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.
Advertisement
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.
Donald Trump has announced he will impose a 30% tariff on imports from the European Union from 1 August.
The tariffs could make everything from French cheese and Italian leather goods to German electronics and Spanish pharmaceuticals more expensive in the US.
Mr Trump has also imposed a 30% tariff on goods from Mexico, according to a post from his Truth Social account.
Announcing the moves in separate letters on the account, the president said the US trade deficit was a national security threat.
In his letter to the EU, he wrote: “We have had years to discuss our trading relationship with The European Union, and we have concluded we must move away from these long-term, large, and persistent, trade Deficits, engendered by your tariff, and non-Tariff, policies, and trade barriers.
“Our relationship has been, unfortunately, far from reciprocal.”
In his letter to Mexico, Mr Trump said he did not think the country had done enough to stop the US from turning into a “narco-trafficking playground”.
The president of the European Commission, Ursula von der Leyen, said today that the EU could adopt “proportionate countermeasures” if the US proceeds with imposing the 30% tariff.
Ms von der Leyen, who heads the EU’s executive arm, said in a statement that the bloc remained ready “to continue working towards an agreement by Aug 1”.
“Few economies in the world match the European Union’s level of openness and adherence to fair trading practices,” she continued.
“We will take all necessary steps to safeguard EU interests, including the adoption of proportionate countermeasures if required.”
Ms von der Leyen has also said imposing tariffs on EU exports would “disrupt essential transatlantic supply chains”.
Meanwhile, Dutch Prime Minister Dick Schoof said on the X social media platform that Mr Trump’s announcement was “very concerning and not the way forward”.
He added: “The European Commission can count on our full support. As the EU we must remain united and resolute in pursuing an outcome with the United States that is mutually beneficial.”
Mexico’s economy ministry said a bilateral working group aims to reach an alternative to the 30% US tariffs before they are due to take effect.
The country was informed by the US that it would receive a letter about the tariffs, the ministry’s statement said, adding that Mexico was negotiating.
The US imposed a 20% tariff on imported goods from the EU in April but it was later paused and the bloc has since been paying a baseline tariff of 10% on goods it exports to the US.
In May, while the US and EU where holding trade negotiations, Mr Trump threated to impose a 50% tariff on the bloc as talks didn’t progress as he would have liked.
However, he later announced he was delaying the imposition of that tariff while negotiations over a trade deal took place.
As of earlier this week, the EU’s executive commission, which handles trade issues for the bloc’s 27-member nations, said its leaders were still hoping to strike a trade deal with the Trump administration.
Without one, the EU said it was prepared to retaliate with tariffs on hundreds of American products, ranging from beef and auto parts to beer and Boeing airplanes.
Donald Trump has said he plans to hit Canada with a 35% tariff on imported goods, as he warned of a blanket 15 or 20% hike for most other countries.
In a letter to Canadian Prime Minister Mark Carney, the US president wrote: “I must mention that the flow of Fentanyl is hardly the only challenge we have with Canada, which has many Tariff, and Non-Tariff, Policies and Trade Barriers.”
Mr Trump’s tariffs were allegedly an effort to get Canada to crack down on fentanyl smuggling, and the US president has expressed frustration with Canada’s trade deficit with the US.
In a statement Mr Carney said: “Throughout the current trade negotiations with the United States, the Canadian government has steadfastly defended our workers and businesses. We will continue to do so as we work towards the revised deadline of August 1.”
He added: “Canada has made vital progress to stop the scourge of fentanyl in North America. We are committed to continuing to work with the United States to save lives and protect communities in both our countries.”
The higher rates would go into effect on 1 August.
Shortly after Mr Trump unveiled his “Liberation Day” tariffs on 2 April, there was a huge sell-off on the financial markets. The US president later announced a 90-day negotiating period, during which a 10% baseline tariff would be charged on most imported goods.
Spreaker
This content is provided by Spreaker, which may be using cookies and other technologies.
To show you this content, we need your permission to use cookies.
You can use the buttons below to amend your preferences to enable Spreaker cookies or to allow those cookies just once.
You can change your settings at any time via the Privacy Options.
Unfortunately we have been unable to verify if you have consented to Spreaker cookies.
To view this content you can use the button below to allow Spreaker cookies for this session only.
“We’re just going to say all of the remaining countries are going to pay, whether it’s 20% or 15%. We’ll work that out now,” he said.
He added: “I think the tariffs have been very well-received. The stock market hit a new high today.”
The US and UK signed a trade deal in June, with the US president calling it “a fair deal for both” and saying it will “produce a lot of jobs, a lot of income”.
Sir Keir Starmer said the document “implements” the deal to cut tariffs on cars and aerospace, adding: “So this is a very good day for both of our countries – a real sign of strength.”
It comes as Russia’s deputy foreign minister, Sergei Ryabkov, said a new round of talks between Moscow and Washington on bilateral problems could take place before the end of the summer.
A Palestinian activist who was detained for over three months in a US immigration jail after protesting against Israel is suing Donald Trump’s administration for $20m (£15m) in damages.
Lawyers for Mahmoud Khalil have filed a claim against the administration alleging he was falsely imprisoned, maliciously prosecuted and smeared as an antisemite as the government sought to deport him over his role in campus protests.
He described “plain-clothed agents and unmarked cars” taking him “from one place to another, expecting you just to follow orders and shackled all the time”, which he said was “really scary”.
Please use Chrome browser for a more accessible video player
0:54
Mahmoud Khalil reunites with family after release
Mr Khalil said he was not presented with an arrest warrant and wasn’t told where he was being taken.
He said the detention centre he was taken to was “as far from humane as it could be” and “a place where you have no rights whatsoever”.
“You share a dorm with over 70 men with no privacy, with lights on all the time, with really terrible food. You’re basically being dehumanised at every opportunity. It’s a black hole,” he added.
Mr Khalil said he would also accept an official apology from the Trump administration.
The Trump administration celebrated Mr Khalil’s arrest, promising to deport him and others whose protests against Israel it declared were “pro-terrorist, antisemitic, anti-American activity”.
Mr Khalil said after around 36 hours in captivity he was allowed to speak to his wife, who was pregnant at the time.
“These were very scary hours, I did not know what was happening on the outside. I did not know that my wife was safe,” he said.
Mr Khalil said administration officials had made “absolutely absurd allegations” by saying he as involved in antisemitic activities and supporting Hamas.
“They are weaponising antisemitism, weaponising anti-terrorism in order to stifle speech,” he said. “What I was engaged in is simply opposing a genocide, opposing war crimes, opposing Columbia University’s complicity in the war on Gaza.”
A State Department spokesperson said its actions toward Mr Khalil were fully supported by the law.
Follow The World
Listen to The World with Richard Engel and Yalda Hakim every Wednesday
Asked about missing the birth of his son while he was in prison, Mr Khalil said: “I don’t think there’s any word that can describe the agony and the sadness that I went through, to be deprived from such a divine moment, from a moment that my wife and I had always dreamed about.”
Meanwhile, the deportation case against Mr Khalil is continuing to wind its way through the immigration court system.