Donald Trump fined $355 million for overstating his real estate and other assets

A New York judge ruled Friday that Donald Trump, the country's first real estate tycoon to become US president, will have to pay a $355 million fine for overvaluing his real estate empire and other assets.

The former president was found responsible for issuing false financial statements, falsifying business records and conspiracy. He will be banned from leading a company in New York for three years. His sons Eric Trump and Donald Trump Jr. were fined $4 million each and cannot run an organization in the country for two years.

"They are only accused of inflating property values ​​to make more money," wrote Judge Arthur Anguron in his decision. "The documents prove this over and over again."

This year's Republican presidential candidate will appeal the ruling, but time is not on his side. He has 30 days to provide the cash or post a bond. He also faces four criminal trials this year.

“We have reached a point where your political beliefs combined with where your case is heard are the primary determinants of the outcome; Not the facts of the case!” Donald Trump Jr. tweeted Friday afternoon. "It's really sad what happened to our country, and I hope others see this before it's too late to correct the course!"

The Republican's net worth is estimated at about $3 billion, according to the Wall Street Journal. But most of it is related to real estate, licensing deals and hotels and resorts.

"He will have to sell his properties," a prominent real estate expert told Realtor.com®. He asked to remain anonymous.

However, "the valuations he placed on his real estate are not close to what the market will support," the expert continued. "The true value of his assets could very well disappoint him."

The Republican was accused of overestimating the value of his real estate and other assets. These included Trump Tower in Manhattan, where he announced his first bid for the presidency in 2015, as well as his Palm Beach, Florida, home at Mar-a-Lago.

New York Attorney General Letitia James also accused the former president of falsely representing the size of his Trump Tower penthouse, tripling the area, to inflate its value by more than $200 million. James is a Democrat.

Trump also claimed that Mar-a-Lago is worth between $5 billion and $XNUMX billion. But the judge noted that the property deed, which Trump signed, prohibited its assessment as a private residence.

It was also "the most expensive private residence registered in the country by about 400%," Anguron wrote.

This is to secure loans and insurance on favorable terms and tax benefits that helped him to purchase more real estate.

"In order to borrow more and at lower rates, the defendants submitted clearly false financial data to the accountants, resulting in false financial reports," the judge wrote.

The judge also ruled that the tenure of an independent inspector appointed to the Trump Organization would be extended by three years. The monitor will be on alert for possible fraud and suspicious transactions.

"The Trump Organization is a monarchy," said the real estate expert. "Every decision goes through Trump, so it's going to be especially difficult with a monitor right there."