her watch!’

Trump added in a follow-up message: “Attorney General Letitia “Peekboo” James, a total crime-fighting disaster in New York, spends all her time fighting for very powerful and well-represented banks and insurance companies, which were paid in full, a lot of money, and never had a complaint against me, instead of fighting murder and violent crime that kills the state of New York. She is a failed AG whose lack of talent in the fight against crime is causing record numbers of people and companies to flee New York. Bye!’

Trump quoted 40 Wall Street’s value at over $300 million as it was deemed worth

The Trump building at 40 Wall Street, where Trump owns the leasehold, was valued at $220 million in 2012. The Trump Organization listed the property’s value at $530 million in 2013.

Trump told the Nevada IRS that Trump International Hotel and Tower in Las Vegas was worth far less than what his financial statement showed

Trump, along with businessman Phillip Ruffin, owns a 50 percent stake in a condominium tower of a hotel. In 2015, the Trump Organization filed a $24,950,000 appraisal to dispute taxes they owed to Nevada, but in the same year, its statement showed the property was worth $108 million.

Trump didn’t factor in rising rent costs for his Niketown valuation

Trump owns two long leases for a space adjacent to Trump Tower that he leased to Nike for years. In 2020 and 2021, Trump reported that the property’s value was around $400 million, while James’s office found the property to be worth $225-$250 million, arguing that Trump had not accounted for ” escalating planned rental costs’.

Trump used ‘misleading techniques’ to list the value of his golf and social clubs

James’ office found that Trump used a number of “misleading techniques” to estimate the value of his 12 clubs. The first is a “fixed asset scheme,” where she says Trump valued the clubs based on fixed assets without taking into account any depreciation. Other schemes listed included charging the value of memberships in the valuation, while listing Trump’s liability for those memberships as zero. A “brand premium scheme” involved the Trump organization adding a premium to boost the value of golf courses and clubs, often up to 30% for the “Trump brand,” while claiming that brand premiums were not included.

Trump has valued his Turnberry golf course on a fixed asset scheme, even though it is running at a loss

In 2017, Trump’s golf course in Turnberry, Scotland, was valued at nearly $127 million. But James insists it has worked as a loss ever since, saying it was “false and misleading” for Trump to use a price valuation based on a fixed asset schedule.

New York AG Letitia James announced on Wednesday that her office is indicting former President Donald Trump and his adult children

James’ suit also names three Trump children: Don Jr., Ivanka and Eric

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