According to an online database in Westchester County, New York State Attorney General Letitia James recorded the state’s $454 million judgment against Donald Trump on March 6.
The location of the move, near Trump’s private golf course and estate, provides James with a more convenient opportunity to potentially seize the assets of the former president in the New York City suburb.
The former president is the proud owner of the expansive Trump National Golf Club Westchester and the Seven Springs estate, spanning over 140 acres, located in the county. Failure on Trump’s part to submit an appeal bond by the upcoming Monday deadline may prompt James, the individual responsible for initiating the civil fraud case against him, to take action and potentially seize his assets.
The county has also filed judgments against the Trump Organization, Eric Trump, and Donald Trump Jr.
Despite the rulings against him, Trump has the option to appeal without having to pay the bonds. However, he cannot stop his assets from being seized.
In a ruling on February 16, Justice Arthur Engoron of the New York State Supreme Court found Trump and his two sons guilty of fraud. The judgment was based on the overvaluation of specific properties, including the inflated value of Seven Springs and Trump’s private Florida resort, Mar-a-Lago.
Engoron initially imposed a penalty of $354 million, which has now increased to $464 million due to accumulated interest. Trump has expressed his intention to challenge the order, but in order to proceed with an appeal, he must first provide a bond.
In a recent court filing, Trump’s attorneys have requested approval for a reduced $100 million bond. They argue that securing the full amount is practically impossible, as more than 30 insurance companies have declined to arrange the bond without cash collateral. They also highlight that Trump’s liquid assets are insufficient to meet the requirements. The court is expected to rule on this matter soon.
The legal team of Trump and the New York Attorney General’s office have been contacted by Newsweek for their comments.
In a previous interview with ABC News in February, James expressed her determination to take action against Trump by seizing his assets if necessary. She stated, “If he does not have funds to pay off the judgment, then we will seek judgment enforcement mechanisms in court, and we will ask the judge to seize his assets.”
In a recent post on Truth Social, Trump expressed his concern about the potential consequences he might face if he were forced to mortgage or sell his valuable assets at significantly reduced prices. He pondered the logicality of such a situation, considering the possibility of losing these assets permanently if he were to win the appeal at a later stage.
Selling parts of his real estate assets could potentially give Trump the funds he needs for an underwriter. Trump currently has several loans on his properties, such as Trump Tower, Seven Springs, and 40 Wall Street, which could significantly affect their overall worth.
While facing an increasing number of legal challenges, Trump is simultaneously raising funds for his presidential campaign and for his ongoing legal expenses. These expenses involve a multitude of cases, including civil and criminal matters.
Save America, a PAC that supports Trump, incurred legal expenses amounting to nearly $5.4 million in the month of February, as per a recent filing with the Federal Election Commission.