The Attorney General of New York is moving closer to the possibility of seizing the Trump National Golf Course and the former president’s estate in Westchester County, should Donald Trump fail to obtain a bond by Monday in order to cover the $454 million judgment against him for committing fraud.
This development does not signify that New York State Attorney General Letitia James will definitely seize the properties, but it does set in motion a process that could potentially allow her to secure liens on them.
Trump has until Monday to secure a bond as he appeals the judgment, failing which these properties could potentially be the first of his business assets to be dismantled.
In February, Judge Arthur Engoron declared Trump liable to pay $364 million in damages for fraud, and also issued a ban on his participation in New York’s real estate industry or the running of any company in the state.
The amount Trump is indebted is increasing approximately by $112,000 each day due to interest. At present, his debt stands at $457 million. The total damages, incorporating those of his two adult sons and other co-defendants, surpass $467 million. The automatic 30-day stay of the judgment given by Engoron expires on March 25, at which point James may proceed with seizing Trump’s assets unless the appeals court intervenes or he is able to obtain a bond.
Trump’s legal representatives contend that securing a bond to cover the damages is a “practical impossibility.” They have endeavored to obtain appeal bonds from around 30 surety companies, but have only been presented with policies that impose bond premiums and accept cash as collateral – and not real estate.
The mandatory collateral generally amounts to 120% of the judgment, or in this instance, $557 million.
Trump has expressed his vexation with the legal process in social media posts, asserting that the judge’s demands are unachievable. He argues that putting up money before an appeal is overly expensive and that selling assets prior to winning the appeal would result in the permanent loss of those assets.
However, legal experts have underscored that the justice system is operating as intended, and Trump is not being treated differently. If any discrepancy does exist, it has actually been to his advantage.
The future of Trump’s golf course and estate in Westchester County is uncertain as the deadline approaches on Monday. Whether Trump can secure a bond and navigate the legal intricacies will determine the subsequent steps in this high-stakes conflict.