Trump, Republican candidate in the upcoming elections, had to pay that amount because he had exaggerated the value of his real estate to lenders. He did this to borrow cheaper and thus expand his real estate empire. Trump has ten days to cough up the amount of 175 million dollars, equivalent to 161 million euros. Because Trump wants to appeal the fine, he must pay the amount (plus future interest) now. The fine therefore serves as a deposit. On his own platform Truth Social, the presidential candidate announced on Monday evening that he would comply with the court’s new demand.
Trump, who in addition to being a politician is also a real estate magnate, was initially given until Monday to pay the amount of almost half a billion. About 355 million dollars concerned the benefit that Trump would have received from the years of fraud, the other millions were interest.
Because the value of Trump’s assets is mainly in stones, he was unable to pay the $454 million bond. According to his lawyers, dozens of lenders would also have been unwilling to guarantee such a high amount, after which Trump requested a reduction of the bail or a postponement of payment.
Property
It is not known how much Trump’s net worth really is, but various estimates are circulating. According to the leading business magazine Forbes his wealth would have fallen sharply since his presidency in 2016, from $4.5 billion to $2.6 billion in 2023. The vast majority of his money would be in real estate and not in cash. For example, the former president owns several skyscrapers in New York and several golf resorts, the most famous of which is Mar-a-Lago in Florida.
The 2.6 billion in assets should be enough to pay millions in bail. But Trump’s lawyers argued that it would be unreasonable to ask him to sell his assets under pressure, as that would most likely get him a less favorable price.
During the hearing of the case, examples of Trump’s exaggerated estimates were mentioned. For example, Trump’s own apartment on the top three floors of the iconic Trump Tower in Manhattan would have been 2,787 square meters according to Trump administration. In reality this was no larger than 1,000 square meters.
In addition to the civil case about the fraud, there are other lawsuits against Trump. The most important of these is a criminal case in the state of Georgia that revolves around election fraud. In 2020, the Republican would have tried to overturn the election results in that ‘swing state’. At the time, Trump was about twelve thousand votes short of winning against Joe Biden. According to the judiciary, he then looked for illegal ways to still be declared the winner.
