Trump listed his residence at Trump Tower on New York’s 5th Avenue at 30,000 square feet, despite it only being 10,996 square feet. It led to an overvaluation of between $114 million and $207 million, Engoron ruled.
“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,” Engoron wrote.
At Trump Park Avenue, also in Manhattan, Engoron ruled the former president inflated the value of various units based on the “false premise” that they were not subject to the city’s strict rent control regime. Trump’s attorneys had countered that the units could potentially become unrestricted down the road.
“However, the SFCs are required to state ‘current’ values, not ‘someday, maybe’ values,” Engoron wrote.
Engoron’s ruling went on to find that Trump, by hundreds of millions of dollars, overvalued Trump Seven Springs, located in New York’s tony Westchester County, and Lower Manhattan’s 40 Wall Street. Trump also fraudulently valued his golf courses in the U.S. and one in Scotland, Engoron ruled.