Donald Trump’s tax agent was forced to admit to authorities in 2020 that Mar-a-Lago had a market value of just $27 million, not the $517 million claimed in other documents, trial evidence revealed on Monday.
Trump, 77, also allegedly boasted of having a net worth of up to $5 billion (probably more than double what he actually had) to land the coveted lease on a New York City golf course. York in 2010, according to documents.
The revelations came during the fifth week of New York state’s $250 million Manhattan Supreme Court civil fraud case against the former president, whose sons Don Jr. and Eric will testify this week.
Trump’s daughter Ivanka Trump was scheduled to take the stand in the case on Friday, but her testimony was postponed until Nov. 8 due to a scheduling conflict, ABC News reported Monday.
Trump is still scheduled to testify on November 6.
During Monday’s testimony, an email from Trump’s tax representative, Michael Corbiciero, was shown revealing that he had attempted to appeal the Palm Beach County appraiser’s valuation of Florida’s famed Mar-a-Largo golf club. Your boss.
But Corbiciero eventually gave up and ultimately agreed that the property was worth $26.6 million, even though it had been valued at $517 million in an annual business report, the outlet reported.
A tax agent for Donald Trump, seen here speaking to reporters at Mar-a-Lago in 2022, attempted to appeal Palm Beach authorities’ assessment of the golf estate, but ultimately gave up and agreed that It was worth only 26.6 million dollars.REUTERS
“Did you understand that the appeal was withdrawn because the Trump Organization agreed with the appraiser’s value of the property?” Andrew Amer, a lawyer in New York Attorney General Letitia James’ office, asked former Trump Organization vice president Raymond Flores about the $27 million valuation.
“Yes,” Flores acknowledged.
In fact, from 2011 to 2021, Trump had valued the property between $426 million and $612 million in annual financial statements, which a judge ruled last month was “at least 2,300%” more than the local official’s valuation. In the same ruling, the judge found Trump liable for fraud in some cases and revoked his business licenses in New York while he pursues the rest of his case.
Flores testified Monday about receiving Nov. 17, 2021, correspondence from Corbiciero, then a senior consultant for Marvin F Power and Company, explaining the benefits of categorizing Mar-a-Lago as a residence rather than a club. social. have in taxes.
For about a decade, the former president valued Mar-a-Lago between $426 million and $612 million, or at least 2,300% more than a Palm Beach appraiser’s valuation.
Corbiciero explained in the email, which Flores sent to former Trump Organization CFO Allen Weisselberg and Executive Vice President Eric Trump, that Mar-a-Lago could be valued at about 10 times its appraised value if it were classified as home.
Illegally increasing the value of Trump’s properties earned him favorable loan and insurance rates, among other things, netting him several hundred million dollars, state prosecutors say.
“Last year, we briefly discussed the possibility of applying for a homestead exemption on the Mar-a-Lago property, as President Donald Trump had legally declared Palm Beach and the Mar-a-Lago property as his personal residence.” , the email said. according to a report from the Independent.
The email went on to explain that the property would have to “meet certain requirements” for the exemption, including that of Trump Org. would need to transfer ownership of the Florida property to Trump personally.
Manhattan Supreme Court Justice Arthur Engoron relied on the figure of the Florida adviser to determine that Trump committed fraud and revoke his business licenses in New York. Steven Hirsch for the NYPost
In the wake of Judge Arthur Engoron’s explosive ruling last month, Trump has maintained that the Palm Beach property is worth much more than the appraiser’s estimate, claiming it is worth up to $1.5 billion.
Monday’s second witness, David Cerron, deputy commissioner of the New York City Department of Parks and Recreation, also testified that when the agency granted the Trump Organization the rights to manage a city golf course at Ferry Point Park In 2010, Trump had declared his net worth was $3 billion and said he had $200 million in cash on hand, ABC News reported.
Trump had to keep telling the Parks Department what it was worth over the next decade to make city officials feel confident it would remain solvent, and one year he claimed it was $4.9 billion, according to evidence presented to him. the court.
The attorney general’s office has claimed that Trump never had more than $2.1 billion during this period.
Cerron said these financial disclosures were necessary “to be sure, as we always would, that the incumbent had the funds to meet its obligations.”
Trump also told the New York City Department of Parks and Recreation that he was worth $3 billion in 2010 when he was granted a license to manage the Ferry Point Park golf course.
Attorney General Attorney Sherief Gaber asked, “Would the Department of Parks and Recreation expect this representation to be true, complete and accurate?”
“Yes,” Cerrón responded.
But under questioning by Trump attorney Jennifer Hernandez, Cerron admitted that Trump’s net worth “was the lowest consideration” in granting him the rights to the golf course and that experience and plans carried more weight.
Hernandez also noted that Trump never failed to make payments or other obligations under the licensing agreement.
Bally’s purchased the Trump Organization’s licensing deal in 2020 as the city sought to distance itself from the Trump empire after the Jan. 6 Capital Riot.
Prosecutor James claims in her lawsuit against Trump, his two oldest children and the family real estate company that for at least 10 years Trump inflated his assets to the tune of billions of dollars a year to obtain better loan and insurance terms.
Trump, who will run for president again in 2024, has strongly denied the allegations and said he is the victim of a political witch hunt.
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Source: vtt.edu.vn