A luxury Manhattan skyscraper, a championship-grade golf course and a 200-acre mansion in Westchester are on the move as President Donald Trump struggles to pay off a $355 million civil fraud judgment handed down this week by a New York judge. It’s possible to get everything.
President Trump’s estates in Manhattan, Westchester, and the Hudson Valley, as well as his most iconic properties $348 million Trump Tower With a 30-day deadline to pay the fine imposed by Manhattan Supreme Court Judge Arthur Engoron approaching, officials told the Post that the situation could lead to an impasse.
“I can’t imagine he continues to hold assets in New York state after this,” a Trump official told the Post.
A multimillion-dollar fine would take away a large portion of the Republican presidential front-runner’s net worth. Estimated by Forbes 2.6 billion, even though experts say he has strong grounds for appeal.
“I think he’s got a good shot at either reducing or reducing the sentence,” said the former New York state judge, noting that state appellate courts may differentiate complex cases on multiple grounds.
George Washington University law professor Jonathan Turley said the large fine alone raises “grave concerns” and could send the case to the U.S. Supreme Court.
“The apparent disparity between the $355 million fine and the $0 actual damages award raises clear concerns about grossly excessive damages,” Turley said. “In extreme cases, this could violate due process under the federal constitution.”
But before other courts can review Engoron’s ruling, President Trump must pay hundreds of millions of dollars from a portfolio based primarily on residential real estate, commercial buildings and resort holdings in New York City and around the world.
That could put any of Mr. Trump’s New York properties up for grabs — two of his 18 golf resorts, a $248 million tower at 40 Wall Street, and East 57th Street. They include a $283 million commercial building on 6th Street, the $30 million Seven Springs estate in Westchester County, and Trump’s real estate. His longtime penthouse home in Trump Tower on Fifth Avenue is under threat.
“He will have to pay more than $450 million just to appeal,” a person familiar with the case told the Post.
In civil matters, it is customary for judges to require up to 120% of the fine to be held in escrow while the case progresses through court.
“The defense may propose a different amount to hold in escrow,” the person explained. “But the final decision on that is up to the judge.”
The Engoron ruling imposes 9% interest on top of Trump’s fine, which will accrue daily until paid.
And Mr. Trump must raise money quickly. He has just 30 days to come up with the cash or find a surety company to back it with some of his property as collateral.
Under the terms of the Engoron decision, banks doing business in New York are not allowed to lend to former presidents.
“By imposing an astronomical award, Mr. Engoron has made it difficult to even appeal his decision,” Turley said, calling this “one of the most insidious aspects of the ruling.”
“This award should shock the conscience of any objective legal scholar,” he said.
In 2021, Trump Organization documents submitted into evidence during his fraud trial showed that Trump had $293.8 million in “cash and cash equivalents” at his disposal, an amount that Engoron could claim. It was much less than that.
If you are unable to pay the judgment or refuse to cooperate with the judge’s judgment, the consequences can be dire.
“The enforcement is in the courts,” said a person familiar with the case. “And seizing assets is not outside of their capabilities.”
Trump campaign officials argued that the company could be hurt, betting that the appeals court would cut the fine by more than half.
Until then, the Trump Organization has enough cash on hand to issue bonds backed by unspecified real estate, the person said.
On Friday, Mr. Engoron filed a lawsuit filed by New York Attorney General Letitia James, who had campaigned on a promise to destroy his business empire, alleging that Mr. He was found responsible for inflating his net worth by billion dollars.
The judge’s decision also barred the former president from doing business in the state where he built his brand.
Trump, 77, denounced the ruling on social media as a “complete and utter sham” and claimed that James’ legal pursuit of him in the midst of his presidential campaign amounted to “election interference.”
“I helped New York City during its worst moments, and now, while New York City is inundated with Biden’s violent immigration crimes, radicals are doing everything in their power to oust me,” he said. He went on a rant on Truth Social.
On Saturday, a group of about 30 anti-Trump protesters demonstrated outside Trump Tower, holding signs mocking President Trump’s financial woes.
A large banner read “Out of Business”. “Everything must go!”
But visitors who entered the former president’s skyscraper were unfazed by the exhibit.
“I think the system is definitely rigged,” said Courtney Vance of Cape Cod, Massachusetts. She voted for Trump in 2016 and says she still supports him.
“I think they’re trying to bring him down so he can’t run,” Vance said. “I think they’re trying to cripple him.”
Additional reporting by Georgia Worrell
