Trump wins reduction in $454m bond and has deadline extended

By John Mercury March 26, 2024

A New York appeals court has agreed to hold off collection of former president Donald Trump’s $454m (£359m) civil fraud judgment – if he puts up $175m (£138m) within 10 days.

The former US president had been facing a deadline on Monday to post the bond for the initial ruling, which he was given for grossly inflating his net worth.

He has 10 days to post the new bond after winning an extension to the deadline.

In a post on his Truth Social platform, Mr Trump said he will abide by the decision and post either a bond, equivalent securities, or cash.

Mr Trump, who is seeking to regain the White House later this year, originally faced a looming deadline on Monday to pay the full sum out of his own pocket or post a bond while he appealed against Justice Arthur Engoron’s February judgment.

Mr Trump was found to have deceived banks and insurers for years by inflating his wealth on financial statements used to secure loans and make deals.

In a separate case on Monday, Mr Trump’s lawyers were seeking a delay in a New York state criminal trial over hush money-related charges – but the judge ruled it will begin on 15 April with jury selection.

Mr Trump has denied wrongdoing in all the cases against him.

Trump in court – live updates and reaction

Here, we take a look at Mr Trump’s assets and income – and what may happen if he fails to pay up in time.

If he misses the deadline, what happens?

The state of New York could start seizing the tycoon’s assets.

Some experts believe seizing his bank accounts would be easier and relatively quick compared to dealing with his properties.

A US marshal can simply be asked to take a court order to a bank holding Mr Trump’s money.

The process involving properties is more complicated, legal experts say.

Alan Sash, a New York lawyer, said: “Seizing a property is a poor way to describe it, because it gives the impression that someone goes and grabs it.

“It’s not like that at all. It’s slow and methodical.”

However, the New York attorney general will be able to go after any properties Mr Trump owns in order to satisfy the judgment – although the process is likely to be more complex for properties outside of New York.

FILE PHOTO: A general view of Trump Tower in New York City, U.S., October 1, 2023.REUTERS/David 'Dee' Delgado/File Photo
Pic: Reuters

How much is Mr Trump worth?

A breakdown of his net worth can be achieved based on court filings and federal financial disclosures.

In some cases, the values reported by Mr Trump were disputed in the New York civil case, which the real estate billionaire plans to appeal against.

In a social media post last Friday, Mr Trump said he has “almost five hundred million dollars in cash”.

In an April 2023 deposition with New York attorney general Letitia James, he said he had “substantially in excess of 400 million in cash”.

A financial statement for 30 June 2021 submitted to the court by Mr Trump showed he had $293.8m (£232.5m) worth of cash and cash equivalents at the time.

In 2022, Mr Trump reported at least $537m (£425m) in revenues related to golf courses and hotels.

He also made money from licensing fees and royalties, and from other interests including speaking engagements and in distributions from his stake in buildings.

His Truth Social platform is said to be worth about $6bn (£4.75bn).

The company is set to begin trading on the Nasdaq stock market – potentially netting the former American president $3bn (£2.37bn).

However, even if the deal gets completed, Mr Trump will not be allowed to sell any of his shares in the combined company for six months or borrow against them, based on terms he previously agreed.

FILE PHOTO: An aerial view of former U.S. President Donald Trump's Mar-a-Lago home after Trump said that FBI agents raided it, in Palm Beach, Florida, U.S. August 15, 2022. REUTERS/Marco Bello/File Photo
Donald Trump’s Mar-a-Lago home in Florida. Pic: Reuters

What properties does he own?

Mr Trump owns hotels, office buildings, residential buildings, golf courses and estates.

A June 2021 financial statement listed several of his most valuable properties such as 40 Wall Street, an office building in New York, Trump Tower in Manhattan, and the Mar-a-Lago resort in Palm Beach, Florida.

The financial statement said his properties were worth $4.3bn (£3.4bn) at the time.

In the New York case, the judge ruled Mr Trump had overstated the value of some of the properties – and called the estimated value of Mar-a-Lago “fraudulent” and “possibly a billion dollars or more” over its market value.

Read more on Sky News:
The crown has slipped from the New York King’s head
Top US court to decide if Trump can be prosecuted over riot

The case is not the only one draining Mr Trump’s finances.

This month, he posted a $91.6m (£72.5m) bond to cover an $83.3m (£65.9m) defamation verdict for writer E Jean Carroll while he appeals.

She sued him after Mr Trump called her a liar for accusing him of raping her decades ago. He has denied wrongdoing.


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