Trump Organization

How Much Were Trump Organization Property Values Overstated By? A Lot, NY AG Says

The Trump Tower triplex was claimed to be 30,000 square feet and worth $327 million — but Trump himself signed documents stating the property is about a third of that size, and the Trump CFO said the value was overstated by "give or take" $200 million

In the same court filings filed Tuesday that said an investigation found instances where Donald Trump Jr. and Ivanka Trump provided misleading financial representations to institutions, the New York attorney general detailed properties which have had their values inflated significantly.

Letitia James alleged that there were several properties owned by the Trump Organization which were valued incorrectly in order to appear worth much more money than they actually were.

How much more, exactly? Sometimes by hundreds of millions, according to the investigation.

Here is a look at some of the properties the Trump Organization owns, and how much the attorney general's investigation claimed they were falsely valued at.


The 212-acre Westchester County property was purchased by the Trump Organization in 1995. Nine years later, in 2004, Trump valued the property at $80 million; then in 2007 at $200 million; then in 2012 at $291 million. The basis for the final valuation came from the claim that nine luxurious homes worth a total of $161 million in profit were zoned for the property.

But the attorney general's investigation found two separate, professional appraisers valued the lots at fractions of the price put forward in the financial statement. A March 2016 appraisal valued the property at $56 million, but Trump's subsequent financial statement disguised what would have been an 80 percent loss (from $291 million to $56 million) by moving the property into a different category, where nothing was itemized, according to the investigation.


The same category used for even Springs was used for Trump's triplex apartment, which was given a value of $127 million. Valuations done on the Manhattan apartment since 2012 were done based off the claim that the property was 30,000 square feet. In reality, James said, the property was 11,000 square feet — and Trump signed documents in 2012 confirming that number, the attorney general claims.

Financial statesments from 2015 and 2016 still made the claim that the triplex was the much larger size, and valued it at $327 million. But in testimony given to the attorney general's office, Trump Organization CFO Allen Weisselberg said that the apartment's value was overstated by "give or take" $200 million.


When Trump bought the Aberdeen, Scotland, property in 2006, it was valued at $12.6 million — but was valued at $161 million just five years later, the investigation found. That valuation was found not to be professionally determined, but rather based on an email prepared to send to Forbes magazine for a quote.

In 2014, a financial statement by the Trump Organization valued the property at nearly $436 million, basing that off the right to build 2,500 luxury homes on it. But the company had approval to build under 1,500 holiday apartments and golf villas only, James said.


After purchasing the golf club at $8.5 million, Trump said in a 2011 financial statement that the property was valued at $68 million. A portion of the total reflected initiation fee for 67 unsold memberships to the club, which would be worth nearly $13 million if each membership cost $150,000, the financial statement claimed.

However, the investigation not only found that membership rate to be completely made up, but that many new members paid no deposit whatsoever in 2011, and the Trump Organization showed that no members paid the initiation fee in 2012.

The value of the golf course also included money from the sale of 31 mid-rise units, which the organization said had been "put on hold."


Between 2011-2020, Trump Park Avenue represented between $135 million to #30 million of the total assets for Trump, the attorney general's office said — adding that evidence show unsold condos made up the majority of that value, in some cases more than 95 percent of it. For example, the investigation found that the reported value of the building was $311 million, but unsold units residential units made up $293 million of that.

The office of the attorney general said evidence showed the reported values of the unsold units were significantly higher than other internal valuations done by the Trump Organization used for business planning, and also failed to account that many of the units were rent stabilized. For example, Ivanka Trump was renting an apartment, and held an option to purchase it for $8.5 million. That same unit was valued as high as $25 million in financial statements, James said.


The Trump Organization owns what is called a "ground lease" for the property, which means that it owns a leasehold interest in the land and the buildings on the land, but pays rent to the owner.

The attorney general's office said that it obtained evidence showing outside appraisals from 2010-2012 valued Trump's interest in the property at $200-$220 million. At the same time, Trump's financial statements claimed the address' value nearly three times as much ($601 million in 2010, $524 million in 2011, $527 million in 2012), James' office said.

Then in 2015, the attorney general alleges, the Trump Organization valued the property at $550 million as it looked to renegotiate a loan to avoid a $5 million payment. However, Capital One (which held a $160 million mortgage on the property and previously conducted the previous appraisals through real estate firm Cushman & Wakefield) determined the building to be worth $257 million, and decline to renegotiate.

That's when the Trump Organization and CFO Allen Weisselberg began working with his son, Jack, who was a director at a different real estate investment firm. Now employed for the firm where Weisselberg's son worked, the same Cushman & Wakefield team that conducted the earlier appraisals valued the building at $550 million in 2015, according to the investigation. On top of what the attorney general's office said was not a "good-faith assessment of value," Trump inflated the value of 40 Wall Street even further, James said, valuing the building in June 2015 at $735 million.

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