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35100
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
750,000 is a lot of robots.
All manufactured by Amazon and built in the state of Massachusetts.
Do you break those numbers down further?
Those are just the AMRs. We also have a fleet of robots that sort packages. We have a fleet of robots that manipulate packages, like our Robin fleet that’s inducted more than 2 billion packages.
You mentioned mobile manipulation earlier. Where is your team with that concept?
It’s super exciting. I think those core fundamentals that I talked about, the verbs that I think we’re achieving a world class mastering in, when you start to bring those together in interesting combination, some really unique things happen. I think that we are world leaders when it comes to mobile robots out there. No one has the fleet of sure mobile industrial robots that are out there and controlling them at scale. And now we are very much in the business of manipulating not only packages, but also objects. And to bring those together, I think it’s exciting to see the possibilities.
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35101
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
Do you break those numbers down further?
Those are just the AMRs. We also have a fleet of robots that sort packages. We have a fleet of robots that manipulate packages, like our Robin fleet that’s inducted more than 2 billion packages.
You mentioned mobile manipulation earlier. Where is your team with that concept?
It’s super exciting. I think those core fundamentals that I talked about, the verbs that I think we’re achieving a world class mastering in, when you start to bring those together in interesting combination, some really unique things happen. I think that we are world leaders when it comes to mobile robots out there. No one has the fleet of sure mobile industrial robots that are out there and controlling them at scale. And now we are very much in the business of manipulating not only packages, but also objects. And to bring those together, I think it’s exciting to see the possibilities.
What does mobile manipulation look like?
I think it’s probably what you think.
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35102
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
Those are just the AMRs. We also have a fleet of robots that sort packages. We have a fleet of robots that manipulate packages, like our Robin fleet that’s inducted more than 2 billion packages.
You mentioned mobile manipulation earlier. Where is your team with that concept?
It’s super exciting. I think those core fundamentals that I talked about, the verbs that I think we’re achieving a world class mastering in, when you start to bring those together in interesting combination, some really unique things happen. I think that we are world leaders when it comes to mobile robots out there. No one has the fleet of sure mobile industrial robots that are out there and controlling them at scale. And now we are very much in the business of manipulating not only packages, but also objects. And to bring those together, I think it’s exciting to see the possibilities.
What does mobile manipulation look like?
I think it’s probably what you think.
Mounting an arm to an AMR?
Yeah.
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35103
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
We have a fleet of robots that manipulate packages, like our Robin fleet that’s inducted more than 2 billion packages.
You mentioned mobile manipulation earlier. Where is your team with that concept?
It’s super exciting. I think those core fundamentals that I talked about, the verbs that I think we’re achieving a world class mastering in, when you start to bring those together in interesting combination, some really unique things happen. I think that we are world leaders when it comes to mobile robots out there. No one has the fleet of sure mobile industrial robots that are out there and controlling them at scale. And now we are very much in the business of manipulating not only packages, but also objects. And to bring those together, I think it’s exciting to see the possibilities.
What does mobile manipulation look like?
I think it’s probably what you think.
Mounting an arm to an AMR?
Yeah. With the Agility robot, you can think of that as a mobile manipulator.
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35104
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
You mentioned mobile manipulation earlier. Where is your team with that concept?
It’s super exciting. I think those core fundamentals that I talked about, the verbs that I think we’re achieving a world class mastering in, when you start to bring those together in interesting combination, some really unique things happen. I think that we are world leaders when it comes to mobile robots out there. No one has the fleet of sure mobile industrial robots that are out there and controlling them at scale. And now we are very much in the business of manipulating not only packages, but also objects. And to bring those together, I think it’s exciting to see the possibilities.
What does mobile manipulation look like?
I think it’s probably what you think.
Mounting an arm to an AMR?
Yeah. With the Agility robot, you can think of that as a mobile manipulator. That has interest to us, right.
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35105
|
Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
You mentioned mobile manipulation earlier. Where is your team with that concept?
It’s super exciting. I think those core fundamentals that I talked about, the verbs that I think we’re achieving a world class mastering in, when you start to bring those together in interesting combination, some really unique things happen. I think that we are world leaders when it comes to mobile robots out there. No one has the fleet of sure mobile industrial robots that are out there and controlling them at scale. And now we are very much in the business of manipulating not only packages, but also objects. And to bring those together, I think it’s exciting to see the possibilities.
What does mobile manipulation look like?
I think it’s probably what you think.
Mounting an arm to an AMR?
Yeah. With the Agility robot, you can think of that as a mobile manipulator. That has interest to us, right. The mode of mobility has particular interest to us because we just have not done a lot of work in bipedal robots.
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35106
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
I think those core fundamentals that I talked about, the verbs that I think we’re achieving a world class mastering in, when you start to bring those together in interesting combination, some really unique things happen. I think that we are world leaders when it comes to mobile robots out there. No one has the fleet of sure mobile industrial robots that are out there and controlling them at scale. And now we are very much in the business of manipulating not only packages, but also objects. And to bring those together, I think it’s exciting to see the possibilities.
What does mobile manipulation look like?
I think it’s probably what you think.
Mounting an arm to an AMR?
Yeah. With the Agility robot, you can think of that as a mobile manipulator. That has interest to us, right. The mode of mobility has particular interest to us because we just have not done a lot of work in bipedal robots. So that’s why we have interest in Agility.
|
35107
|
Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
I think that we are world leaders when it comes to mobile robots out there. No one has the fleet of sure mobile industrial robots that are out there and controlling them at scale. And now we are very much in the business of manipulating not only packages, but also objects. And to bring those together, I think it’s exciting to see the possibilities.
What does mobile manipulation look like?
I think it’s probably what you think.
Mounting an arm to an AMR?
Yeah. With the Agility robot, you can think of that as a mobile manipulator. That has interest to us, right. The mode of mobility has particular interest to us because we just have not done a lot of work in bipedal robots. So that’s why we have interest in Agility. But absolutely, if we can combine that with identification systems with manipulation systems, sortation system, storage systems have anything and everything that we will do to innovate for our customer, right anything and everything will do to improve the safety for our employees.
|
35108
|
Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
No one has the fleet of sure mobile industrial robots that are out there and controlling them at scale. And now we are very much in the business of manipulating not only packages, but also objects. And to bring those together, I think it’s exciting to see the possibilities.
What does mobile manipulation look like?
I think it’s probably what you think.
Mounting an arm to an AMR?
Yeah. With the Agility robot, you can think of that as a mobile manipulator. That has interest to us, right. The mode of mobility has particular interest to us because we just have not done a lot of work in bipedal robots. So that’s why we have interest in Agility. But absolutely, if we can combine that with identification systems with manipulation systems, sortation system, storage systems have anything and everything that we will do to innovate for our customer, right anything and everything will do to improve the safety for our employees.
It’s a hard problem.
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35109
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
And now we are very much in the business of manipulating not only packages, but also objects. And to bring those together, I think it’s exciting to see the possibilities.
What does mobile manipulation look like?
I think it’s probably what you think.
Mounting an arm to an AMR?
Yeah. With the Agility robot, you can think of that as a mobile manipulator. That has interest to us, right. The mode of mobility has particular interest to us because we just have not done a lot of work in bipedal robots. So that’s why we have interest in Agility. But absolutely, if we can combine that with identification systems with manipulation systems, sortation system, storage systems have anything and everything that we will do to innovate for our customer, right anything and everything will do to improve the safety for our employees.
It’s a hard problem.
It’s a very, very hard problem, when you’re talking about millions and millions of different objects.
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35110
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
And to bring those together, I think it’s exciting to see the possibilities.
What does mobile manipulation look like?
I think it’s probably what you think.
Mounting an arm to an AMR?
Yeah. With the Agility robot, you can think of that as a mobile manipulator. That has interest to us, right. The mode of mobility has particular interest to us because we just have not done a lot of work in bipedal robots. So that’s why we have interest in Agility. But absolutely, if we can combine that with identification systems with manipulation systems, sortation system, storage systems have anything and everything that we will do to innovate for our customer, right anything and everything will do to improve the safety for our employees.
It’s a hard problem.
It’s a very, very hard problem, when you’re talking about millions and millions of different objects. Of all different sizes, and scales and weights in dimensionality, the ability to not only grasp the item, but also identify the item, the ability to also look for damage on the item is pretty incredible.
|
35111
|
Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
Mounting an arm to an AMR?
Yeah. With the Agility robot, you can think of that as a mobile manipulator. That has interest to us, right. The mode of mobility has particular interest to us because we just have not done a lot of work in bipedal robots. So that’s why we have interest in Agility. But absolutely, if we can combine that with identification systems with manipulation systems, sortation system, storage systems have anything and everything that we will do to innovate for our customer, right anything and everything will do to improve the safety for our employees.
It’s a hard problem.
It’s a very, very hard problem, when you’re talking about millions and millions of different objects. Of all different sizes, and scales and weights in dimensionality, the ability to not only grasp the item, but also identify the item, the ability to also look for damage on the item is pretty incredible. I want to eliminate every menial, mundane, repetitive job out there.
|
35112
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
With the Agility robot, you can think of that as a mobile manipulator. That has interest to us, right. The mode of mobility has particular interest to us because we just have not done a lot of work in bipedal robots. So that’s why we have interest in Agility. But absolutely, if we can combine that with identification systems with manipulation systems, sortation system, storage systems have anything and everything that we will do to innovate for our customer, right anything and everything will do to improve the safety for our employees.
It’s a hard problem.
It’s a very, very hard problem, when you’re talking about millions and millions of different objects. Of all different sizes, and scales and weights in dimensionality, the ability to not only grasp the item, but also identify the item, the ability to also look for damage on the item is pretty incredible. I want to eliminate every menial, mundane, repetitive job out there. So, if I can automate that, and allow our employees to focus more on what matters, on higher level tasking, that’s a total win.
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35113
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
So that’s why we have interest in Agility. But absolutely, if we can combine that with identification systems with manipulation systems, sortation system, storage systems have anything and everything that we will do to innovate for our customer, right anything and everything will do to improve the safety for our employees.
It’s a hard problem.
It’s a very, very hard problem, when you’re talking about millions and millions of different objects. Of all different sizes, and scales and weights in dimensionality, the ability to not only grasp the item, but also identify the item, the ability to also look for damage on the item is pretty incredible. I want to eliminate every menial, mundane, repetitive job out there. So, if I can automate that, and allow our employees to focus more on what matters, on higher level tasking, that’s a total win. This ties into the MIT thing, too. The way it’s played out is, you replace a certain thing. So the jobs changed.
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35114
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
But absolutely, if we can combine that with identification systems with manipulation systems, sortation system, storage systems have anything and everything that we will do to innovate for our customer, right anything and everything will do to improve the safety for our employees.
It’s a hard problem.
It’s a very, very hard problem, when you’re talking about millions and millions of different objects. Of all different sizes, and scales and weights in dimensionality, the ability to not only grasp the item, but also identify the item, the ability to also look for damage on the item is pretty incredible. I want to eliminate every menial, mundane, repetitive job out there. So, if I can automate that, and allow our employees to focus more on what matters, on higher level tasking, that’s a total win. This ties into the MIT thing, too. The way it’s played out is, you replace a certain thing. So the jobs changed. The jobs exist, but it’s a big sweeping change.
|
35115
|
Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
It’s a hard problem.
It’s a very, very hard problem, when you’re talking about millions and millions of different objects. Of all different sizes, and scales and weights in dimensionality, the ability to not only grasp the item, but also identify the item, the ability to also look for damage on the item is pretty incredible. I want to eliminate every menial, mundane, repetitive job out there. So, if I can automate that, and allow our employees to focus more on what matters, on higher level tasking, that’s a total win. This ties into the MIT thing, too. The way it’s played out is, you replace a certain thing. So the jobs changed. The jobs exist, but it’s a big sweeping change.
If I visit the labs, I’ll see these sorts of experiments in action.
Yeah. If you were to go to outside of Nashville today, you would see Proteus working with our Cardinal arm.
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35116
|
Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
It’s a very, very hard problem, when you’re talking about millions and millions of different objects. Of all different sizes, and scales and weights in dimensionality, the ability to not only grasp the item, but also identify the item, the ability to also look for damage on the item is pretty incredible. I want to eliminate every menial, mundane, repetitive job out there. So, if I can automate that, and allow our employees to focus more on what matters, on higher level tasking, that’s a total win. This ties into the MIT thing, too. The way it’s played out is, you replace a certain thing. So the jobs changed. The jobs exist, but it’s a big sweeping change.
If I visit the labs, I’ll see these sorts of experiments in action.
Yeah. If you were to go to outside of Nashville today, you would see Proteus working with our Cardinal arm. You’d get to see the interoperability.
|
35117
|
Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
Of all different sizes, and scales and weights in dimensionality, the ability to not only grasp the item, but also identify the item, the ability to also look for damage on the item is pretty incredible. I want to eliminate every menial, mundane, repetitive job out there. So, if I can automate that, and allow our employees to focus more on what matters, on higher level tasking, that’s a total win. This ties into the MIT thing, too. The way it’s played out is, you replace a certain thing. So the jobs changed. The jobs exist, but it’s a big sweeping change.
If I visit the labs, I’ll see these sorts of experiments in action.
Yeah. If you were to go to outside of Nashville today, you would see Proteus working with our Cardinal arm. You’d get to see the interoperability. We have the Proteus drives moving carts to the outbound docks.
|
35118
|
Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
Of all different sizes, and scales and weights in dimensionality, the ability to not only grasp the item, but also identify the item, the ability to also look for damage on the item is pretty incredible. I want to eliminate every menial, mundane, repetitive job out there. So, if I can automate that, and allow our employees to focus more on what matters, on higher level tasking, that’s a total win. This ties into the MIT thing, too. The way it’s played out is, you replace a certain thing. So the jobs changed. The jobs exist, but it’s a big sweeping change.
If I visit the labs, I’ll see these sorts of experiments in action.
Yeah. If you were to go to outside of Nashville today, you would see Proteus working with our Cardinal arm. You’d get to see the interoperability. We have the Proteus drives moving carts to the outbound docks. If you were to go down to Hou 6 just outside of Houston, you would see Sequoia fulfilling orders today, right in time for holiday shopping.
|
35119
|
Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
I want to eliminate every menial, mundane, repetitive job out there. So, if I can automate that, and allow our employees to focus more on what matters, on higher level tasking, that’s a total win. This ties into the MIT thing, too. The way it’s played out is, you replace a certain thing. So the jobs changed. The jobs exist, but it’s a big sweeping change.
If I visit the labs, I’ll see these sorts of experiments in action.
Yeah. If you were to go to outside of Nashville today, you would see Proteus working with our Cardinal arm. You’d get to see the interoperability. We have the Proteus drives moving carts to the outbound docks. If you were to go down to Hou 6 just outside of Houston, you would see Sequoia fulfilling orders today, right in time for holiday shopping.
What role do people play in that picture?
People will always be at the center of a robotics universe.
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35120
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
So, if I can automate that, and allow our employees to focus more on what matters, on higher level tasking, that’s a total win. This ties into the MIT thing, too. The way it’s played out is, you replace a certain thing. So the jobs changed. The jobs exist, but it’s a big sweeping change.
If I visit the labs, I’ll see these sorts of experiments in action.
Yeah. If you were to go to outside of Nashville today, you would see Proteus working with our Cardinal arm. You’d get to see the interoperability. We have the Proteus drives moving carts to the outbound docks. If you were to go down to Hou 6 just outside of Houston, you would see Sequoia fulfilling orders today, right in time for holiday shopping.
What role do people play in that picture?
People will always be at the center of a robotics universe. We know more robots, more jobs that we see through the productivity increases that we have.
|
35121
|
Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
This ties into the MIT thing, too. The way it’s played out is, you replace a certain thing. So the jobs changed. The jobs exist, but it’s a big sweeping change.
If I visit the labs, I’ll see these sorts of experiments in action.
Yeah. If you were to go to outside of Nashville today, you would see Proteus working with our Cardinal arm. You’d get to see the interoperability. We have the Proteus drives moving carts to the outbound docks. If you were to go down to Hou 6 just outside of Houston, you would see Sequoia fulfilling orders today, right in time for holiday shopping.
What role do people play in that picture?
People will always be at the center of a robotics universe. We know more robots, more jobs that we see through the productivity increases that we have.
[The MIT study] sounds like it’s largely about perception and what people think of robots, rather than job numbers specifically.
I’m not sure.
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35122
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
So the jobs changed. The jobs exist, but it’s a big sweeping change.
If I visit the labs, I’ll see these sorts of experiments in action.
Yeah. If you were to go to outside of Nashville today, you would see Proteus working with our Cardinal arm. You’d get to see the interoperability. We have the Proteus drives moving carts to the outbound docks. If you were to go down to Hou 6 just outside of Houston, you would see Sequoia fulfilling orders today, right in time for holiday shopping.
What role do people play in that picture?
People will always be at the center of a robotics universe. We know more robots, more jobs that we see through the productivity increases that we have.
[The MIT study] sounds like it’s largely about perception and what people think of robots, rather than job numbers specifically.
I’m not sure. It’s wherever [MIT professor Julie Shah] wants to take it.
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35123
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
The jobs exist, but it’s a big sweeping change.
If I visit the labs, I’ll see these sorts of experiments in action.
Yeah. If you were to go to outside of Nashville today, you would see Proteus working with our Cardinal arm. You’d get to see the interoperability. We have the Proteus drives moving carts to the outbound docks. If you were to go down to Hou 6 just outside of Houston, you would see Sequoia fulfilling orders today, right in time for holiday shopping.
What role do people play in that picture?
People will always be at the center of a robotics universe. We know more robots, more jobs that we see through the productivity increases that we have.
[The MIT study] sounds like it’s largely about perception and what people think of robots, rather than job numbers specifically.
I’m not sure. It’s wherever [MIT professor Julie Shah] wants to take it. We have a lot of interest in how people perceive robotics, because people will be using our robotics.
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35124
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Amazon’s Tye Brady discusses generative AI, humanoid robots and mobile manipulation
Yeah. If you were to go to outside of Nashville today, you would see Proteus working with our Cardinal arm. You’d get to see the interoperability. We have the Proteus drives moving carts to the outbound docks. If you were to go down to Hou 6 just outside of Houston, you would see Sequoia fulfilling orders today, right in time for holiday shopping.
What role do people play in that picture?
People will always be at the center of a robotics universe. We know more robots, more jobs that we see through the productivity increases that we have.
[The MIT study] sounds like it’s largely about perception and what people think of robots, rather than job numbers specifically.
I’m not sure. It’s wherever [MIT professor Julie Shah] wants to take it. We have a lot of interest in how people perceive robotics, because people will be using our robotics. And if it is intimidating, or there’s friction there, and you don’t want to use it, then we’re failing in our design.
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35125
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
A judge ruled Tuesday that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House.
Judge Arthur Engoron, ruling in a civil lawsuit brought by New York’s attorney general, found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.
Engoron ordered that some of Trump’s business licenses be rescinded as punishment and said he would continue to have an independent monitor oversee the Trump Organization’s operations.
A Trump spokesperson did not immediately respond to a request for comment on the ruling. Trump has long insisted he did nothing wrong.
The decision, days before the start of a non-jury trial in Attorney General Letitia James’ lawsuit, is the strongest repudiation yet of Trump’s carefully coiffed image as a wealthy and shrewd real estate mogul turned political powerhouse.
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35126
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
A judge ruled Tuesday that Donald Trump committed fraud for years while building the real estate empire that catapulted him to fame and the White House.
Judge Arthur Engoron, ruling in a civil lawsuit brought by New York’s attorney general, found that the former president and his company deceived banks, insurers and others by massively overvaluing his assets and exaggerating his net worth on paperwork used in making deals and securing financing.
Engoron ordered that some of Trump’s business licenses be rescinded as punishment and said he would continue to have an independent monitor oversee the Trump Organization’s operations.
A Trump spokesperson did not immediately respond to a request for comment on the ruling. Trump has long insisted he did nothing wrong.
The decision, days before the start of a non-jury trial in Attorney General Letitia James’ lawsuit, is the strongest repudiation yet of Trump’s carefully coiffed image as a wealthy and shrewd real estate mogul turned political powerhouse.
Beyond mere bragging about his riches, Trump, his company and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance premiums, Engoron found.
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35127
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Engoron ordered that some of Trump’s business licenses be rescinded as punishment and said he would continue to have an independent monitor oversee the Trump Organization’s operations.
A Trump spokesperson did not immediately respond to a request for comment on the ruling. Trump has long insisted he did nothing wrong.
The decision, days before the start of a non-jury trial in Attorney General Letitia James’ lawsuit, is the strongest repudiation yet of Trump’s carefully coiffed image as a wealthy and shrewd real estate mogul turned political powerhouse.
Beyond mere bragging about his riches, Trump, his company and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance premiums, Engoron found.
Those tactics crossed a line and violated the law, the judge said, rejecting Trump’s contention that a disclaimer on the financial statements absolved him of any wrongdoing.
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35128
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Engoron ordered that some of Trump’s business licenses be rescinded as punishment and said he would continue to have an independent monitor oversee the Trump Organization’s operations.
A Trump spokesperson did not immediately respond to a request for comment on the ruling. Trump has long insisted he did nothing wrong.
The decision, days before the start of a non-jury trial in Attorney General Letitia James’ lawsuit, is the strongest repudiation yet of Trump’s carefully coiffed image as a wealthy and shrewd real estate mogul turned political powerhouse.
Beyond mere bragging about his riches, Trump, his company and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance premiums, Engoron found.
Those tactics crossed a line and violated the law, the judge said, rejecting Trump’s contention that a disclaimer on the financial statements absolved him of any wrongdoing.
“In defendants’ world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air; a disclaimer by one party casting responsibility on another party exonerates the other party’s lies,” Engoron wrote in his 35-page ruling.
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35129
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Trump has long insisted he did nothing wrong.
The decision, days before the start of a non-jury trial in Attorney General Letitia James’ lawsuit, is the strongest repudiation yet of Trump’s carefully coiffed image as a wealthy and shrewd real estate mogul turned political powerhouse.
Beyond mere bragging about his riches, Trump, his company and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance premiums, Engoron found.
Those tactics crossed a line and violated the law, the judge said, rejecting Trump’s contention that a disclaimer on the financial statements absolved him of any wrongdoing.
“In defendants’ world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air; a disclaimer by one party casting responsibility on another party exonerates the other party’s lies,” Engoron wrote in his 35-page ruling. “That is a fantasy world, not the real world.”
Manhattan prosecutors had looked into bringing a criminal case over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that could disrupt his and his family’s ability to do business in the state.
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35130
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Beyond mere bragging about his riches, Trump, his company and key executives repeatedly lied about them on his annual financial statements, reaping rewards such as favorable loan terms and lower insurance premiums, Engoron found.
Those tactics crossed a line and violated the law, the judge said, rejecting Trump’s contention that a disclaimer on the financial statements absolved him of any wrongdoing.
“In defendants’ world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air; a disclaimer by one party casting responsibility on another party exonerates the other party’s lies,” Engoron wrote in his 35-page ruling. “That is a fantasy world, not the real world.”
Manhattan prosecutors had looked into bringing a criminal case over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that could disrupt his and his family’s ability to do business in the state.
Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’ lawsuit, but six others remain.
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35131
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Those tactics crossed a line and violated the law, the judge said, rejecting Trump’s contention that a disclaimer on the financial statements absolved him of any wrongdoing.
“In defendants’ world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air; a disclaimer by one party casting responsibility on another party exonerates the other party’s lies,” Engoron wrote in his 35-page ruling. “That is a fantasy world, not the real world.”
Manhattan prosecutors had looked into bringing a criminal case over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that could disrupt his and his family’s ability to do business in the state.
Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’ lawsuit, but six others remain.
Engoron is slated to hold a non-jury trial starting Oct.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Those tactics crossed a line and violated the law, the judge said, rejecting Trump’s contention that a disclaimer on the financial statements absolved him of any wrongdoing.
“In defendants’ world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air; a disclaimer by one party casting responsibility on another party exonerates the other party’s lies,” Engoron wrote in his 35-page ruling. “That is a fantasy world, not the real world.”
Manhattan prosecutors had looked into bringing a criminal case over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that could disrupt his and his family’s ability to do business in the state.
Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’ lawsuit, but six others remain.
Engoron is slated to hold a non-jury trial starting Oct. 2 before deciding on those claims and any punishments he may impose.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
“In defendants’ world: rent regulated apartments are worth the same as unregulated apartments; restricted land is worth the same as unrestricted land; restrictions can evaporate into thin air; a disclaimer by one party casting responsibility on another party exonerates the other party’s lies,” Engoron wrote in his 35-page ruling. “That is a fantasy world, not the real world.”
Manhattan prosecutors had looked into bringing a criminal case over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that could disrupt his and his family’s ability to do business in the state.
Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’ lawsuit, but six others remain.
Engoron is slated to hold a non-jury trial starting Oct. 2 before deciding on those claims and any punishments he may impose. James is seeking $250 million in penalties and a ban on Trump doing business in New York, his home state.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
“That is a fantasy world, not the real world.”
Manhattan prosecutors had looked into bringing a criminal case over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that could disrupt his and his family’s ability to do business in the state.
Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’ lawsuit, but six others remain.
Engoron is slated to hold a non-jury trial starting Oct. 2 before deciding on those claims and any punishments he may impose. James is seeking $250 million in penalties and a ban on Trump doing business in New York, his home state. The trial could last into December, Engoron has said.
Trump’s lawyers had asked the judge to throw out the case, which he denied. They contend that James wasn’t legally allowed to file the lawsuit because there isn’t any evidence that the public was harmed by Trump’s actions.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
“That is a fantasy world, not the real world.”
Manhattan prosecutors had looked into bringing a criminal case over the same conduct but declined to do so, leaving James to sue Trump and seek penalties that could disrupt his and his family’s ability to do business in the state.
Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’ lawsuit, but six others remain.
Engoron is slated to hold a non-jury trial starting Oct. 2 before deciding on those claims and any punishments he may impose. James is seeking $250 million in penalties and a ban on Trump doing business in New York, his home state. The trial could last into December, Engoron has said.
Trump’s lawyers had asked the judge to throw out the case, which he denied. They contend that James wasn’t legally allowed to file the lawsuit because there isn’t any evidence that the public was harmed by Trump’s actions. They also argued that many of the allegations in the lawsuit were barred by the statute of limitations.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’ lawsuit, but six others remain.
Engoron is slated to hold a non-jury trial starting Oct. 2 before deciding on those claims and any punishments he may impose. James is seeking $250 million in penalties and a ban on Trump doing business in New York, his home state. The trial could last into December, Engoron has said.
Trump’s lawyers had asked the judge to throw out the case, which he denied. They contend that James wasn’t legally allowed to file the lawsuit because there isn’t any evidence that the public was harmed by Trump’s actions. They also argued that many of the allegations in the lawsuit were barred by the statute of limitations.
Engoron, noting that he had “emphatically rejected” those arguments earlier in the case, equated them to the “time-loop in the film ‘Groundhog Day.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Engoron’s ruling, in a phase of the case known as summary judgment, resolves the key claim in James’ lawsuit, but six others remain.
Engoron is slated to hold a non-jury trial starting Oct. 2 before deciding on those claims and any punishments he may impose. James is seeking $250 million in penalties and a ban on Trump doing business in New York, his home state. The trial could last into December, Engoron has said.
Trump’s lawyers had asked the judge to throw out the case, which he denied. They contend that James wasn’t legally allowed to file the lawsuit because there isn’t any evidence that the public was harmed by Trump’s actions. They also argued that many of the allegations in the lawsuit were barred by the statute of limitations.
Engoron, noting that he had “emphatically rejected” those arguments earlier in the case, equated them to the “time-loop in the film ‘Groundhog Day.'”
James, a Democrat, sued Trump and the Trump Organization a year ago, alleging a pattern of duplicity that she dubbed “the art of the steal,” a twist on the title of Trump’s 1987 business memoir “The Art of the Deal.”
The lawsuit accused Trump and his company of routinely inflating the value of assets like skyscrapers, golf courses and his Mar-a-Lago estate in Florida, padding his bottom line by billions.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Trump’s lawyers had asked the judge to throw out the case, which he denied. They contend that James wasn’t legally allowed to file the lawsuit because there isn’t any evidence that the public was harmed by Trump’s actions. They also argued that many of the allegations in the lawsuit were barred by the statute of limitations.
Engoron, noting that he had “emphatically rejected” those arguments earlier in the case, equated them to the “time-loop in the film ‘Groundhog Day.'”
James, a Democrat, sued Trump and the Trump Organization a year ago, alleging a pattern of duplicity that she dubbed “the art of the steal,” a twist on the title of Trump’s 1987 business memoir “The Art of the Deal.”
The lawsuit accused Trump and his company of routinely inflating the value of assets like skyscrapers, golf courses and his Mar-a-Lago estate in Florida, padding his bottom line by billions.
Among the allegations were that Trump claimed his Trump Tower apartment in Manhattan — a three-story penthouse replete with gold-plated fixtures — was nearly three times its actual size and valued the property at $327 million.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
They also argued that many of the allegations in the lawsuit were barred by the statute of limitations.
Engoron, noting that he had “emphatically rejected” those arguments earlier in the case, equated them to the “time-loop in the film ‘Groundhog Day.'”
James, a Democrat, sued Trump and the Trump Organization a year ago, alleging a pattern of duplicity that she dubbed “the art of the steal,” a twist on the title of Trump’s 1987 business memoir “The Art of the Deal.”
The lawsuit accused Trump and his company of routinely inflating the value of assets like skyscrapers, golf courses and his Mar-a-Lago estate in Florida, padding his bottom line by billions.
Among the allegations were that Trump claimed his Trump Tower apartment in Manhattan — a three-story penthouse replete with gold-plated fixtures — was nearly three times its actual size and valued the property at $327 million. No apartment in New York City has ever sold for close to that amount, James said.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Engoron, noting that he had “emphatically rejected” those arguments earlier in the case, equated them to the “time-loop in the film ‘Groundhog Day.'”
James, a Democrat, sued Trump and the Trump Organization a year ago, alleging a pattern of duplicity that she dubbed “the art of the steal,” a twist on the title of Trump’s 1987 business memoir “The Art of the Deal.”
The lawsuit accused Trump and his company of routinely inflating the value of assets like skyscrapers, golf courses and his Mar-a-Lago estate in Florida, padding his bottom line by billions.
Among the allegations were that Trump claimed his Trump Tower apartment in Manhattan — a three-story penthouse replete with gold-plated fixtures — was nearly three times its actual size and valued the property at $327 million. No apartment in New York City has ever sold for close to that amount, James said.
Trump valued Mar-a-Lago as high as $739 million — more than 10 times a more reasonable estimate of its worth.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
'”
James, a Democrat, sued Trump and the Trump Organization a year ago, alleging a pattern of duplicity that she dubbed “the art of the steal,” a twist on the title of Trump’s 1987 business memoir “The Art of the Deal.”
The lawsuit accused Trump and his company of routinely inflating the value of assets like skyscrapers, golf courses and his Mar-a-Lago estate in Florida, padding his bottom line by billions.
Among the allegations were that Trump claimed his Trump Tower apartment in Manhattan — a three-story penthouse replete with gold-plated fixtures — was nearly three times its actual size and valued the property at $327 million. No apartment in New York City has ever sold for close to that amount, James said.
Trump valued Mar-a-Lago as high as $739 million — more than 10 times a more reasonable estimate of its worth. Trump’s figure for the private club and residence was based on the idea that the property could be developed for residential use, but deed terms prohibit that, James said.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Among the allegations were that Trump claimed his Trump Tower apartment in Manhattan — a three-story penthouse replete with gold-plated fixtures — was nearly three times its actual size and valued the property at $327 million. No apartment in New York City has ever sold for close to that amount, James said.
Trump valued Mar-a-Lago as high as $739 million — more than 10 times a more reasonable estimate of its worth. Trump’s figure for the private club and residence was based on the idea that the property could be developed for residential use, but deed terms prohibit that, James said.
Trump has denied wrongdoing, arguing in sworn testimony for the case that it didn’t matter what he put on his financial statements because they have a disclaimer that says they shouldn’t be trusted. He told James at the April deposition, “You don’t have a case and you should drop this case.”
“Do you know the banks were fully paid?
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Among the allegations were that Trump claimed his Trump Tower apartment in Manhattan — a three-story penthouse replete with gold-plated fixtures — was nearly three times its actual size and valued the property at $327 million. No apartment in New York City has ever sold for close to that amount, James said.
Trump valued Mar-a-Lago as high as $739 million — more than 10 times a more reasonable estimate of its worth. Trump’s figure for the private club and residence was based on the idea that the property could be developed for residential use, but deed terms prohibit that, James said.
Trump has denied wrongdoing, arguing in sworn testimony for the case that it didn’t matter what he put on his financial statements because they have a disclaimer that says they shouldn’t be trusted. He told James at the April deposition, “You don’t have a case and you should drop this case.”
“Do you know the banks were fully paid? Do you know the banks made a lot of money?” Trump testified.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
No apartment in New York City has ever sold for close to that amount, James said.
Trump valued Mar-a-Lago as high as $739 million — more than 10 times a more reasonable estimate of its worth. Trump’s figure for the private club and residence was based on the idea that the property could be developed for residential use, but deed terms prohibit that, James said.
Trump has denied wrongdoing, arguing in sworn testimony for the case that it didn’t matter what he put on his financial statements because they have a disclaimer that says they shouldn’t be trusted. He told James at the April deposition, “You don’t have a case and you should drop this case.”
“Do you know the banks were fully paid? Do you know the banks made a lot of money?” Trump testified. “Do you know I don’t believe I ever got even a default notice, and even during COVID, the banks were all paid?
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
No apartment in New York City has ever sold for close to that amount, James said.
Trump valued Mar-a-Lago as high as $739 million — more than 10 times a more reasonable estimate of its worth. Trump’s figure for the private club and residence was based on the idea that the property could be developed for residential use, but deed terms prohibit that, James said.
Trump has denied wrongdoing, arguing in sworn testimony for the case that it didn’t matter what he put on his financial statements because they have a disclaimer that says they shouldn’t be trusted. He told James at the April deposition, “You don’t have a case and you should drop this case.”
“Do you know the banks were fully paid? Do you know the banks made a lot of money?” Trump testified. “Do you know I don’t believe I ever got even a default notice, and even during COVID, the banks were all paid? And yet you’re suing on behalf of banks, I guess.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Trump valued Mar-a-Lago as high as $739 million — more than 10 times a more reasonable estimate of its worth. Trump’s figure for the private club and residence was based on the idea that the property could be developed for residential use, but deed terms prohibit that, James said.
Trump has denied wrongdoing, arguing in sworn testimony for the case that it didn’t matter what he put on his financial statements because they have a disclaimer that says they shouldn’t be trusted. He told James at the April deposition, “You don’t have a case and you should drop this case.”
“Do you know the banks were fully paid? Do you know the banks made a lot of money?” Trump testified. “Do you know I don’t believe I ever got even a default notice, and even during COVID, the banks were all paid? And yet you’re suing on behalf of banks, I guess. It’s crazy.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Trump valued Mar-a-Lago as high as $739 million — more than 10 times a more reasonable estimate of its worth. Trump’s figure for the private club and residence was based on the idea that the property could be developed for residential use, but deed terms prohibit that, James said.
Trump has denied wrongdoing, arguing in sworn testimony for the case that it didn’t matter what he put on his financial statements because they have a disclaimer that says they shouldn’t be trusted. He told James at the April deposition, “You don’t have a case and you should drop this case.”
“Do you know the banks were fully paid? Do you know the banks made a lot of money?” Trump testified. “Do you know I don’t believe I ever got even a default notice, and even during COVID, the banks were all paid? And yet you’re suing on behalf of banks, I guess. It’s crazy. The whole case is crazy.”
Engoron rejected that argument when the defense previously sought to have the case thrown out.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Trump’s figure for the private club and residence was based on the idea that the property could be developed for residential use, but deed terms prohibit that, James said.
Trump has denied wrongdoing, arguing in sworn testimony for the case that it didn’t matter what he put on his financial statements because they have a disclaimer that says they shouldn’t be trusted. He told James at the April deposition, “You don’t have a case and you should drop this case.”
“Do you know the banks were fully paid? Do you know the banks made a lot of money?” Trump testified. “Do you know I don’t believe I ever got even a default notice, and even during COVID, the banks were all paid? And yet you’re suing on behalf of banks, I guess. It’s crazy. The whole case is crazy.”
Engoron rejected that argument when the defense previously sought to have the case thrown out.
The judge said the disclaimer on the financial statements “makes abundantly clear that Mr.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Trump has denied wrongdoing, arguing in sworn testimony for the case that it didn’t matter what he put on his financial statements because they have a disclaimer that says they shouldn’t be trusted. He told James at the April deposition, “You don’t have a case and you should drop this case.”
“Do you know the banks were fully paid? Do you know the banks made a lot of money?” Trump testified. “Do you know I don’t believe I ever got even a default notice, and even during COVID, the banks were all paid? And yet you’re suing on behalf of banks, I guess. It’s crazy. The whole case is crazy.”
Engoron rejected that argument when the defense previously sought to have the case thrown out.
The judge said the disclaimer on the financial statements “makes abundantly clear that Mr. Trump was fully responsible for the information contained within” them and that “allowing blanket disclaimers to insulate liars from liability would completely undercut” the “important function” that such statements serve “in the real world.”
James’ lawsuit is one of several legal headaches for Trump as he campaigns for a return to the White House in 2024.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Do you know the banks made a lot of money?” Trump testified. “Do you know I don’t believe I ever got even a default notice, and even during COVID, the banks were all paid? And yet you’re suing on behalf of banks, I guess. It’s crazy. The whole case is crazy.”
Engoron rejected that argument when the defense previously sought to have the case thrown out.
The judge said the disclaimer on the financial statements “makes abundantly clear that Mr. Trump was fully responsible for the information contained within” them and that “allowing blanket disclaimers to insulate liars from liability would completely undercut” the “important function” that such statements serve “in the real world.”
James’ lawsuit is one of several legal headaches for Trump as he campaigns for a return to the White House in 2024. He has been indicted four times in the last six months — accused in Georgia and Washington, D.C., of plotting to overturn his 2020 election loss, in Florida of hoarding classified documents, and in Manhattan of falsifying business records related to hush money paid on his behalf.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
And yet you’re suing on behalf of banks, I guess. It’s crazy. The whole case is crazy.”
Engoron rejected that argument when the defense previously sought to have the case thrown out.
The judge said the disclaimer on the financial statements “makes abundantly clear that Mr. Trump was fully responsible for the information contained within” them and that “allowing blanket disclaimers to insulate liars from liability would completely undercut” the “important function” that such statements serve “in the real world.”
James’ lawsuit is one of several legal headaches for Trump as he campaigns for a return to the White House in 2024. He has been indicted four times in the last six months — accused in Georgia and Washington, D.C., of plotting to overturn his 2020 election loss, in Florida of hoarding classified documents, and in Manhattan of falsifying business records related to hush money paid on his behalf.
The Trump Organization was convicted of tax fraud last year in an unrelated criminal case for helping executives dodge taxes on extravagant perks such as Manhattan apartments and luxury cars.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
The judge said the disclaimer on the financial statements “makes abundantly clear that Mr. Trump was fully responsible for the information contained within” them and that “allowing blanket disclaimers to insulate liars from liability would completely undercut” the “important function” that such statements serve “in the real world.”
James’ lawsuit is one of several legal headaches for Trump as he campaigns for a return to the White House in 2024. He has been indicted four times in the last six months — accused in Georgia and Washington, D.C., of plotting to overturn his 2020 election loss, in Florida of hoarding classified documents, and in Manhattan of falsifying business records related to hush money paid on his behalf.
The Trump Organization was convicted of tax fraud last year in an unrelated criminal case for helping executives dodge taxes on extravagant perks such as Manhattan apartments and luxury cars. The company was fined $1.6 million.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
The judge said the disclaimer on the financial statements “makes abundantly clear that Mr. Trump was fully responsible for the information contained within” them and that “allowing blanket disclaimers to insulate liars from liability would completely undercut” the “important function” that such statements serve “in the real world.”
James’ lawsuit is one of several legal headaches for Trump as he campaigns for a return to the White House in 2024. He has been indicted four times in the last six months — accused in Georgia and Washington, D.C., of plotting to overturn his 2020 election loss, in Florida of hoarding classified documents, and in Manhattan of falsifying business records related to hush money paid on his behalf.
The Trump Organization was convicted of tax fraud last year in an unrelated criminal case for helping executives dodge taxes on extravagant perks such as Manhattan apartments and luxury cars. The company was fined $1.6 million. One of the executives, Trump’s longtime finance chief Allen Weisselberg, pleaded guilty and served five months in jail.
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
Trump was fully responsible for the information contained within” them and that “allowing blanket disclaimers to insulate liars from liability would completely undercut” the “important function” that such statements serve “in the real world.”
James’ lawsuit is one of several legal headaches for Trump as he campaigns for a return to the White House in 2024. He has been indicted four times in the last six months — accused in Georgia and Washington, D.C., of plotting to overturn his 2020 election loss, in Florida of hoarding classified documents, and in Manhattan of falsifying business records related to hush money paid on his behalf.
The Trump Organization was convicted of tax fraud last year in an unrelated criminal case for helping executives dodge taxes on extravagant perks such as Manhattan apartments and luxury cars. The company was fined $1.6 million. One of the executives, Trump’s longtime finance chief Allen Weisselberg, pleaded guilty and served five months in jail. He is a defendant in James’ lawsuit and gave sworn deposition testimony for the case in May.
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35155
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
He has been indicted four times in the last six months — accused in Georgia and Washington, D.C., of plotting to overturn his 2020 election loss, in Florida of hoarding classified documents, and in Manhattan of falsifying business records related to hush money paid on his behalf.
The Trump Organization was convicted of tax fraud last year in an unrelated criminal case for helping executives dodge taxes on extravagant perks such as Manhattan apartments and luxury cars. The company was fined $1.6 million. One of the executives, Trump’s longtime finance chief Allen Weisselberg, pleaded guilty and served five months in jail. He is a defendant in James’ lawsuit and gave sworn deposition testimony for the case in May.
James’ lawsuit does not carry the potential of prison time, but could complicate his ability to transact real estate deals. It could also stain his legacy as a developer.
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35156
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
He has been indicted four times in the last six months — accused in Georgia and Washington, D.C., of plotting to overturn his 2020 election loss, in Florida of hoarding classified documents, and in Manhattan of falsifying business records related to hush money paid on his behalf.
The Trump Organization was convicted of tax fraud last year in an unrelated criminal case for helping executives dodge taxes on extravagant perks such as Manhattan apartments and luxury cars. The company was fined $1.6 million. One of the executives, Trump’s longtime finance chief Allen Weisselberg, pleaded guilty and served five months in jail. He is a defendant in James’ lawsuit and gave sworn deposition testimony for the case in May.
James’ lawsuit does not carry the potential of prison time, but could complicate his ability to transact real estate deals. It could also stain his legacy as a developer.
James has asked Engoron to ban Trump and his three eldest children from ever again running a company based New York.
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35157
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
The Trump Organization was convicted of tax fraud last year in an unrelated criminal case for helping executives dodge taxes on extravagant perks such as Manhattan apartments and luxury cars. The company was fined $1.6 million. One of the executives, Trump’s longtime finance chief Allen Weisselberg, pleaded guilty and served five months in jail. He is a defendant in James’ lawsuit and gave sworn deposition testimony for the case in May.
James’ lawsuit does not carry the potential of prison time, but could complicate his ability to transact real estate deals. It could also stain his legacy as a developer.
James has asked Engoron to ban Trump and his three eldest children from ever again running a company based New York. She also wants Trump and the Trump Organization barred from entering into commercial real estate acquisitions for five years, among other sanctions. The $250 million in penalties she is seeking is the estimated worth of benefits derived from the alleged fraud, she said.
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35158
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
The Trump Organization was convicted of tax fraud last year in an unrelated criminal case for helping executives dodge taxes on extravagant perks such as Manhattan apartments and luxury cars. The company was fined $1.6 million. One of the executives, Trump’s longtime finance chief Allen Weisselberg, pleaded guilty and served five months in jail. He is a defendant in James’ lawsuit and gave sworn deposition testimony for the case in May.
James’ lawsuit does not carry the potential of prison time, but could complicate his ability to transact real estate deals. It could also stain his legacy as a developer.
James has asked Engoron to ban Trump and his three eldest children from ever again running a company based New York. She also wants Trump and the Trump Organization barred from entering into commercial real estate acquisitions for five years, among other sanctions. The $250 million in penalties she is seeking is the estimated worth of benefits derived from the alleged fraud, she said.
James, who campaigned for office as a Trump critic and watchdog, started scrutinizing his business practices in March 2019 after his former personal lawyer Michael Cohen testified to Congress that Trump exaggerated his wealth on financial statements provided to Deutsche Bank while trying to obtain financing to buy the NFL’s Buffalo Bills.
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35159
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
He is a defendant in James’ lawsuit and gave sworn deposition testimony for the case in May.
James’ lawsuit does not carry the potential of prison time, but could complicate his ability to transact real estate deals. It could also stain his legacy as a developer.
James has asked Engoron to ban Trump and his three eldest children from ever again running a company based New York. She also wants Trump and the Trump Organization barred from entering into commercial real estate acquisitions for five years, among other sanctions. The $250 million in penalties she is seeking is the estimated worth of benefits derived from the alleged fraud, she said.
James, who campaigned for office as a Trump critic and watchdog, started scrutinizing his business practices in March 2019 after his former personal lawyer Michael Cohen testified to Congress that Trump exaggerated his wealth on financial statements provided to Deutsche Bank while trying to obtain financing to buy the NFL’s Buffalo Bills.
James’ office previously sued Trump for misusing his own charitable foundation to further his political and business interests.
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35160
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Donald Trump defrauded banks with 'fantasy' to build his real estate empire, judge rules in a major repudiation against the former president
James’ lawsuit does not carry the potential of prison time, but could complicate his ability to transact real estate deals. It could also stain his legacy as a developer.
James has asked Engoron to ban Trump and his three eldest children from ever again running a company based New York. She also wants Trump and the Trump Organization barred from entering into commercial real estate acquisitions for five years, among other sanctions. The $250 million in penalties she is seeking is the estimated worth of benefits derived from the alleged fraud, she said.
James, who campaigned for office as a Trump critic and watchdog, started scrutinizing his business practices in March 2019 after his former personal lawyer Michael Cohen testified to Congress that Trump exaggerated his wealth on financial statements provided to Deutsche Bank while trying to obtain financing to buy the NFL’s Buffalo Bills.
James’ office previously sued Trump for misusing his own charitable foundation to further his political and business interests. Trump was ordered to pay $2 million to an array of charities as a fine and the charity, the Trump Foundation, was shut down.
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The $777 million surprise: Donald Trump is getting richer
Thousands of pages of exhibits detailing the performance of his assets made available during the trial have provided a deeper look into his fortune. The former president’s 2021 statement of financial condition, filed as part of the lawsuit, pegged his net worth at $US4.5 billion. Bloomberg’s calculation has consistently been below Trump’s figures. At the same time, Bloomberg measured the value of some Trump properties higher than what New York state claims. Trump took the stand and testified that the properties whose values he’s accused of inflating were actually undervalued, based on the premium his “brand” adds. He also said that banks didn’t rely on his statements of financial condition when weighing loans. “They just weren’t a very important element in banks’ decision-making process,” Trump told the court. “And we’ll explain that as this trial goes along.” Here’s a look at New York state’s valuation of four high-profile Trump properties where the prosecution alleges fraud occurred, along with Bloomberg’s own approach to assessing the assets.
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The $777 million surprise: Donald Trump is getting richer
The former president’s 2021 statement of financial condition, filed as part of the lawsuit, pegged his net worth at $US4.5 billion. Bloomberg’s calculation has consistently been below Trump’s figures. At the same time, Bloomberg measured the value of some Trump properties higher than what New York state claims. Trump took the stand and testified that the properties whose values he’s accused of inflating were actually undervalued, based on the premium his “brand” adds. He also said that banks didn’t rely on his statements of financial condition when weighing loans. “They just weren’t a very important element in banks’ decision-making process,” Trump told the court. “And we’ll explain that as this trial goes along.” Here’s a look at New York state’s valuation of four high-profile Trump properties where the prosecution alleges fraud occurred, along with Bloomberg’s own approach to assessing the assets.
Mar-a-Lago Trump’s valuation (2021): $US612.1 million , Bloomberg valuation (2023): $US240 million, New York’s valuation (2021): $US27.6 million It’s fair to say that Trump’s most famous property these days is no longer New York’s Trump Tower but his Mar-a-Lago Club, the historic Palm Beach estate built by Marjorie Merriweather Post in the 1920s that he now calls home.
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The $777 million surprise: Donald Trump is getting richer
He also said that banks didn’t rely on his statements of financial condition when weighing loans. “They just weren’t a very important element in banks’ decision-making process,” Trump told the court. “And we’ll explain that as this trial goes along.” Here’s a look at New York state’s valuation of four high-profile Trump properties where the prosecution alleges fraud occurred, along with Bloomberg’s own approach to assessing the assets.
Mar-a-Lago Trump’s valuation (2021): $US612.1 million , Bloomberg valuation (2023): $US240 million, New York’s valuation (2021): $US27.6 million It’s fair to say that Trump’s most famous property these days is no longer New York’s Trump Tower but his Mar-a-Lago Club, the historic Palm Beach estate built by Marjorie Merriweather Post in the 1920s that he now calls home. New York’s valuation of Donald Trump’s Mar-a-Lago estate has raised eyebrows.
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The $777 million surprise: Donald Trump is getting richer
“They just weren’t a very important element in banks’ decision-making process,” Trump told the court. “And we’ll explain that as this trial goes along.” Here’s a look at New York state’s valuation of four high-profile Trump properties where the prosecution alleges fraud occurred, along with Bloomberg’s own approach to assessing the assets.
Mar-a-Lago Trump’s valuation (2021): $US612.1 million , Bloomberg valuation (2023): $US240 million, New York’s valuation (2021): $US27.6 million It’s fair to say that Trump’s most famous property these days is no longer New York’s Trump Tower but his Mar-a-Lago Club, the historic Palm Beach estate built by Marjorie Merriweather Post in the 1920s that he now calls home. New York’s valuation of Donald Trump’s Mar-a-Lago estate has raised eyebrows. Credit: AP The sprawling resort has been at the centre of some publicised post-presidency scandals, from classified documents being kept in one of its bathrooms to the location where Trump is said to have shared nuclear submarine secrets with Australian businessman Anthony Pratt — something that Trump denies.
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The $777 million surprise: Donald Trump is getting richer
Mar-a-Lago Trump’s valuation (2021): $US612.1 million , Bloomberg valuation (2023): $US240 million, New York’s valuation (2021): $US27.6 million It’s fair to say that Trump’s most famous property these days is no longer New York’s Trump Tower but his Mar-a-Lago Club, the historic Palm Beach estate built by Marjorie Merriweather Post in the 1920s that he now calls home. New York’s valuation of Donald Trump’s Mar-a-Lago estate has raised eyebrows. Credit: AP The sprawling resort has been at the centre of some publicised post-presidency scandals, from classified documents being kept in one of its bathrooms to the location where Trump is said to have shared nuclear submarine secrets with Australian businessman Anthony Pratt — something that Trump denies.
It’s also a major focus in Trump’s fraud lawsuit.
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The $777 million surprise: Donald Trump is getting richer
Mar-a-Lago Trump’s valuation (2021): $US612.1 million , Bloomberg valuation (2023): $US240 million, New York’s valuation (2021): $US27.6 million It’s fair to say that Trump’s most famous property these days is no longer New York’s Trump Tower but his Mar-a-Lago Club, the historic Palm Beach estate built by Marjorie Merriweather Post in the 1920s that he now calls home. New York’s valuation of Donald Trump’s Mar-a-Lago estate has raised eyebrows. Credit: AP The sprawling resort has been at the centre of some publicised post-presidency scandals, from classified documents being kept in one of its bathrooms to the location where Trump is said to have shared nuclear submarine secrets with Australian businessman Anthony Pratt — something that Trump denies.
It’s also a major focus in Trump’s fraud lawsuit. Trump made a series of agreements with Palm Beach County and the National Trust for Historic Preservation for Mar-a-Lago to be used only as a club, giving up any development rights.
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The $777 million surprise: Donald Trump is getting richer
New York’s valuation of Donald Trump’s Mar-a-Lago estate has raised eyebrows. Credit: AP The sprawling resort has been at the centre of some publicised post-presidency scandals, from classified documents being kept in one of its bathrooms to the location where Trump is said to have shared nuclear submarine secrets with Australian businessman Anthony Pratt — something that Trump denies.
It’s also a major focus in Trump’s fraud lawsuit. Trump made a series of agreements with Palm Beach County and the National Trust for Historic Preservation for Mar-a-Lago to be used only as a club, giving up any development rights. Consequently, Palm Beach values the property as a business on its tax rolls. In 2021, the county assessed it at $US27.6 million, lower than comparable residential properties. New York State argues that this appraisal is the one Trump should have been using.
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The $777 million surprise: Donald Trump is getting richer
New York’s valuation of Donald Trump’s Mar-a-Lago estate has raised eyebrows. Credit: AP The sprawling resort has been at the centre of some publicised post-presidency scandals, from classified documents being kept in one of its bathrooms to the location where Trump is said to have shared nuclear submarine secrets with Australian businessman Anthony Pratt — something that Trump denies.
It’s also a major focus in Trump’s fraud lawsuit. Trump made a series of agreements with Palm Beach County and the National Trust for Historic Preservation for Mar-a-Lago to be used only as a club, giving up any development rights. Consequently, Palm Beach values the property as a business on its tax rolls. In 2021, the county assessed it at $US27.6 million, lower than comparable residential properties. New York State argues that this appraisal is the one Trump should have been using. New York’s estimated value “was a shock to the real estate community and anybody with any understanding of the island and its values,” said Liza Pulitzer, a real estate agent at Brown Harris Stevens and a Palm Beach native.
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The $777 million surprise: Donald Trump is getting richer
It’s also a major focus in Trump’s fraud lawsuit. Trump made a series of agreements with Palm Beach County and the National Trust for Historic Preservation for Mar-a-Lago to be used only as a club, giving up any development rights. Consequently, Palm Beach values the property as a business on its tax rolls. In 2021, the county assessed it at $US27.6 million, lower than comparable residential properties. New York State argues that this appraisal is the one Trump should have been using. New York’s estimated value “was a shock to the real estate community and anybody with any understanding of the island and its values,” said Liza Pulitzer, a real estate agent at Brown Harris Stevens and a Palm Beach native. “It could easily fetch $US500 million or more.”
That assumes a buyer views it as a single-family residence. It’s currently not zoned for such use, though Trump is able to reside there through a loophole designating himself an employee.
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The $777 million surprise: Donald Trump is getting richer
Trump made a series of agreements with Palm Beach County and the National Trust for Historic Preservation for Mar-a-Lago to be used only as a club, giving up any development rights. Consequently, Palm Beach values the property as a business on its tax rolls. In 2021, the county assessed it at $US27.6 million, lower than comparable residential properties. New York State argues that this appraisal is the one Trump should have been using. New York’s estimated value “was a shock to the real estate community and anybody with any understanding of the island and its values,” said Liza Pulitzer, a real estate agent at Brown Harris Stevens and a Palm Beach native. “It could easily fetch $US500 million or more.”
That assumes a buyer views it as a single-family residence. It’s currently not zoned for such use, though Trump is able to reside there through a loophole designating himself an employee. Trump’s legal team engaged an expert witness who argued that a future buyer could do the same thing.
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The $777 million surprise: Donald Trump is getting richer
Consequently, Palm Beach values the property as a business on its tax rolls. In 2021, the county assessed it at $US27.6 million, lower than comparable residential properties. New York State argues that this appraisal is the one Trump should have been using. New York’s estimated value “was a shock to the real estate community and anybody with any understanding of the island and its values,” said Liza Pulitzer, a real estate agent at Brown Harris Stevens and a Palm Beach native. “It could easily fetch $US500 million or more.”
That assumes a buyer views it as a single-family residence. It’s currently not zoned for such use, though Trump is able to reside there through a loophole designating himself an employee. Trump’s legal team engaged an expert witness who argued that a future buyer could do the same thing. And if they didn’t like the idea of sharing their property with others, they could reduce the club to a membership of one.
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The $777 million surprise: Donald Trump is getting richer
In 2021, the county assessed it at $US27.6 million, lower than comparable residential properties. New York State argues that this appraisal is the one Trump should have been using. New York’s estimated value “was a shock to the real estate community and anybody with any understanding of the island and its values,” said Liza Pulitzer, a real estate agent at Brown Harris Stevens and a Palm Beach native. “It could easily fetch $US500 million or more.”
That assumes a buyer views it as a single-family residence. It’s currently not zoned for such use, though Trump is able to reside there through a loophole designating himself an employee. Trump’s legal team engaged an expert witness who argued that a future buyer could do the same thing. And if they didn’t like the idea of sharing their property with others, they could reduce the club to a membership of one. Still, it’s unclear if Palm Beach would allow that without a change to its zoning status.
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The $777 million surprise: Donald Trump is getting richer
New York State argues that this appraisal is the one Trump should have been using. New York’s estimated value “was a shock to the real estate community and anybody with any understanding of the island and its values,” said Liza Pulitzer, a real estate agent at Brown Harris Stevens and a Palm Beach native. “It could easily fetch $US500 million or more.”
That assumes a buyer views it as a single-family residence. It’s currently not zoned for such use, though Trump is able to reside there through a loophole designating himself an employee. Trump’s legal team engaged an expert witness who argued that a future buyer could do the same thing. And if they didn’t like the idea of sharing their property with others, they could reduce the club to a membership of one. Still, it’s unclear if Palm Beach would allow that without a change to its zoning status. Historically, Mar-a-Lago never made much money for the Trump Organisation, but that seems to be changing.
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The $777 million surprise: Donald Trump is getting richer
New York’s estimated value “was a shock to the real estate community and anybody with any understanding of the island and its values,” said Liza Pulitzer, a real estate agent at Brown Harris Stevens and a Palm Beach native. “It could easily fetch $US500 million or more.”
That assumes a buyer views it as a single-family residence. It’s currently not zoned for such use, though Trump is able to reside there through a loophole designating himself an employee. Trump’s legal team engaged an expert witness who argued that a future buyer could do the same thing. And if they didn’t like the idea of sharing their property with others, they could reduce the club to a membership of one. Still, it’s unclear if Palm Beach would allow that without a change to its zoning status. Historically, Mar-a-Lago never made much money for the Trump Organisation, but that seems to be changing. It took in about $US41 million in revenue last year, according to Trump’s most recent ethics disclosure, compared with $US21 million in 2019.
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The $777 million surprise: Donald Trump is getting richer
“It could easily fetch $US500 million or more.”
That assumes a buyer views it as a single-family residence. It’s currently not zoned for such use, though Trump is able to reside there through a loophole designating himself an employee. Trump’s legal team engaged an expert witness who argued that a future buyer could do the same thing. And if they didn’t like the idea of sharing their property with others, they could reduce the club to a membership of one. Still, it’s unclear if Palm Beach would allow that without a change to its zoning status. Historically, Mar-a-Lago never made much money for the Trump Organisation, but that seems to be changing. It took in about $US41 million in revenue last year, according to Trump’s most recent ethics disclosure, compared with $US21 million in 2019. Bloomberg values Mar-a-Lago at $US240 million, based on a combination of comparable residential property sales in the area as well as its value as a business, reflecting some uncertainty around its future status.
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The $777 million surprise: Donald Trump is getting richer
It’s currently not zoned for such use, though Trump is able to reside there through a loophole designating himself an employee. Trump’s legal team engaged an expert witness who argued that a future buyer could do the same thing. And if they didn’t like the idea of sharing their property with others, they could reduce the club to a membership of one. Still, it’s unclear if Palm Beach would allow that without a change to its zoning status. Historically, Mar-a-Lago never made much money for the Trump Organisation, but that seems to be changing. It took in about $US41 million in revenue last year, according to Trump’s most recent ethics disclosure, compared with $US21 million in 2019. Bloomberg values Mar-a-Lago at $US240 million, based on a combination of comparable residential property sales in the area as well as its value as a business, reflecting some uncertainty around its future status. That uncertainty isn’t shared by everyone.
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The $777 million surprise: Donald Trump is getting richer
Trump’s legal team engaged an expert witness who argued that a future buyer could do the same thing. And if they didn’t like the idea of sharing their property with others, they could reduce the club to a membership of one. Still, it’s unclear if Palm Beach would allow that without a change to its zoning status. Historically, Mar-a-Lago never made much money for the Trump Organisation, but that seems to be changing. It took in about $US41 million in revenue last year, according to Trump’s most recent ethics disclosure, compared with $US21 million in 2019. Bloomberg values Mar-a-Lago at $US240 million, based on a combination of comparable residential property sales in the area as well as its value as a business, reflecting some uncertainty around its future status. That uncertainty isn’t shared by everyone. If the city and county allowed it, “there is no reason why it wouldn’t be able to converted to a full-time private residence,” said Eli Beracha, director of the Hollo School of Real Estate at Florida International University.
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The $777 million surprise: Donald Trump is getting richer
Still, it’s unclear if Palm Beach would allow that without a change to its zoning status. Historically, Mar-a-Lago never made much money for the Trump Organisation, but that seems to be changing. It took in about $US41 million in revenue last year, according to Trump’s most recent ethics disclosure, compared with $US21 million in 2019. Bloomberg values Mar-a-Lago at $US240 million, based on a combination of comparable residential property sales in the area as well as its value as a business, reflecting some uncertainty around its future status. That uncertainty isn’t shared by everyone. If the city and county allowed it, “there is no reason why it wouldn’t be able to converted to a full-time private residence,” said Eli Beracha, director of the Hollo School of Real Estate at Florida International University.
Trump’s Fifth Avenue penthouse Trump’s valuation (2021): $US131.3 million, Bloomberg valuation (2023): $US40 million, New York valuation: No current estimate available Trump’s penthouse apartment at Trump Tower has been an integral part of his image for 40 years, so it’s not surprising that one of the world’s masters of hyperbole exaggerated its size for most of that time.
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The $777 million surprise: Donald Trump is getting richer
Bloomberg values Mar-a-Lago at $US240 million, based on a combination of comparable residential property sales in the area as well as its value as a business, reflecting some uncertainty around its future status. That uncertainty isn’t shared by everyone. If the city and county allowed it, “there is no reason why it wouldn’t be able to converted to a full-time private residence,” said Eli Beracha, director of the Hollo School of Real Estate at Florida International University.
Trump’s Fifth Avenue penthouse Trump’s valuation (2021): $US131.3 million, Bloomberg valuation (2023): $US40 million, New York valuation: No current estimate available Trump’s penthouse apartment at Trump Tower has been an integral part of his image for 40 years, so it’s not surprising that one of the world’s masters of hyperbole exaggerated its size for most of that time. Trump’s penthouse apartment at Trump Tower has been an integral part of his image for 40 years.
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The $777 million surprise: Donald Trump is getting richer
That uncertainty isn’t shared by everyone. If the city and county allowed it, “there is no reason why it wouldn’t be able to converted to a full-time private residence,” said Eli Beracha, director of the Hollo School of Real Estate at Florida International University.
Trump’s Fifth Avenue penthouse Trump’s valuation (2021): $US131.3 million, Bloomberg valuation (2023): $US40 million, New York valuation: No current estimate available Trump’s penthouse apartment at Trump Tower has been an integral part of his image for 40 years, so it’s not surprising that one of the world’s masters of hyperbole exaggerated its size for most of that time. Trump’s penthouse apartment at Trump Tower has been an integral part of his image for 40 years. Credit: AP Between 2011 and 2016, Trump valued his apartment based on it being 30,000 square feet (2,787 square metres) in size — almost triple its actual measurement of 10,996 square feet.
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The $777 million surprise: Donald Trump is getting richer
Trump’s Fifth Avenue penthouse Trump’s valuation (2021): $US131.3 million, Bloomberg valuation (2023): $US40 million, New York valuation: No current estimate available Trump’s penthouse apartment at Trump Tower has been an integral part of his image for 40 years, so it’s not surprising that one of the world’s masters of hyperbole exaggerated its size for most of that time. Trump’s penthouse apartment at Trump Tower has been an integral part of his image for 40 years. Credit: AP Between 2011 and 2016, Trump valued his apartment based on it being 30,000 square feet (2,787 square metres) in size — almost triple its actual measurement of 10,996 square feet. Because of this, New York State arrived at a valuation that was about a third of Trump’s in those years. They haven’t provided a more recent estimate.
Space inflation wasn’t the only issue.
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The $777 million surprise: Donald Trump is getting richer
Trump’s Fifth Avenue penthouse Trump’s valuation (2021): $US131.3 million, Bloomberg valuation (2023): $US40 million, New York valuation: No current estimate available Trump’s penthouse apartment at Trump Tower has been an integral part of his image for 40 years, so it’s not surprising that one of the world’s masters of hyperbole exaggerated its size for most of that time. Trump’s penthouse apartment at Trump Tower has been an integral part of his image for 40 years. Credit: AP Between 2011 and 2016, Trump valued his apartment based on it being 30,000 square feet (2,787 square metres) in size — almost triple its actual measurement of 10,996 square feet. Because of this, New York State arrived at a valuation that was about a third of Trump’s in those years. They haven’t provided a more recent estimate.
Space inflation wasn’t the only issue. Between 2014 and 2015, Trump increased the value of the apartment to $US327 million from $US200 million.
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The $777 million surprise: Donald Trump is getting richer
Trump’s penthouse apartment at Trump Tower has been an integral part of his image for 40 years. Credit: AP Between 2011 and 2016, Trump valued his apartment based on it being 30,000 square feet (2,787 square metres) in size — almost triple its actual measurement of 10,996 square feet. Because of this, New York State arrived at a valuation that was about a third of Trump’s in those years. They haven’t provided a more recent estimate.
Space inflation wasn’t the only issue. Between 2014 and 2015, Trump increased the value of the apartment to $US327 million from $US200 million. The prosecution argues that was to mask a drop in the value of one of his other properties. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Judge Arthur Engoron wrote in a September ruling.
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The $777 million surprise: Donald Trump is getting richer
Credit: AP Between 2011 and 2016, Trump valued his apartment based on it being 30,000 square feet (2,787 square metres) in size — almost triple its actual measurement of 10,996 square feet. Because of this, New York State arrived at a valuation that was about a third of Trump’s in those years. They haven’t provided a more recent estimate.
Space inflation wasn’t the only issue. Between 2014 and 2015, Trump increased the value of the apartment to $US327 million from $US200 million. The prosecution argues that was to mask a drop in the value of one of his other properties. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Judge Arthur Engoron wrote in a September ruling. ‘The company has never been stronger and never been better.’ Eric Trump Bloomberg values the property using recent Trump Tower sales, as well as those of comparable Manhattan penthouses.
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The $777 million surprise: Donald Trump is getting richer
Because of this, New York State arrived at a valuation that was about a third of Trump’s in those years. They haven’t provided a more recent estimate.
Space inflation wasn’t the only issue. Between 2014 and 2015, Trump increased the value of the apartment to $US327 million from $US200 million. The prosecution argues that was to mask a drop in the value of one of his other properties. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Judge Arthur Engoron wrote in a September ruling. ‘The company has never been stronger and never been better.’ Eric Trump Bloomberg values the property using recent Trump Tower sales, as well as those of comparable Manhattan penthouses. While some splashy residences in much newer buildings on so-called Billionaires Row have listed for well in excess of $US100 million, they typically boast higher ceilings, more up-to-date finishes, contemporary layouts, outdoor space and better views.
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The $777 million surprise: Donald Trump is getting richer
They haven’t provided a more recent estimate.
Space inflation wasn’t the only issue. Between 2014 and 2015, Trump increased the value of the apartment to $US327 million from $US200 million. The prosecution argues that was to mask a drop in the value of one of his other properties. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Judge Arthur Engoron wrote in a September ruling. ‘The company has never been stronger and never been better.’ Eric Trump Bloomberg values the property using recent Trump Tower sales, as well as those of comparable Manhattan penthouses. While some splashy residences in much newer buildings on so-called Billionaires Row have listed for well in excess of $US100 million, they typically boast higher ceilings, more up-to-date finishes, contemporary layouts, outdoor space and better views. A better comparison would be a 9450-square-foot penthouse in Olympic Tower, five blocks south on Fifth Avenue, which has been on and off the market for $US35 million since 2016.
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The $777 million surprise: Donald Trump is getting richer
The prosecution argues that was to mask a drop in the value of one of his other properties. “A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Judge Arthur Engoron wrote in a September ruling. ‘The company has never been stronger and never been better.’ Eric Trump Bloomberg values the property using recent Trump Tower sales, as well as those of comparable Manhattan penthouses. While some splashy residences in much newer buildings on so-called Billionaires Row have listed for well in excess of $US100 million, they typically boast higher ceilings, more up-to-date finishes, contemporary layouts, outdoor space and better views. A better comparison would be a 9450-square-foot penthouse in Olympic Tower, five blocks south on Fifth Avenue, which has been on and off the market for $US35 million since 2016. Then there’s Carl Icahn’s 14,000-square-foot penthouse at Museum Tower on West 53rd Street.
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The $777 million surprise: Donald Trump is getting richer
“A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud,” Judge Arthur Engoron wrote in a September ruling. ‘The company has never been stronger and never been better.’ Eric Trump Bloomberg values the property using recent Trump Tower sales, as well as those of comparable Manhattan penthouses. While some splashy residences in much newer buildings on so-called Billionaires Row have listed for well in excess of $US100 million, they typically boast higher ceilings, more up-to-date finishes, contemporary layouts, outdoor space and better views. A better comparison would be a 9450-square-foot penthouse in Olympic Tower, five blocks south on Fifth Avenue, which has been on and off the market for $US35 million since 2016. Then there’s Carl Icahn’s 14,000-square-foot penthouse at Museum Tower on West 53rd Street. It was listed for $US35 million in 2019 before he attempted to split the space and sell it as two separate apartments.
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The $777 million surprise: Donald Trump is getting richer
‘The company has never been stronger and never been better.’ Eric Trump Bloomberg values the property using recent Trump Tower sales, as well as those of comparable Manhattan penthouses. While some splashy residences in much newer buildings on so-called Billionaires Row have listed for well in excess of $US100 million, they typically boast higher ceilings, more up-to-date finishes, contemporary layouts, outdoor space and better views. A better comparison would be a 9450-square-foot penthouse in Olympic Tower, five blocks south on Fifth Avenue, which has been on and off the market for $US35 million since 2016. Then there’s Carl Icahn’s 14,000-square-foot penthouse at Museum Tower on West 53rd Street. It was listed for $US35 million in 2019 before he attempted to split the space and sell it as two separate apartments. Both were eventually delisted.
It’s possible Trump would get a higher price because of his name.
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The $777 million surprise: Donald Trump is getting richer
While some splashy residences in much newer buildings on so-called Billionaires Row have listed for well in excess of $US100 million, they typically boast higher ceilings, more up-to-date finishes, contemporary layouts, outdoor space and better views. A better comparison would be a 9450-square-foot penthouse in Olympic Tower, five blocks south on Fifth Avenue, which has been on and off the market for $US35 million since 2016. Then there’s Carl Icahn’s 14,000-square-foot penthouse at Museum Tower on West 53rd Street. It was listed for $US35 million in 2019 before he attempted to split the space and sell it as two separate apartments. Both were eventually delisted.
It’s possible Trump would get a higher price because of his name. “There would be a Trump premium because the person that would want that property is likely to be a Trump supporter,” Beracha said. But it’s also likely that the association with Trump would turn off some buyers.
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The $777 million surprise: Donald Trump is getting richer
A better comparison would be a 9450-square-foot penthouse in Olympic Tower, five blocks south on Fifth Avenue, which has been on and off the market for $US35 million since 2016. Then there’s Carl Icahn’s 14,000-square-foot penthouse at Museum Tower on West 53rd Street. It was listed for $US35 million in 2019 before he attempted to split the space and sell it as two separate apartments. Both were eventually delisted.
It’s possible Trump would get a higher price because of his name. “There would be a Trump premium because the person that would want that property is likely to be a Trump supporter,” Beracha said. But it’s also likely that the association with Trump would turn off some buyers. Trump Park Avenue Trump’s valuation (2021): $US90.9 million, Bloomberg valuation (2023): $US86.4 million, New York’s valuation (2021): $US80 million The residential condo tower on Manhattan’s Upper East Side, formerly the Hotel Delmonico, isn’t one of Trump’s best-known buildings, but it’s been the source of some significant asset inflations, according to the prosecution.
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The $777 million surprise: Donald Trump is getting richer
It was listed for $US35 million in 2019 before he attempted to split the space and sell it as two separate apartments. Both were eventually delisted.
It’s possible Trump would get a higher price because of his name. “There would be a Trump premium because the person that would want that property is likely to be a Trump supporter,” Beracha said. But it’s also likely that the association with Trump would turn off some buyers. Trump Park Avenue Trump’s valuation (2021): $US90.9 million, Bloomberg valuation (2023): $US86.4 million, New York’s valuation (2021): $US80 million The residential condo tower on Manhattan’s Upper East Side, formerly the Hotel Delmonico, isn’t one of Trump’s best-known buildings, but it’s been the source of some significant asset inflations, according to the prosecution.
Its value to Trump mostly stems from unsold condo units that are owned by the Trump Organisation and rented out.
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The $777 million surprise: Donald Trump is getting richer
Both were eventually delisted.
It’s possible Trump would get a higher price because of his name. “There would be a Trump premium because the person that would want that property is likely to be a Trump supporter,” Beracha said. But it’s also likely that the association with Trump would turn off some buyers. Trump Park Avenue Trump’s valuation (2021): $US90.9 million, Bloomberg valuation (2023): $US86.4 million, New York’s valuation (2021): $US80 million The residential condo tower on Manhattan’s Upper East Side, formerly the Hotel Delmonico, isn’t one of Trump’s best-known buildings, but it’s been the source of some significant asset inflations, according to the prosecution.
Its value to Trump mostly stems from unsold condo units that are owned by the Trump Organisation and rented out. A varying number have been rent-stabilised, meaning tenants pay below market rates.
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The $777 million surprise: Donald Trump is getting richer
Both were eventually delisted.
It’s possible Trump would get a higher price because of his name. “There would be a Trump premium because the person that would want that property is likely to be a Trump supporter,” Beracha said. But it’s also likely that the association with Trump would turn off some buyers. Trump Park Avenue Trump’s valuation (2021): $US90.9 million, Bloomberg valuation (2023): $US86.4 million, New York’s valuation (2021): $US80 million The residential condo tower on Manhattan’s Upper East Side, formerly the Hotel Delmonico, isn’t one of Trump’s best-known buildings, but it’s been the source of some significant asset inflations, according to the prosecution.
Its value to Trump mostly stems from unsold condo units that are owned by the Trump Organisation and rented out. A varying number have been rent-stabilised, meaning tenants pay below market rates. Typically, these apartments are valued at a discount because tenants can stay indefinitely, sometimes even passing them on to children.
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The $777 million surprise: Donald Trump is getting richer
“There would be a Trump premium because the person that would want that property is likely to be a Trump supporter,” Beracha said. But it’s also likely that the association with Trump would turn off some buyers. Trump Park Avenue Trump’s valuation (2021): $US90.9 million, Bloomberg valuation (2023): $US86.4 million, New York’s valuation (2021): $US80 million The residential condo tower on Manhattan’s Upper East Side, formerly the Hotel Delmonico, isn’t one of Trump’s best-known buildings, but it’s been the source of some significant asset inflations, according to the prosecution.
Its value to Trump mostly stems from unsold condo units that are owned by the Trump Organisation and rented out. A varying number have been rent-stabilised, meaning tenants pay below market rates. Typically, these apartments are valued at a discount because tenants can stay indefinitely, sometimes even passing them on to children. In 2010, 12 rent-stabilised apartments owned by Trump were valued at an average of $US62,500 each in an appraisal provided by a real estate company.
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35196
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The $777 million surprise: Donald Trump is getting richer
Trump Park Avenue Trump’s valuation (2021): $US90.9 million, Bloomberg valuation (2023): $US86.4 million, New York’s valuation (2021): $US80 million The residential condo tower on Manhattan’s Upper East Side, formerly the Hotel Delmonico, isn’t one of Trump’s best-known buildings, but it’s been the source of some significant asset inflations, according to the prosecution.
Its value to Trump mostly stems from unsold condo units that are owned by the Trump Organisation and rented out. A varying number have been rent-stabilised, meaning tenants pay below market rates. Typically, these apartments are valued at a discount because tenants can stay indefinitely, sometimes even passing them on to children. In 2010, 12 rent-stabilised apartments owned by Trump were valued at an average of $US62,500 each in an appraisal provided by a real estate company. The following year, Trump valued them at $US4.1 million each — more than 65 times greater.
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35197
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The $777 million surprise: Donald Trump is getting richer
Its value to Trump mostly stems from unsold condo units that are owned by the Trump Organisation and rented out. A varying number have been rent-stabilised, meaning tenants pay below market rates. Typically, these apartments are valued at a discount because tenants can stay indefinitely, sometimes even passing them on to children. In 2010, 12 rent-stabilised apartments owned by Trump were valued at an average of $US62,500 each in an appraisal provided by a real estate company. The following year, Trump valued them at $US4.1 million each — more than 65 times greater. Trump has continued to value stabilised apartments in the building at market rates, including in his 2021 statement of financial condition. Rent-stabilised units “with a positive cash flow are often valued at 15-25 cents a dollar of the open market value, versus single digits for negative cash flow,” said Jonathan Miller, president of appraiser Miller Samuel.
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The $777 million surprise: Donald Trump is getting richer
A varying number have been rent-stabilised, meaning tenants pay below market rates. Typically, these apartments are valued at a discount because tenants can stay indefinitely, sometimes even passing them on to children. In 2010, 12 rent-stabilised apartments owned by Trump were valued at an average of $US62,500 each in an appraisal provided by a real estate company. The following year, Trump valued them at $US4.1 million each — more than 65 times greater. Trump has continued to value stabilised apartments in the building at market rates, including in his 2021 statement of financial condition. Rent-stabilised units “with a positive cash flow are often valued at 15-25 cents a dollar of the open market value, versus single digits for negative cash flow,” said Jonathan Miller, president of appraiser Miller Samuel. Still, Trump’s optimism was shown to be at least partially justified. By 2021, only five of the 12 apartments remained rent stabilised.
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The $777 million surprise: Donald Trump is getting richer
Typically, these apartments are valued at a discount because tenants can stay indefinitely, sometimes even passing them on to children. In 2010, 12 rent-stabilised apartments owned by Trump were valued at an average of $US62,500 each in an appraisal provided by a real estate company. The following year, Trump valued them at $US4.1 million each — more than 65 times greater. Trump has continued to value stabilised apartments in the building at market rates, including in his 2021 statement of financial condition. Rent-stabilised units “with a positive cash flow are often valued at 15-25 cents a dollar of the open market value, versus single digits for negative cash flow,” said Jonathan Miller, president of appraiser Miller Samuel. Still, Trump’s optimism was shown to be at least partially justified. By 2021, only five of the 12 apartments remained rent stabilised. The prosecution also claims two additional non-stabilised apartments in the building were overvalued because Trump ignored an option his daughter, Ivanka Trump, had to buy them at a price lower than the market value he used.
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