Yet those estimates differed substantially from the internal valuations used by the company for business planning.
In its financial statements, the Trump Organization estimated that its condominium tower on Manhattan’s ritzy Park Avenue was worth as much as $350 million, according to the lawsuit. As such, the revenues from the resort only amounted to $25 million annually, which the attorney general said would have made the property worth about $75 million. The company based its valuation on the premise that the waterfront Palm Beach property could be developed as residential homes, when in fact its permissible use was restricted to that of a social club. The attorney general’s office says its real worth was only a tenth of that amount. The Trump Organization valued the Mar-a-Lago resort in Florida, now the former president’s main residence, as high as $739 million. “That price was absurd,” the attorney general’s office said, noting that Trump’s valuation was more than three times the price of the most expensive apartment ever sold in New York City. Based partly on that misrepresentation, the organization said in a financial statement in 2015 that the apartment was worth $327 million. Trump’s advertised his luxurious triplex home in Trump Tower home as being an enormous 30000 square feet (2,787 square meters), when it was actually just a third of that size, according to the attorney general’s office. Here’s a look at some of the ways Trump is accused in the lawsuit of lying about his net worth:
Estimating real estate values is a subjective art, they say, and the former president had no intent to trick anyone into getting things he didn’t deserve. Trump’s legal team has said that he didn’t defraud anyone. New York Attorney General Leticia James asserted in a lawsuit filed Wednesday that Trump’s company used deceptive schemes to overstate the value of 23 properties and other assets, including his penthouse on Manhattan’s Fifth Avenue and his posh Mar-a-Lago resort in Florida. NEW YORK (AP) - Former President Donald Trump’s latest legal woes focus on allegations that he and his company chronically exaggerated the value of things he owned in order to obtain loans, lower his taxes or get deals done.
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