Wednesday March 10, 2021
Is the value massively exaggerated?
Investigators target Trump's dream castle
According to a media report, prosecutors from New York are expanding their investigations into an estate owned by ex-President Trump. In the past he is said to have given very different values for the property "Seven Springs".
In their investigation into the business of ex-President Donald Trump, New York prosecutors are now also targeting a property belonging to the real estate mogul. This is the stately 3,600 square meter property "Seven Springs" in rural Westchester County in the US state of New York, including several dozen hectares of land. The Manhattan prosecutor reportedly issued new subpoenas in the past few weeks. These concern records of government meetings on the one hand, and the Trump Organization's unsuccessful attempt to develop the site into a luxury resort on the other, reports the Wall Street Journal, referring to insiders.
There had already been media reports in January that Manhattan District Attorney Cyrus Vance had extended his investigation into the Trump Organization's business to include the Seven Springs property. Accordingly, Vance wants to check whether the value of the property had been inflated to increase a tax break that Trump received from donating part of the property to nature conservation.
Worth $ 291 million or $ 19 million?
According to the Wall Street Journal report, Trump acquired Seven Springs in 1995 for $ 7.5 million. In 2012, however, he reportedly reported the property to financial institutions as being valued at $ 291 million. Inflating assets to get financial benefits is a criminal offense, the report said.
Later, however, the value of the luxury property was given significantly lower again: In documents that disclosed Trump's finances during his time as president, the property was valued at 25 to 50 million dollars. Local tax registers put the property's market value at just $ 19 million.