Letitia James, the New York State Attorney General, has made significant strides in her ongoing legal battle against former President Donald Trump.
With just days remaining before Trump posts a nearly half-billion-dollar bond in his New York civil fraud case, James has taken the initial steps to seize his assets.
In mid-February, Donald Trump was fined a staggering $354 million for real estate-related fraud committed in New York. The fines, coupled with daily interest adding $112,000, have pushed the total sum owed to over $464 million.
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James formally registered the judgment in Westchester County on March 6. This registration has strategic implications, as it makes it easier for James to secure liens on Trump’s assets.
“Defendants’ argument that obtaining a full bond is purportedly impossible is based on the false premise that they must obtain a single bond from a single surety for the entire judgment amount of $464 million,” James’ filing states.
“Defendants supply no documentary evidence that demonstrates precisely what real property they offered to sureties, on what terms that property was offered, or precisely why the sureties were unwilling to accept the assets,” the filing adds. “As far as the Court can infer, sureties may have refused to accept defendants’ specific holdings as collateral because using Mr. Trump’s real estate will generally need ‘a property appraisal’ … and his holdings are not nearly as valuable as defendants claim.”
Westchester County is home to two properties that have played a prominent role in the civil fraud trial against Trump. One of these properties is the Trump National Golf Club Westchester, an exclusive golf course that has been a source of pride for Trump.
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The other property is Seven Springs, a vast estate spanning 212 acres. Seven Springs featured prominently in the trial, with Judge Arthur Engoron ruling that Trump had fraudulently inflated its value for years, often exaggerating it by up to five times its appraised value.
With the judgment entered, Trump was given 30 days to post the required bond.
Reports suggest that Trump has only around $413 million in cash assets. This limited liquidity has made it increasingly challenging for Trump’s legal team to find organizations willing to underwrite the bond.
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