Donald Trump could be fined $250m (£201.3m) 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 (£2.9bn).
The former US president is expected to appear in court today 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.
Trump’s lawyers – who are seeking clarity over the pre-trial ruling – have said that statements about the value of his assets were never relied on by the banks, which had never complained about being misled.
Sky News has gone through the court documents to show the main assets Trump listed – and the most up-to-date claims figure he’s claimed they are worth.
Golf clubs and related real estate
Trump’s total valuation: $1.7bn
Image: Donald Trump at his Turnberry golf course in Scotland
This figure relates to 12 golf and social clubs owned or leased by Trump, including his prized Mar-a-Lago estate.
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 district attorney said he lumps their numbers together when listing his assets in order to “conceal” any significant changes in value to individual clubs.
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He valued the clubs at their highest in 2018, claiming they were worth nearly $2.4bn.
Mar-a-Lago has been at the forefront of this case too, as the court ruled Trump had overvalued the Palm Beach club by as much as 2,300%, and that its actual worth was closer to $75m.
Trump Tower
Trump’s valuation: $806.7m
Image: Trump Tower in New York
Trump owns the commercial space in the iconic 58-storey building.
It’s been the headquarters of the Trump Organization since it opened in 1983 and has been a mainstay for Trump himself and some of his family members.
Ms James said the Trump Organization used tactics such as inflating income figures and adding favourable numbers from its projections in order to reach such high valuations.
Triplex apartment in Trump Tower
Trump’s valuation: $131m
That’s his valuation of the three-storey penthouse as of 2021 – but in 2015 and 2016, he had it at $327m.
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.
40 Wall Street
Trump’s valuation: $663.6m
The 72-storey building was completed in 1930 and bought by the Trump Organization 25 years later.
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 Park Avenue
Trump’s valuation: $135.8m (2020)
Image: Trump Park Avenue
The building near Central Park houses over 120 luxury apartments.
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.
Ms James said the values of the unsold residential units were “false and misleading” because they ignored legal restrictions that would decrease property values.
Trump gave the units a $50m valuation in 2012, but, due to rent-pricing regulations that Ms James said he failed to take into account, they were actually meant to be valued collectively at just $750,000.
Seven Springs
Trump’s valuation: Between $261m and $291m (2011-2014)
He purchased this estate, which consists of two large homes, undeveloped land, and a few other buildings, in 1995 for a total of $7.5m.
The estate spans 212 acres across the towns of Bedford, North Castle and New Castle in New York.
Ms James focused on Trump’s valuations between 2011 and 2014 because from 2015 onwards, he moved the estate into the category ‘other assets’ – which we’ll get to later.
As for the 2011-2014 valuations, the attorney general said they were in “sharp contrast” to a bank’s $30m valuation in 2006.
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.
1290 Avenue of Americas and 555 California
Trump’s valuation: $645m
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.
The remaining 70% is owned by the Vornado Realty Trust, which is not run by Trump.
The attorney general said Trump calculated the value of his shares without considering “the nature” of the agreement, causing the figures to be “false and misleading”.
The ‘other assets’
‘Other assets’ is a category Trump has used in all of his declarations, in which he sometimes includes more than a dozen different properties and assets.
Assets in this category include, depending on the year: aircraft, a management company, loans to Trump’s family members, and various homes in Palm Beach, Florida, Beverly Hills, California and the island of St Martin.
Ms James said Trump used ‘other assets’ in a similar way to his ‘golf clubs and related real estate’ category – grouping many items together and presenting a total figure so that he didn’t need to disclose the value of each asset individually.
She said the Triplex and Seven Springs were added to this category intermittently in attempts to “cover-up” when they dropped in value.
Between Trump’s 2014 and 2015 statements, for example, the ‘other assets’ category was reported to have increased in value by $219.6m after the Seven Springs property was grouped into it.
The court document did not share the overall value given for ‘other assets’ on any year.
US President Donald Trump says he has yet to decide whether the US will join Israel militarily in its campaign against Iran.
Asked whether the US was getting closer to striking Iran’s nuclear facilities, Mr Trump said: “I may do it. I may not do it.”
Speaking outside the White House on Wednesday, he added: “Nobody knows what I’m going to do…Iran’s got a lot of trouble, and they want to negotiate.
“And I said, ‘why didn’t you negotiate with me before all this death and destruction?'”
Mr Trump said Iran had reached out to Washington, a claim Tehran denied, with Iran’s mission to the UN responding: “No Iranian official has ever asked to grovel at the gates of the White House.”
Iran’s supreme leader, Ayatollah Ali Khamenei said Iran would not surrender and warned “any US military intervention will undoubtedly cause irreparable damage” to US-Iranian relations.
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2:33
The families caught up in Iran-Israel attacks
Strikes continue
Hundreds have reportedly died since Iran and Israel began exchanging strikes last Friday, when Israel launched an air assault after saying it had concluded Iran was on the verge of developing a nuclear weapon, a claim Tehran denies.
Israel launched three waves of aerial attacks on Iran in the last 24 hours, military spokesman Brigadier General Effie Defrin has said.
Israel deployed dozens of warplanes to strike over 60 targets in Tehran and western Iran, including missile launchers and missile-production sites, he said.
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1:58
Can Iran’s leadership be toppled?
“The aim of the operation is to eliminate the existential threat to the State of Israel, significantly damage Iran’s nuclear programme in all its components, and severely impact its missile array,” he said.
Early on Thursday Israel issued an evacuation warning to residents of the Iranian Arak and Khandab regions where Iran has heavy water reactor facilities. Heavy water is important in controlling chain reactions in the production of weapons grade plutonium.
Meanwhile Iran says it has arrested 18 people it describes as “enemy agents” who it says were building drones for the Israelis in the northern city of Mashhad.
Iran also launched small barrages of missiles at Israel on Wednesday with no reports of casualties. Israel has now eased some restrictions for its civilians.
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The US is working to evacuate its citizens from Israel by arranging flights and cruise ship departures, the US ambassador to the country has said.
In the UK, Sir Keir Starmer chaired a COBRA emergency meeting on the situation in the Middle East, with a Downing Street spokesperson saying: “Ministers were updated on efforts to support British nationals in region and protect regional security, as well as ongoing diplomatic efforts”.
A senior US senator who supports Donald Trump has told Sky News why he believes the US would be right to intervene in Iran.
Senator Ted Cruz, a Republican from Texas who ran against Mr Trump in 2016 but now backs him, told US correspondent David Blevins that Iran is an “acute threat to the national security of the US”.
He went on to claim that because “Iran is also building ICBMs (intercontinental ballistc missiles)” and “You don’t need an ICBM to go to Israel”, it indicated Iran’s intention “to take a nuclear weapon to the United States to murder Americans”.
“Nobody is talking about invading Iran,” Mr Cruz added. “We’re not going to see boots on the ground.”
It comes after the US president said he “may do it, I may not do it” when asked if he would launch a strike against Iranian nuclear facilities.
So far, Israel has been attacking Iran alone since it ramped up its military action last Friday, launching strikes against what it says are Tehran’s facilities for developing a nuclear weapon and also destroying its air defences.
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Iran has always denied seeking the ability to make a nuclear weapon from its uranium enrichment programme.
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Blevins’s fellow US correspondent Mark Stone says that while figures like Mr Cruz back military action, “a whole host of other figures are saying ‘do not do it'”.
“The social media space is absolutely full of MAGA [Make America Great Again] figures from the right… saying ‘we absolutely must not go into Iran’.”
If the US were to decide to take military action against Iran, it could have implications for the UK, as America may ask to station refuelling aircraft at a British base in Cyprus and B-2 bombers, which could carry the bunker buster bombs required to attack Iran’s Fordow nuclear enrichment facility, could launch from the British base of Diego Garcia.
Mr Cruz told Sky News that while many of Mr Trump’s support base did not want to see the US involve itself in another war, “the overwhelming majority of Americans, nearly 80%, support President Trump, and support President Trump defending us against an Iranian nuclear weapon.”
America is deploying more fighter planes to the Middle East in a “demonstration of force” as tensions escalate and speculation about a possible US strike on Iran continues.
Pictures and flight tracking data show F-35 jets and tanker aircraft being moved towards the region, as well as the tasking of an aircraft carrier, providing options in case President Donald Trump decides to intervene in the conflict.
But one particular aircraft that has not been seen just yet – the B-2 stealth bomber – could reveal the most about America’s intentions towards Iran…
Why is America moving more aircraft to the Middle East?
“It’s giving them options,” says military analyst Michael Clarke. “They have got four types of aircraft – including fighters, interceptors and fighter-bombers – all in the right region.”
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6:35
Clarke: What could US involvement look like as Iran attacks ease
The new arrivals can be spread around several existing military bases that the US has in the region in Bahrain, Qatar, UAE, Kuwait and Saudi Arabia.
“More is better and also it’s a demonstration of force,” Prof Clarke added. “There’s a political element behind it, to show the Iranians what they can do, but also to other allies.
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“The Americans want to be taken seriously in all of this.”
Image: A Boeing KC-46A Pegasus, primarily used for aerial refueling, is seen on tracking in the eastern Mediterranean. Pic: Flightradar24
Analysis: What aircraft have moved to the region?
Sky News analysis of flight-tracking data shows more than 30 US military planes have been active over parts of Europe and the Mediterranean Sea over the past three days.
These include planes used for reconnaissance, refuelling in mid-air as well as carrying cargo.
Image: Map of US military bases in the Middle East
An air-traffic control recording from the US suggests F-22 Raptors are being sent across the Atlantic. Two refuelling tankers are visible on flight tracking data leaving the US east coast, likely escorting the stealth fighter jets.
In images taken by photographer Glenn Lockett in Suffolk, three US air tankers were seen flying over England, each accompanied by four F-35 jets.
F-35s are one of the most advanced warplanes in the world, known for their ability to evade enemy radar.
Image: A US air tanker seen flying over England, accompanied by F-35 jets. Credit: Instagram/g.lockaviation
Flight tracking data shows that the tankers travelled to the Mediterranean and then returned to the UK.
Most of the US military planes tracked by Sky News regularly turn off their locations and final destinations, according to the data from Flightradar24.
Some of the planes moved from the US to Europe, while others appeared to move closer to the Middle East. At least five of the US military aircraft landed at Chania Airport on the Greek island of Crete.
An air-traffic control recording from the US also suggests F-22 Raptors are being sent across the Atlantic. Two refuelling tankers are visible on flight tracking data leaving the US east coast, likely escorting the stealth fighter jets.
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US defence secretary Pete Hegseth stressed that the deployment of more aircraft was defensive in nature, as Washington looks to safeguard its forces in the region.
Fighter aircraft have been used to shoot down drones and projectiles in the past.
America already has a substantial force in the Middle East, with nearly 40,000 troops as well as air defence systems, aircraft and warships.
But as the conflict between Israel and Iran carries on – and President Trump continues to make threats against Tehran – it’s possible that multiple options could be on the table for intervention.
B-2 bombers – the ones to watch?
Asked what he’s looking out for as speculation about whether the US will intervene directly continues, Prof Clarke pointed to one particular aircraft that hasn’t been seen moving towards the region yet: The B-2 stealth bomber.
Known for its iconic triangle shape and ability to penetrate deep air defences undetected, the B-2 has lesser-known capability that could be crucial for any action over Iran: it can carry ‘bunker buster’ bombs.
So far Israel has not been able to damage Iran’s secretive Fordow uranium enrichment plant, which is buried deep beneath a mountain.
Image: A B-2 stealth bomber flies over Washington DC during a 4 July celebration. File pic: AP
Any movement of B-2 bombers to the joint UK-US base on Diego Garcia in the Indian Ocean could “indicate the likelihood that the Americans are going to use bunker busters in Iran,” Prof Clarke says.