Donald Trump’s legal troubles continue to mount as a fraud judgment against him in New York approaches $460 million. Despite claiming to have $500 million in cash, his lawyers insist he does not have the funds to post bond or pay the judgment. New York Attorney General Letitia James has filed the judgment in Westchester County, where Trump owns two properties: a golf course in Briarcliff Manor and the Seven Springs estate in Bedford, hinting at where she might look to collect the money owed to the state.
Forbes recently toured the luxurious Seven Springs estate, purchased by the Trumps in 1996. Trump’s son Eric, who worked on the property as a child, claimed the estate features three pools and 15 bedrooms. He also mentioned plans to build 14 houses on the land, each sitting on approximately 20 acres. However, Forbes cast doubt on the Trumps’ valuation of the property, estimating it to be worth only $19.5 million at the time, far less than the reported $290 million.
Eric Trump’s statements about the estate’s development and valuation were found to be inaccurate by Judge Arthur Engoron in his fraud judgment against the Trumps. The property’s valuation was said to be $161 million on Trump’s financial statements, based on assumptions that did not materialize. The proposed development on the land was only for seven mansions, not the 14 claimed by Eric. The attorney general’s office pointed to discrepancies in official documents and zoning regulations regarding the number of homes allowed on the property.
The Seven Springs estate, which Eric Trump called “special” to his family, is now at risk of being seized by New York State as part of the fraud judgment. Forbes estimates the property to be worth around $25 million, and it could soon be under new management. The Trump Organization declined to comment on the situation. This latest development adds to the legal woes faced by the former president, who continues to fight multiple legal battles as he navigates the aftermath of his presidency.
The ongoing legal battle in New York adds to the mounting financial woes faced by Donald Trump, whose net worth has been significantly impacted by the fraud judgment. As the appeals process continues, the future of the Seven Springs estate remains uncertain, with the possibility of it being taken over by the state looming large. The property’s disputed valuation and development plans have led to questions about the Trump Organization’s financial practices and the accuracy of their statements. The legal saga surrounding Trump’s business dealings and assets is far from over, with potential repercussions for the former president’s financial future.
