Donald Trump, the former US president, allegedly inflated his personal net worth by over $2 billion, according to court filings from New York Attorney General Letitia James on August 30.
James’ office revealed this information in a motion for summary judgment aimed at resolving the case against the former president and his Trump Organization.
James had filed a lawsuit last September, alleging that the Trump family and Trump Organization executives were involved in a scheme related to property valuations and Trump’s personal financial statements.
The trial is set to commence in October and forms part of the numerous court cases Trump is facing as he seeks the Republican presidential nomination.
According to James’ filing, Trump claimed to hold $6.7 billion in assets in 2014, which James argues overstated his actual net worth by more than $2.2 billion.
Furthermore, James stated that Trump valued his Florida Mar-a-Lago estate at amounts ranging between $347 million to $739 million, ignoring limitations on how the property could be developed.
Palm Beach County assessed the property’s market value based on its restricted use as a social club, ranging between $18 million to $27.6 million.
She also alleged that Trump added 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 halt the Trumps from conducting businesses in New York.
Trump’s legal team is expected to challenge James’ motion for summary judgment.
The former president has dismissed the charges against him, claiming that James’ investigation is part of a politically motivated ‘witch hunt.’
Trump’s three eldest children were also 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 total, Trump has six scheduled criminal and civil trials over the next nine months, including 91 felony counts in four criminal cases.
Trump also faces a trial tied to 34 felonies in connection with a ‘hush money’ payment to porn star Stormy Daniels before the 2016 election in New York. He has entered a not-guilty plea in that case, scheduled for trial in March 2024.
In May, Trump was found liable by a jury for sexually abusing 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.
