Donald Trump has until Monday, after his civil fraud trial in New York, to raise more than $450 million so that the government doesn’t take his property.
In his ruling, Judge Arthur Engoron said that Trump and people working for the Trump Organization lied about their wealth. Attorney General Letitia James of New York first asked for $250 million in damages. In the end, she asked for $370 million plus interest.
Trump wants a $464 million bond ($454 million plus $10 million to pay for his sons’ fines) so he can post bond and appeal the decision.
The week before, Trump said he had “almost $500 million” in cash on hand. But Trump’s lawyer, Chris Kise, told CNN that Trump wasn’t talking about real money.
“What he’s talking about is the money reported on his campaign disclosure forms that he’s built up through years of owning and managing successful businesses,” he said. It was said in the article that this is “the very cash that Letitia James and the Democrats are after.”
All of Trump’s property, like his homes, cars, planes, buildings, and even his plane, could be taken if he can’t come up with the money. The former president has asked a state appeals court to let him post a smaller bond or none at all. He says that having to sell his properties in a “fire sale” would do irreparable damage that could not be fixed even if his appeal against the amount he owes is successful. The court hasn’t come back yet with a ruling.
Trump’s assets can be taken away if he can’t get the bond, which is a tough process. Experts told a happy CNN that taking Trump’s bank accounts should be the first thing that is done.
Peter Katz, a former federal prosecutor who has worked on fraud cases, says, “The banks are the easiest part. They’ll get the judgment from the Attorney General, which is the court order, and then the banks will enforce.” “The money is moved from the account to the attorneys general’s accounts.” “The other stuff is a little harder.”
Alden B. Smith, a debt collector, says that New York leaders are trying to get their affairs in order. “They want to find the assets that they can hold in reserve right away that are the most liquid.””The best method to do it is via a bank account.”
Taking Trump’s homes and businesses is a much more complicated process. Once state prosecutors know which properties belong to Joe Biden’s main political opponent, they will give the sheriff an execution order, a $350 fee, and three places to put up notices about the properties. The AG’s office will advertise the property four times, and then sixty-three days after getting the execution order, the sheriff will put it up for public sale.
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According to Newsweek, the following Trump-owned properties may be on the list because their prices are “fraudulent” and “misleading.” New York properties are easier to seize than those in other states.
Park Avenue, Trump, New York, New York.
Trump Tower in New York City.
Wall Street forty in New York City.
The Trump Seven Springs is in Westchester County, New York.
The Trump International Hotel in Las Vegas.
Florida’s Palm Beach is Mar-a-Lago.
Trump National Golf Club in Briarcliff Manor, Westchester, New York.
The Trump National Golf Club Charlotte is in Mooresville, North Carolina.
The Trump National Golf Club is in Colts Neck, New Jersey.
Sterling in Virginia and the Trump National Golf Club in Washington, D.C.
The Hudson Valley The Trump National Golf Club is in Hopewell Junction, New York.
The Trump National Golf Club is in Jupiter, Florida.
If you’re in California, the Trump National Golf Club Los Angeles is in Rancho Palos Verdes.
There is a Trump National Golf Club Philadelphia in Pine Hill, NJ.
It is in Aberdeen that you can find Trump International Golf Links Scotland.
The Trump International Golf Links at Turnberry in Scotland.
All together, Trump pays about $200 million on his real estate loans.
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