Trump faces assets seizure as $464m bond deadline looms in New York
Donald Trump is running out of time to post a bond to cover a $464m (£367m) civil fraud ruling – or face the risk of New York state beginning to seize some of his assets.
The former US president, who is seeking to regain the White House later this year, must either pay the money out of his own pocket or post a bond by Monday’s deadline while he appeals against Justice Arthur Engoron’s February judgment.
The judge agreed with prosecutors that Mr Trump deceived banks and insurers for years by inflating his wealth on financial statements used to secure loans and make deals, and said he had to pay a multi-million dollar bond if he wanted to appeal.
Mr Trump has denied wrongdoing in the case and all the cases against him.
The ex-president personally owes $454m (£359m), but the figure goes up when taking into account interest and money owed by his sons, Eric and Donald Jr, and the Trump Organization.
Here, we take a look at Mr Trump’s assets and income – and what may happen if he fails to pay up in time.
If he misses the deadline, what happens?
The state of New York could start seizing the tycoon’s assets – but it may be over a year before properties such as Trump Tower and other real estate holdings are on the chopping block.
Some experts believe seizing his bank accounts will be easier and relatively quick compared to dealing with his properties.
A US marshal can simply be asked to take a court order to a bank holding Trump’s money.
The process involving properties is more complicated, legal experts say.
Alan Sash, a New York lawyer, said: “Seizing a property is a poor way to describe it, because it gives the impression that someone goes and grabs it.
“It’s not like that at all. It’s slow and methodical.”
However, the New York attorney general will be able to go after any properties Trump owns in order to satisfy the judgment – although the process is likely to be more complex for properties outside of New York.
Pic: Reuters
How much is Trump worth?
A breakdown of his net worth can be achieved based on court filings and federal financial disclosures.
In some cases, the values reported by Trump were disputed in the New York civil case, which the real estate billionaire plans to appeal against.
In a social media post last Friday, Trump said he has “almost five hundred million dollars in cash”.
In an April 2023 deposition with New York attorney general Letitia James, he said he had “substantially in excess of 400 million in cash”.
A financial statement for 30 June 2021 submitted to the court by Trump showed he had $293.8m (£232.5m) worth of cash and cash equivalents at the time.
In 2022, Trump reported at least $537m (£425m) in revenues related to golf courses and hotels.
He also made money from licensing fees and royalties, and from other interests including speaking engagements and in distributions from his stake in buildings.
His Truth Social platform is said to be worth about $6bn (£4.75bn).
The company is set to begin trading on the Nasdaq stock market – potentially netting the former US president $3bn (£2.37bn).
However, even if the deal gets completed, Trump will not be allowed to sell any of his shares in the combined company for six months or borrow against them, based on terms he previously agreed.
Donald Trump’s Mar-a-Lago home in Florida. Pic: Reuters
What properties does he own?
Trump owns hotels, office buildings, residential buildings, golf courses and estates.
A June 2021 financial statement listed several of his most valuable properties such as 40 Wall Street, an office building in New York, Trump Tower in Manhattan, and the Mar-a-Lago resort in Palm Beach, Florida.
The financial statement said his properties were worth $4.3bn (£3.4bn) at the time.
In the New York case, the judge ruled Trump had overstated the value of some of the properties – and called the estimated value of Mar-a-Lago “fraudulent” and “possibly a billion dollars or more” over its market value.
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The case is not the only one draining Trump’s finances.
This month, he posted a $91.6m (£72.5m) bond to cover an $83.3m (£65.9m) defamation verdict for writer E Jean Carroll while he appeals.
She sued him after Trump called her a liar for accusing him of raping her decades ago. He has denied wrongdoing.
It’s 5.30am, but the car park outside a laundrette in south central Los Angeles is already bustling.
A woman is setting up a stand selling tacos on the pavement and the sun is beginning to rise behind the palm trees.
A group of seven women and two men are gathered in a circle, most wearing khaki green t-shirts.
The leader, a man named Francisco “Chavo” Romero, begins by asking how everyone is feeling. “Angry,” a few of them respond. “Proud of the community for pushing back,” says another.
Ron, a high school history teacher, issues a rallying cry. “This is like Vietnam,” he says. “We’re taking losses, but in the end we’re going to win. It’s a war.”
Francisco ‘Chavo’ Romero leads a volunteer group, attempting to warn people ahead of ICE raids
This is what the resistance against Donald Trump’s immigration policy looks like here. In the past month, immigration and customs enforcement agents – known as ICE – have intensified their raids on homes and workplaces across Los Angeles.
Since the beginning of June, nearly 2,800 undocumented immigrants have been arrested in the city, according to the Department of Homeland Security. The previous monthly high was just over 850 arrests in May this year.
Police use tear gas against protesters, angry at a recent immigration raid at a farm in Camarillo, California. Pic: AP
Videos have circulated online of people being tackled to the ground in the car park of DIY shops, in car washes and outside homes. The videos have prompted outrage, protests and a fightback.
“Chavo” and Ron belong to a group of organised volunteers called Union del Barrio. Every morning, a group of them meet, mostly in areas which have high immigrant populations.
The day I meet them, they’re in an area of LA which is heavily Latino. Armed with walkie talkies to communicate with each other, megaphones to warn the community and leaflets to raise awareness they set out in cars in different directions.
A volunteer from Union del Barrio shows Sky’s Martha Kelner how they try to stay one step ahead of ICE agents
They’re looking for cars used by ICE agents to monitor “targets”.
“That vehicle looks a little suspicious,” says Ron, pointing out a white SUV with blacked-out windows, “but there’s nobody in it”.
An elderly Latino man is standing on a street corner, cutting fruit to sell at his stall. “He’s the exact target that they’re looking for,” Ron says. “That’s what they’re doing now. The low-hanging fruit, the easy victim. And so that is proving to be more successful for their quotas.”
This man, selling fruit on a street corner in LA, is a potential target of immigration agents
In the end, it turns out to be a quiet morning in this part of LA, no brewing immigration operations. But elsewhere in the city, dawn raids are happening.
ICE agents are under pressure from the White House to boost their deportation numbers in line with Donald Trump’s campaign promise to crack down on illegal immigration.
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In June, tear gas and rubber bullets were fired at protestors demonstrating against immigration raids
Maria’s husband Javier was one of those arrested in LA. He came to the United States from Mexico when he was 19 and is now 58.
The couple have three grown-up children and two grandchildren. But Javier’s work permit expired two years ago, according to Maria and so he was living here illegally.
Maria’s husband Javier was arrested after his work permit expired
She shows me a video taken last month when Javier was at work at a car wash in Pomona, an area of LA. He is being handcuffed and arrested by armed and masked ICE agents, forced into a car. He is now being held at a detention centre two hours away.
“I know they’re doing their job,” she says, “but it’s like, ‘you don’t have to do it like that.’ Getting them and, you know, forcing people and pushing them down on the ground. They’re not animals.”
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Maria wipes away tears as she explains the impact of his absence for the past four weeks. “It’s been so hard without him,” she says. “You feel alone when you get used to somebody and he’s not there any more. We’ve never been apart for as long as this.”
The family have a lawyer and is appealing for him to remain in the US, but Maria fears he will be sent back to Mexico or even a third country.
Maria fears her husband, who has lived in the US for nearly 40 years, will be sent back to Mexico
“I don’t know what to say to my grandkids because the oldest one, who is five was very attached to his papas, as he calls him. And he’s asking me, ‘When is papa coming home?’ and I don’t know what to say. He’s not a criminal.”
The fear in immigrant communities can be measured by the empty restaurant booths and streets that are far quieter than usual.
People in LA are being asked to report sightings of ICE officials so others can be warned
I meet Soledad at the Mexican restaurant she owns in Hollywood. When I arrive, she’s watching the local news on the TV as yet another raid unfolds at a nearby farm.
She’s shaking her head as ICE agents face off with protesters and military helicopters hover overhead. “I am scared. I am very scared,” she says.
All of her eight employees are undocumented, and four of them are too scared to come into work, she says, in case they get arrested. The process to get papers, she says, is too long and too expensive.
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Soledad, who owns a Mexican restaurant, plans to hide her illegal workers if immigration officials arrive
“They call me and tell me they are too afraid to come in because immigration is around,” she says.
“I have to work double shifts to be able to make up for their hours, and yes, I am very desperate, and sometimes I cry… We have no sales, and no money to pay their wages.”
There is just one woman eating fajitas at a booth, where there would usually be a lunchtime rush. People are chilled by the raids.
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Soledad says she plans to hide her illegal workers if immigration officials arrive.
“I’ve told them, get inside the fridge, hide behind the stove, climb up where we have a space to store boxes, do not run because they will hunt you down.”
The White House says they’re protecting the country from criminals. ICE agents have been shot at while carrying out operations, their work becoming more dangerous by the day.
The tension here is ratcheting up. Deportation numbers are rising too. But the order from Donald Trump is to arrest even more people living here illegally.
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