Topline
New York Attorney General Letitia James’ office estimates former President Donald Trump falsely inflated his net worth by $3.6 billion, according to a new court filing, marking a significant increase from the $2 billion her office claimed he overstated his wealth by last month.
Former U.S. President Donald Trump leaves Trump Tower on September 6, 2023 in New York City. (Photo … [+] by James Devaney/GC Images)
Key Facts
James’ office revised the estimate in a new court filing Friday, explaining that the previous figure was a “conservative” estimate and that the new number is “still a conservative estimate of the extent of the inflation.”
The filing, part of James’ civil fraud lawsuit against Trump, the Trump Organization and his sons Donald Trump Jr. and Eric Trump, alleges he actually inflated his net worth by $1.9 billion to $3.6 billion per year between 2011 and 2021.
The new estimate includes factors “market participants would consider when determining estimated current value,” according to the court papers.
James’ office made the filing in opposition to Trump’s request for a summary judgment that would essentially throw out the case before it is scheduled to go to trial on October 2.
Key Background
James’ office requested a summary judgment in the case last month in a court filing that alleges he inflated his net worth by as much as $2.2 billion in 2014 through deceptive accounting practices, including overstating the size of his Manhattan penthouse and overvaluing other properties he owns, including Mar-A-Lago and his Trump Park Avenue condominium complex. James’ office filed the $250 million suit last year, alleging Trump defrauded banks and insurance companies to receive more favorable loans. The suit asks the court to impose sanctions that could effectively halt Trump’s business practices in New York, bar him from engaging in real estate transactions for five years and prohibit him and his sons from serving as officers or directors of any New York business. Earlier this week, James also asked the court to fine the defendants and their lawyers $10,000 each for continuing to make arguments the court has already struck down in seeking a dismissal in the case.
Tangent
Forbes has repeatedly exposed Trump’s exaggerations about his wealth and properties, including that he overstated the size of his Manhattan penthouse by more than 22,000 square feet and lied about the value and size of his Financial District skyscraper.
Forbes Valuation
We estimate Trump’s net worth to be $2.5 billion
What To Watch For
A hearing on the parties’ requests for summary judgments is scheduled for September 22.
Further Reading
New York AG Asks Court To Fine Trump For Rehashing Failed Legal Arguments In Fraud Case (Forbes)
Trump Inflated Net Worth By $2.2 Billion In A Single Year, NY Attorney General Alleges (Forbes)
NY AG James Sues Trump For Fraud (Forbes)
