James said the twice-impeached former president valued his Florida resort Mar-a-Lago at nearly 10 times its actual worth.
“The club generated annual revenues of less than $25 million and should have been valued at about $75 million,” she said. “However, Mar-a-Lago was valued as high as $739 million.”
The 280-page complaint is a litany of business fraud allegations, including how Trump in 2015 falsely and knowingly tripled the value of his triplex apartment at Trump Tower on Fifth Avenue to the tune of $300 million.
The $327 million price tag “was absurd given the fact that at that point only one apartment in New York City had ever sold for even $100 million,” reads the AG’s lawsuit, which says it was worth closer to $16.5 million.
James said the numbers represented “intentional and deliberate fraud, not an honest mistake” and that Trump was “intimately familiar” with the building and apartment, having overseen their construction.
Alan Futerfas, a lawyer for the Trump children named in the lawsuit, did not respond to a request seeking comment, nor did firms representing various Trump entities named in the lawsuit. McConney’s lawyer did not return a call. Weisselberg’s lawyer Mary Mulligan declined to comment.
James’ lawsuit comes amid a swirl of unprecedented legal challenges for a former president, including an FBI investigation into Trump’s handling of classified records and inquiries into his efforts to overturn the 2020 election.
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