Key takeaways:
- Trump Organization considered adding a “presidential premium” to his assets during his White House years.
- When Trump began reflecting the true size of the property on financial statements, its value dropped by as much as $207 million.
- Trump’s former attorney Michael Cohen testified that Trump had previously inflated his assets to lenders.
Former President Donald Trump’s company considered adding a “presidential premium” to his assets during his White House years, according to evidence presented during Trump’s civil fraud trial in New York.
The internal deliberations began after Forbes magazine revealed in 2017 that Trump’s Manhattan triplex was about a third of the size he had long claimed, and thus far less valuable. Trump Organization Assistant Vice President Patrick Birney testified Friday that the idea was scrapped, but state lawyers contend that the exercise shows Trump and his underlings were intent on finding ways to increase his net worth.
When Trump began reflecting the true size of the property on financial statements, its value dropped by as much as $207 million. Trump’s company allegedly considered adding a “premium for presidential property” to certain assets, which would have increased his net worth by nearly $145 million.
Trump’s civil fraud trial is ongoing, and the evidence presented so far suggests that the former president and his company were attempting to inflate his net worth. This is not the first time Trump’s wealth has been called into question; in 2016, Trump’s former attorney Michael Cohen testified that Trump had previously inflated his assets to lenders.
The outcome of the trial is yet to be determined, but it is clear that Trump and his company have been accused of inflating his net worth. It remains to be seen how the court will rule on the matter.
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