Former President Donald Trump.Photo:Michael M. Santiago/Getty
Michael M. Santiago/Getty
The revelation comes amid a civil lawsuit brought last year against the former president, some of his older children and the Trump Organization.
The lawsuit, which aims to have Trump banned from doing business in New York and pay $250 million, accuses Trump of inflating his net worth to receive favorable loan agreements, per NBC News.
New York Attorney General Letitia James.Dee Delgado/Getty
The filing accused Trump of valuing several of his properties “at amounts that significantly exceeded professional appraisals of which his employees were aware and chose to ignore.” In one alleged instance, he valued his leased property on Wall Street at more than twice the amount of the appraised value.
The attorney general’s office also said that Trump valued Mar-a-Lago between $347 million and $739 million during the period from 2011 to 2021, if it was sold as a single-family residence. However, during that same period, Palm Beach County assessed the property as worth between $18 million and $27.6 million, as it was restricted to being used as a social club.
Donald Trump’s Mar-a-Lago estate in Florida.Davidoff Studios/Getty Images
In the summary judgment filing, James is arguing that a trial is not necessary to find that Trump and his defendants overstated the worth of their assets through financial statements, perThe New York Times.
His legal team is reportedly expected to challenge the motion for summary judgment, per ABC News.
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PEOPLE reached out to a Trump spokesperson for comment on the summary judgment filing.
In addition to the lawsuit in New York state, Trump is preparing for four criminal trials after being indicted over hisefforts to overturn the 2020 election, hisrole in the Jan. 6, 2021, Capitol riots, hishandling of classified documents, and allegedhush-money paid to two women, one of whom is believed to be former adult film actressStormy Daniels.
source: people.com
