The spotlight at Donald Trump’s civil fraud trial turned Thursday to the former president’s son Eric, with documents and testimony suggesting the scion envisioned a “lofty” value on a suburban New York golf course where the family business proposed building luxury townhouses.
turned Thursday to the former president's son Eric, with documents and testimony suggesting the scion envisioned a “lofty” value on a suburban New York golf course where the family business proposed building luxury townhouses., his company and executives, including Eric Trump, fraudulently inflated the value of the Westchester County golf club and other properties on financial statements given to lenders, insurers and others.
“Eric loved this project. He thought it was very special. I didn’t disagree with him,” McArdle testified Thursday. He said that it wasn't unusual for property owners to weigh in on the appraisal process and that he was “perfectly willing to listen,” while ultimately making his own professional judgment.
Shortly after that email discussion, Eric Trump wrote in a message that he'd spoken to one of the attorneys and told McArdle to hold off sending the appraisal until further notice. McArdle said he wasn't told why, noting that appraisals often “have a lot of stops and starts.”Trump's financial statements went on to list the golf course at values sometimes topping $100 million, according to James' lawsuit. The villas weren't built.
The executive, Jack Weisselberg of Ladder Capital, worked on the deal with Trump executives including his father,An internal Ladder Capital document, shown in court Thursday, said the “deal strengths” included Trump's stated net worth of nearly $5.8 billion, over $300 million of it in cash and other liquid assets — figures that reflected Trump's 2014 financial statement.
But the bank conducted “sanity checks” on Trump's numbers, sometimes knocking significant amounts off his value estimates for such holdings as Trump Tower and his golf courses, Haigh said.
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