U.S. News
Trump lied about billions in assets, NY lawsuit claims
By Jake Beardslee · October 30, 2023
In brief…
- Evidence shows Trump inflated value of Mar-a-Lago to over $500 million when it was appraised at $27 million
- Trump claimed net worth up to $5 billion in 2010 to get NYC golf course lease, likely double his real worth
- Witness testimonies support NY AG lawsuit allegations of Trump committing fraud by exaggerating assets
- Trump's tax broker and NYC official confirm Trump overstated wealth on documents to authorities
New evidence revealed at the Manhattan Supreme Court civil fraud trial against former President Donald Trump showed that in 2020, his tax broker was forced to admit to authorities that Trump’s Mar-a-Lago estate in Florida had a market value of just $27 million, not the $517 million claimed on other documents, according to The New York Post. Trump also allegedly told the New York City Department of Parks and Recreation that he had a net worth up to $5 billion in 2010 to secure a lease for a golf course, likely more than double his actual net worth.
The revelations came in the fifth week of the New York Attorney General Letitia James’ $250 million lawsuit against Trump. His sons Donald Jr. and Eric are expected to testify this week, while his daughter Ivanka’s testimony was postponed to November 8th due to a scheduling conflict.
An email from Trump’s tax representative Michael Corbiciero showed he tried appealing Mar-a-Lago’s appraisal by Palm Beach authorities but gave up, agreeing it was worth $26.6 million. From 2011 to 2021, Trump valued it between $426 to $612 million on financial statements, which a judge ruled was over 2,300% more than the official valuation.
Assistant Parks Commissioner David Cerron also testified that when the city granted Trump rights to a golf course in 2010, he claimed a $3 billion net worth and $200 million in cash. For the next decade Trump had to update his worth so the city knew he could fulfill his obligations, once claiming it was $4.9 billion. The AG alleges Trump never had over $2.1 billion during this time.