Donald Trump may lose Trump Tower and personal penthouse in $454 million legal case - Hindustan Times
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Donald Trump may lose Trump Tower and personal penthouse in $454 million legal case

Mar 21, 2024 11:08 PM IST

New York state’s $454 mn judgment against Donald Trump in a civil fraud lawsuit has been formally registered in Westchester County just outside Manhattan.

In a dramatic twist of events, former President Donald Trump finds himself at the center of a legal storm as he grapples with the possibility of forfeiting his iconic Trump Tower rather than coughing up a staggering $454 million bond in the ongoing civil fraud case against him.

The Trump World Tower at 845 United Nations Plaza in New York, US, on Thursday, Feb. 22, 2024. New York Attorney General Letitia James said she's ready to seize former President Trump's buildings and other assets if he can't pay the penalty imposed on him and his companies in the state's civil fraud case(Bloomberg)
The Trump World Tower at 845 United Nations Plaza in New York, US, on Thursday, Feb. 22, 2024. New York Attorney General Letitia James said she's ready to seize former President Trump's buildings and other assets if he can't pay the penalty imposed on him and his companies in the state's civil fraud case(Bloomberg)

New York state’s $454 million judgment against Donald Trump has been formally registered in Westchester County just outside Manhattan. This is clear sign that his properties in the area may be at risk of being seized if he fails to post an appeal bond. Two of the real estate mogul’s most valuable properties - Trump National Golf Club Westchester and the mostly undeveloped 212-acre Seven Springs estate are facing seizure. James is prepared to seize Trump's assets if he misses a March 25 deadline to post a bond for 120% of the judgment, to put it on hold while he appeals.

Amid mounting pressure from the New York Attorney General, Letitia James, Trump's financial woes have reached a critical juncture. With his accounts on the verge of being seized, including the renowned Trump Tower, the ex-president is facing a daunting challenge to gather the required funds.

Also Read: Is Donald Trump broke? What his net worth says

The Post has quoted sources close to the matter hinting at Trump's reluctance to part ways with his assets voluntarily. Despite whispers of bankruptcy or seeking assistance from influential allies, Trump appears poised to let the legal process unfold, banking on a potential appeal to reclaim control.

Why Donald Trump can't file for bankruptcy

He may wait for New York Attorney General Letitia James to seize his assets, The New York Post reported. Trump's lawyers said on Monday that getting the money together was practically impossible, as all of Trump's assets are tied up. Experts also mentioned that if Trump files for bankruptcy, it could mess with his chances in the 2024 election race.

However, experts caution that such a gamble carries significant risks. Attorney General Letitia James holds the authority to liquidate seized assets to recoup the owed amount, potentially jeopardizing Trump's financial standing. Adam Leitman Bailey, a prominent New York lawyer told The Mirror, the focus is on retrieving monetary dues rather than acquiring properties outright.

While optimism lingers within Trump's inner circle regarding a favourable outcome, concerns loom over the broader implications. Observers warn of a chilling effect on business ventures in New York, fearing a downturn in investment sentiment amidst uncertainties surrounding property values.

As speculation swirls regarding Trump's next move, his efforts of seeking aid from affluent acquaintances remain unfulfilled. Despite having a network of wealthy associates, Trump refrains from soliciting assistance, preferring to navigate the legal labyrinth independently.

Maga is up in arms against New York state for imposing a hefty penalty on Trump. Many of his followers claim, if things go wrong, it won't be like a big scary riot, but people might stop wanting to work or build in New York. They're worried because buildings aren't worth as much as before, and that's bad news for the city's money.

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