{"id":4621,"date":"2024-02-18T10:31:01","date_gmt":"2024-02-18T10:31:01","guid":{"rendered":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/02\/18\/donald-trump-fined-355m-for-overvaluing-his-real-estate-and-other-assets\/"},"modified":"2024-02-18T10:31:01","modified_gmt":"2024-02-18T10:31:01","slug":"donald-trump-fined-355m-for-overvaluing-his-real-estate-and-other-assets","status":"publish","type":"post","link":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/2024\/02\/18\/donald-trump-fined-355m-for-overvaluing-his-real-estate-and-other-assets\/","title":{"rendered":"Donald Trump Fined $355M for Overvaluing His Real Estate and Other Assets"},"content":{"rendered":"

<\/a><\/p>\n

Jeenah Moon\/Bloomberg via Getty Images<\/p>\n

<\/p>\n

A New York judge on Friday ruled that Donald Trump<\/strong>, the nation\u2019s first real estate mogul turned U.S. president, will have to pay a $355 million fine for overvaluing his real estate empire and other assets<\/a>.<\/p>\n

The former president was found liable for issuing false financial statements, falsifying business records, and conspiracy. He will be barred from leading a company in New York for three years. His sons Eric Trump <\/strong>and\u00a0Donald Trump Jr. <\/strong>were fined $4 million each and can\u2019t run an organization in the state for two years.<\/p>\n

\u201cThey are accused only of inflating asset values to make more money,\u201d Justice Arthur Engoron <\/strong>wrote in his decision<\/a>. \u201cThe documents prove this over and over again.\u201d<\/p>\n

The Republican front-runner for this year\u2019s presidential election will appeal the ruling, but time is not on his side. He has 30 days to deliver the cash or secure a bond. He is also facing\u00a0four criminal trials this year.<\/p>\n

\u201cWe\u2019ve reached the point where your political beliefs combined with what venue your case is heard are the primary determinants of the outcome; not the facts of the case!\u201d Donald Trump Jr. tweeted<\/a> on Friday afternoon. \u201cIt\u2019s truly sad what\u2019s happened to our country, and I hope others see it before it\u2019s too late to correct course!\u201d<\/p>\n

The Republican\u2019s net worth is estimated to be about $3 billion, according to the Wall Street Journal<\/a>. But most of it is tied up in real estate, licensing deals, and hotels and resorts.<\/p>\n

\u201cHe\u2019s going to have to sell off his assets,\u201d a prominent real estate expert said to Realtor.com\u00ae<\/a>. He asked to remain anonymous.<\/p>\n

However, \u201cthe valuations he\u2019s placed on [his real estate] are nowhere near what the market would support,\u201d the expert continued. \u201cThe actual value of his properties could be very disappointing to him.\u201d<\/p>\n

The Republican had been accused of overstating the value of his real estate and other assets. These included his namesake Trump Tower in Manhattan, where he announced his first run for president in 2015, as well as his Palm Beach, FL, home at Mar-a-Lago.<\/p>\n

New York Attorney General Letitia James<\/strong> also accused the former president of misrepresenting the size of his Trump Tower penthouse, tripling the square footage, to increase its valuation by more than $200 million. James is a Democrat.<\/p>\n

Trump also claimed Mar-a-Lago was worth between $1 billion and $5 billion. But the judge pointed out that the deed for the property, which Trump signed, prohibited it from being valued as a private residence.<\/p>\n

It was also \u201cthe most expensive private residence listed in the country by approximately 400%,\u201d Engoron wrote.<\/p>\n

This was to secure loans and insurance with favorable terms and tax benefits that helped him to acquire more real estate.<\/p>\n

\u201cIn order to borrow more and at lower rates, defendants submitted blatantly false financial data to the accountants, resulting in fraudulent financial statements,\u201d the judge wrote.<\/p>\n

The judge also ruled that the term of an independent monitor appointed to the Trump Organization will also be extended by three years. The monitor will be on alert for potential fraud and suspicious transactions.<\/p>\n

\u201cThe Trump Organization is a monarchy,\u201d the real estate expert said. \u201cEvery decision goes through [Trump], so this is going to be especially difficult with a monitor right there.\u201d<\/p>\n

The post Donald Trump Fined $355M for Overvaluing His Real Estate and Other Assets<\/a> appeared first on Real Estate News & Insights | realtor.com\u00ae<\/a>.<\/p>","protected":false},"excerpt":{"rendered":"

Jeenah Moon\/Bloomberg via Getty Images A New York judge on Friday ruled that Donald Trump, the nation\u2019s first real estate mogul turned U.S. president, will have to pay a $355 million fine for overvaluing his real estate empire and other assets. The former president was found liable for issuing false financial statements, falsifying business records,…Read More→<\/a><\/p>\n","protected":false},"author":0,"featured_media":4622,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"class_list":["post-4621","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-uncategorized"],"_links":{"self":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4621","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/comments?post=4621"}],"version-history":[{"count":0,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/posts\/4621\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media\/4622"}],"wp:attachment":[{"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/media?parent=4621"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/categories?post=4621"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/billingsrealtybrokers.paradiseinnovations.com\/index.php\/wp-json\/wp\/v2\/tags?post=4621"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}