Former US president, Donald Trump inflated his personal net worth – by more than $2 billion when he was actually worth far less, court filings from New York Attorney General Letitia James revealed on Wednesday, August 30.
James’ office included the information in a motion for summary judgment that asks the court to resolve James’ case against the former president and his Trump Organization.
Last September, James filed a lawsuit alleging the Trump family and Trump Organization executives orchestrated an extensive scheme related to valuations of property and Trump’s personal financial statements.
The trial is scheduled to begin in October and is one of many court cases Trump will be fighting as he runs to win the Republican presidential nomination.
In her Wednesday filing, James claims that Trump, in 2014, claimed to be holding $6.7 billion in assets, but she said that overstated Trump’s actual net worth that year by more than $2.2 billion.
Additionally, James said Trump valued his Florida Mar-a-Lago estate ‘as if it could be sold as a private single-family residence for amounts ranging between $347 million to $739 million.’
The filing claimed those figures ignored limitations placed on how the property could be developed.
Palm Beach County assessed the property as having a market value based on its restricted use as a social club ranging between $18 million to $27.6 million.
She also alleged Trump put an extra 15-30% ‘brand premium’ to the value of many of his golf clubs and inflated the value of unsold condominium units he owned at Trump Park Avenue in New York City.
James seeks at least $250 million in damages and to stop the Trumps from running businesses in New York.
Trump’s legal team is expected to oppose the motion for summary judgment that James has requested.
The former president has dismissed the charges against him.
He has said James´ investigation is part of a politically motivated ‘witch hunt’ and that her office is ‘doing everything within their corrupt discretion to interfere with my business relationships, and with the political process.’
Trump’s three eldest children also were named in the suit but Ivanka Trump was later dropped from it. Trump, his sons Eric and Donald Trump Jr., and Ivanka Trump have all sat for depositions in the case.
In all Trump has six scheduled criminal and civil trials over the next nine months. The four criminal cases include 91 felony counts.
In New York Trump also faces a trial tied to 34 felonies in connection with a ‘hush money’ payment made to porn star Stormy Daniels before the 2016 election. He has entered a not-guilty plea in that case, which is scheduled for trial in March 2024.
In May, Trump was found liable by a jury for sexually abusing the writer E. Jean Carroll after a federal civil trial. He is appealing.
He also faces criminal cases in Washington D.C., Florida and Georgia tied to his actions as president.
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