The former US president's civil trial begins today after a judge ruled that he lied for a decade about asset values.
Donald Trump could be fined $250m and banned from owning real estate in New York for five years after a judge ruled that he and his associates inflated their assets by as much as $3.6bn .after the pre-trial ruling by Judge Arthur Engoron last week, which came after a civil lawsuit was brought against him by New York's attorney general, Letitia James.
The clubs, 10 of which are in the US and two in Scotland, make up by far the largest percentage of Trump's net worth. The prosecutor labelled that valuation as"absurd", and the court ruled Trump had reached that figure by pretending the property was three times bigger than its actual size.The company claimed the tower was around $796.4m in 2016 - a valuation Ms James said could have been inflated by up to $473.9m.Trump's valuations, which ranged from $90.9m and $350m between 2011 and 2021, only related to the commercial space and unsold residential units that he owns.
This was put down to the Trump Organization factoring in the future sales of mansions it planned to build."All of these values were a fiction," she concluded.Trump has a 30% stake in 1290 Avenue of Americas - a two million square foot skyscraper located in midtown Manhattan - and 555 California, a 52-storey building in San Francisco that is home to many high-profile tenants.
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