NEW YORK, NEW YORK - JANUARY 11: Former U.S. President Donald Trump and his lawyers Christopher Kise and Alina Habba attend the closing arguments in the Trump Organization civil fraud trial at New York State Supreme Court on January 11, 2024 in New York City. Trump won't make his own closing arguments after his lawyers objected to Judge Arthur Engoron's insistence that Trump stay within the bounds of "relevant, material facts that are in evidence" of the case. Prosecutors allege that Trump and his two sons Donald Trump Jr. and Eric Trump conspired to inflate his net worth on financial statements provided to banks and insurers to secure loans. New York Attorney General Letitia James has sued seeking $370 million in damages. (Photo by Seth Wenig-Pool/Getty Images)
In a recent court filing, former President Donald Trump expressed concerns about his financial situation as he prepares to appeal a $454 million civil fraud verdict imposed by the state of New York. With limited options at his disposal, the former president must either pay the full judgment by March 25 or secure a bond worth at least 110% of the amount to temporarily suspend the fine during the appeals process.
However, obtaining an appeal bond requires cash, selling properties (or using them as collateral), which would tie up a substantial portion, if not all, of his liquid assets for an extended period.
The Trump Organization owns or invests in multiple office towers from New York to San Francisco. 40 Wall Street, one of the key properties, was purchased by Trump in 1995 and is what his business hails as “one of the great real estate deals of all time.” In 2015, it was valued at $540 million. That has since fallen to $270 million, as the Bloomberg Billionaires Index estimates
Trump’s attorney, Alina Habba, said, “There would be no way to recover any property sold following a successful appeal and no means to recover the resulting financial losses.”
New York Attorney General Letitia James (D) has made clear that she’s prepared to seize Trump’s assets if he doesn’t pay the verdict or post an appeals bond on time.
She specifically mentioned Trump’s 40 Wall Street skyscraper as a potential asset subject to seizure. James explained that her office is “prepared to make sure that the judgment is paid to New Yorkers,” and added, “And yes, I look at 40 Wall Street each and every day.”
In testimony last year, Trump claimed to have over $400 million in cash. However, even with this substantial amount, it would not be enough to meet the bond requirements for the consecutive verdicts.
Trump has proposed posting a smaller bond of $100 million while appealing the New York fraud verdict. He argues that his vast ownership interests in New York real estate should serve as adequate collateral to ensure payment if his appeal fails. He emphasized that properties like 40 Wall Street, often referred to as “trophy properties,” cannot be secretly removed from the jurisdiction.
However, James has rejected Trump’s offer, with the assertion that a smaller bond would risk leaving the state without sufficient security if the appeal is unsuccessful.
Trump also has yet to make a $83 million award payment for the judgment of his defamation case brought by E. Jean Carroll.
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