The breakdown of Trump properties cited in the New York attorney general’s lawsuit against the former president and his family




CNN

New York Attorney General Letitia James on Wednesday filed a civil fraud lawsuit against former President Donald Trump, his three children and his business.

In more than 200 pages, the lawsuit alleges that the defendants were involved in a sprawling fraud that spanned more than a decade that the former president used to enrich himself, and that the fraud touched every aspect of the Trump business, including his properties and golf courses.

Here is a breakdown of some of the notable properties mentioned in the lawsuit:

The New York attorney general’s lawsuit alleges that Trump’s Mar-a-Lago property in Florida “was valued at $739 million, was unrestricted property, and could be developed and sold for residential use,” and continues, “in reality, the club earned less than $25 million a year.” generated less revenue and should be valued closer to $75 million.”

NEW YORK, NY - AUGUST 24: Trump Tower is located on Fifth Avenue in Manhattan on August 24, 2018 in New York City.  Following new allegations of money paid to an adult film actress by former Trump lawyer Michael Cohen, New York's Manhattan district attorney's office may seek criminal charges against the Trump Organization in the coming days.  (Photo by Spencer Platt/Getty Images)

James said Trump inflated the square footage of his Trump Tower triplex apartment to misrepresent its value by more than $300 million. “Mr. Trump stated that his apartment was over 30,000 square feet, which was the basis for appraising the apartment. In reality, the apartment was less than 11,000 square feet, something Mr. Trump was well aware of,” James said. “Based on that inflated square footage, in 2015, 2016, the value of the home was $327 million. To date, no apartment in New York has ever sold anywhere near that amount.’

NEW YORK, NY - AUGUST 22: Trump outside Park Avenue on August 22, 2018 in New York City.  (Photo by Yana Paskova/Getty Images)

Trump Park Avenue was worth approximately $72.5 million in 2010, according to the lawsuit. But Trump’s company said in subsequent financial statements that the property was worth about $292 million, according to the lawsuit. The property near Central Park includes high-end residential units, commercial space and storage space.

WASHINGTON, DC - NOVEMBER 15: The Trump International Hotel is shown on November 15, 2021 in Washington.  Investment fund CGI Merchant Group has bought the hotel's lease for $375 million and is expected to remove the Trump name from the building.  (Photo by Win McNamee/Getty Images)

James’ lawsuit accuses former President Donald Trump of allegedly using doctored financial statements to open a luxury hotel for him and Ivanka Trump in Washington, DC, in the years before he ran for president. It became a hub for his followers and close contacts, and reservations grew because of his connection to the sitting president.

The exterior of Trump Tower glows with light before sunrise on January 6, 2017 in Las Vegas, Nevada.

The Trump Hotel in Las Vegas – a hotel condominium that Trump half owns – had misleading financial statements between 2013 and 2021, the lawsuit alleges, as a result of revenue projections based on the sale of condo units that were far higher than what the units actually sold. indeed, among other reasons.

NEW YORK, NEW YORK - OCTOBER 01: View of the Trump Building on Wall Street in lower Manhattan on October 01, 2021 in New York City.  (Photo by Roy Rochlin/Getty Images)

What James said also highlighted what happened to 40 Wall Street, a property in New York’s financial district that is mentioned dozens of times in the lawsuit. Trump’s company obtained appraisals for the property in 2010 and 2012, which were found to be worth $200 million and $220 million, respectively, according to the suit. But Trump’s company repeatedly said the property was worth much more in its official financial statements, according to the lawsuit.

The presidential limousine is parked at the Trump National Jupiter Golf Club & Spa on February 11, 2017 in Jupiter, Florida.

The lawsuit alleges that the Trump Organization also used deceptive or improper methods to inflate the value of Trump’s golf courses. For example, the organization added 30% to the value of various golf courses to capture a Trump “brand premium,” despite what the lawsuit describes as a rule against such practices. Trump said a club he bought for $5 million in 2012, Trump National Golf Club, Jupiter, had grown to $62 million in 2013.

President-elect Donald Trump with his children Eric, left, Ivanka and Donald Jr.  will arrive at a press conference on January 11, 2017, at Trump Tower in New York.

Many of the Trump Organization’s businesses have licensing agreements in which another party owns the property and pays Trump to use its brand. The lawsuit alleges that Trump’s business inflated the value of its overall licensing business between 2015 and 2018 by including “speculative and non-existent deals.” Some of these speculative deals involved potential overseas deals. The lawsuit alleges that the inclusion in the 2016 and 2017 ratings was misleading because the Trump Organization allegedly stopped pursuing foreign deals after Trump took office. The value of the licensing agreements was further inflated by including agreements between business entities owned by the Trump Organization, according to the lawsuit. According to Allen Weisselberg, former director of the Trump Organization, “licensing was generally handled by Ivanka” and Donald Trump Jr. and the Eric Trump brothers were well aware of the actual revenue derived from the licenses as a whole, according to the suit.