(USNewsMag.com) – Former President Donald Trump may lose some of his most prized and expensive properties if he fails to pay the staggering penalty ordered by the court in a New York civil fraud case.
Judge Arthur Engoron ruled on Friday, February 16th, in a jury-free decision that the former president must pay $454 million in penalties with interest, which means the penalty increases by $87,502 every day he fails to pay it. Two of Trump’s sons, Donald Trump Jr. and Eric Trump, were ordered to pay around $4.6 million each, and former Trump Organization CFO Allen Weisselberg was also hit with $1.1 million.
Engoron ruled that the former president defrauded banks and insurance companies by overvaluing properties and lying about his wealth, which the judge says he used to build his real estate empire. Trump maintains that he, his sons, and Weisselberg are not guilty and promised to appeal the decision.
On Tuesday, February 20th, New York Attorney General Letitia James (who brought the case against Trump last year) was interviewed by Aaron Katersky of ABC News and said that if the former president refuses or is unable to cover the penalty costs ordered by Engoron, she will try and seek some of his assets to pay the bill. James vowed that if Trump lacks the funds “to pay off the judgment,” the city will “seek judgment enforcement” by asking the court to “seize his assets.”
Although Trump says he only has around $400 million in liquid cash, most of his net worth is tied up in assets and real estate, such as skyscrapers, golf courses, his Mar-a-Lago estate, and other investments and holdings. The former president’s net worth is estimated at around $2.6 billion.
Aside from the Engoron judgment, Trump also lost a defamation lawsuit against him by the writer E. Jean Carroll and was ordered to pay her $83.3 million in damages. Trump called the ruling “absolutely ridiculous” and said the legal system has been weaponized against him.
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