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
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
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)
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.
It was the first time a US president had been convicted of or charged with a criminal offence.
Trump had tried to cover up “hush money” payments to a porn star in the days before the 2016 election.
When Stormy Daniels‘ claimsof a sexual liaison threatened to upend his presidential campaign, Trump directed his lawyer to pay $130,000 (£102,000) to keep her quiet.
The payment buried the story and he later won the presidency.
Trump denied the charges and said the case was politically motivated. He also denied the sexual encounter took place.
New York State Supreme Court Justice Juan Merchan today delayed the sentencing, which had been due to take place on Tuesday.
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The office of district attorney Alvin Bragg had asked the judge to postpone all proceedings until Trump finishes his four-year presidency, which starts on 20 January.
Trump’s lawyers say the case should be dismissed because it will create “unconstitutional impediments” to his ability to govern.
Responding to Friday’s decision, a Trump campaign spokesman said: “The American People have issued a mandate to return him to office and dispose of all remnants of the Witch Hunt cases.”
The judge set a 2 December deadline for Trump’s lawyers to file their motion, while prosecutors have until 9 December to respond.
He did not set a new date for sentencing or indicate when he would rule on any motion to throw out the case.
Even before Trump’s win in this month’s election, experts said a jail term was unlikely and a fine or probation more probable.
But his resounding victory over Kamala Harris made the prospect of time behind bars or probation even less likely.
Trump, 78, was also charged last year in three other cases.
One involved him keeping classified documents after he left office and the other two centre on alleged efforts to overturn his 2020 election loss.
A Florida judge dismissed the documents case in July, the Georgia election case is in limbo, and the Justice Department is expected to wind down the federal election case as it has a policy of not prosecuting a sitting president.
Trump last week nominated his lawyers in the hush money case, Todd Blanche and Emil Bove, for senior roles in the Justice department.
When he re-enters the White House, Trump will also have the power to shut down the Georgia and New York cases.
Donald Trump has pledged for years to surround himself with ultra-loyalists who can mould his government to his vision without barriers.
That’s precisely why he picked Matt Gaetz. Now he’s out, Pam Bondi is in and she’s equally loyal.
Gaetz was uniquely unpopular on Capitol Hill but ultra-MAGA and ultra-loyal to the president-elect.
He was chosen by the president-elect to do his bidding inside the Justice Department as attorney general.
Critics called his pick “a red alert moment for democracy” and the man a “gonzo agent of chaos” – language that would surely only affirm Trump’s decision in his own proudly disruptive mind.
If it wasn’t for the fact that the president-elect is himself a convicted felon, and a man found liable in a civil court of his own sexual offences, the prospect of Gaetz, with all his baggage, making it through the nomination process would have seemed remote.
But Donald Trump’s return to the White House suggested anything is possible.
And so, beyond his loyalty, Gaetz was Trump’s test for his foot soldiers on Capitol Hill. How loyal were they? Would they wave through anyone he appointed?
It turns out that Gaetz, and the storm around his private life, was too much for a proportion of them.
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At least five Senate Republicans were flatly against Matt Gaetz’s confirmation. We understand that they communicated to other senators and those close to Trump that they were unlikely to be swayed.
They included the Republican old guard like Senator Mitch McConnell.
Beyond the hard “no” senators, there were between 20 and 30 other Republicans who were very uncomfortable about having to vote for Gaetz on the Senate floor.
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2:23
Trump pick Matt Gaetz withdraws
The key question is whether Gaetz was Trump’s intentional wild card crazy choice that he knew, deep down, would probably never fly.
Was Gaetz the candidate he had accepted would be vetoed by senators – who would then feel compelled to wave the rest of his nominees through?
Will Pete Hegseth’s alleged sexual impropriety concern them as they consider the suitability of the former Fox News host and army major to run the Department of Defence?
What about Tulsi Gabbard, the candidate Russian state TV calls ‘our girl’, and the appropriateness of her running America’s intelligence agencies?
These are all appointments that the politicians on Capitol Hill must consider and confirm in the weeks ahead.
We don’t yet know who Trump will choose to direct the FBI.
There are some names being floated which will make the establishment of Washington shudder but then that’s precisely why Trump was elected. He is the disrupter. He said so at every rally, on repeat.
He was quick to pivot to another name to replace Gaetz.
Bondi is the former attorney general of Florida. Professionally she is in a different league to Gaetz. She’s been a tough prosecutor, with a no-nonsense reputation.
She is also among the most loyal of loyalists. Her attachment to Trump stretches way back.
I first came across her in Philadelphia in November 2020 when she was among Trump surrogates claiming the election back then had been stolen from them by Joe Bidenand the Democrats.
She was a key proponent of the false claims the election had been rigged and Trump was the rightful winner.
The court cases concluding that was all nonsense didn’t seem to convince her.
Now she is poised to head up the Department of Justice as the country’s top law enforcement official.
Within hours of taking office, president-elect Donald Trump plans to begin rolling out policies including large-scale deportations, according to his transition team.
Sky News partner network NBC News has spoken with more than half a dozen people familiar with the executive orders that his team plans to enact.
One campaign official said changes are expected at a pace that is “like nothing you’ve seen in history”, to signal a dramatic break from President Joe Biden’s administration.
Mr Trump is preparing on day one to overturn specific policies put in place by Mr Biden. Among the measures, reported by sources close to the transition team, are:
• The speedy and large-scale deportations of illegal immigrants
• Ending travel reimbursement for military members seeking abortion care
• Restricting transgender service members’ access to gender-affirming care
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But much of the first day is likely to focus on stopping illegal immigration – the centrepiece of Trump’s candidacy. He is expected to sign up to five executive orders aimed at dealing with that issue alone after he is sworn in on 20 January.
“There will without question be a lot of movement quickly, likely day one, on the immigration front,” a top Trump ally said.
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“There will be a push to make a huge early show and assert himself to show his campaign promises were not hollow.”
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2:23
Donald Trump ally Matt Gaetz has withdrawn his name from consideration to be the next US attorney general.
But Mr Trump’s campaign pledges also could be difficult to implement.
Deporting people on the scale he wants will be a logistical challenge that could take years. Questions also remain about promised tax cuts.
Meanwhile, his pledge to end the war between Russia and Ukraine in just 24 hours would be near impossible.
Even so, advisers based at Mr Trump’s Mar-a-Lago resort or at nearby offices in West Palm Beach, Florida, are reportedly strategising about ending the wars in Ukraine and the Middle East.
Following his decisive victory on 5 November, the president-elect has moved swiftly to build a cabinet and senior White House team.
As of Thursday, he had selected more than 30 people for senior positions in his administration, compared with just three at a similar point in his 2016 transition.
Stephen Moore, a senior economic adviser in Mr Trump’s campaign, told NBC News: “The thing to realise is Trump is no dummy.
“He knows he’s got two to three years at most to get anything done. And then he becomes a lame duck and we start talking about [the presidential election in] 2028.”