Donald Trump could lose some of his prized properties if he does not pay his large fine for the trial that followed him for fraud in New York.
With interest, the former president and real estate magnate owes the state almost 454 million dollarsand to that is added $87,502 for each day that he does not pay.
State Attorney General Letitia James told ABC News on Tuesday that she could seize some of Trump’s assets if he does not pay the fine imposed by the Judge Arthur Engoron on February 16.
Engoron concluded that Trump inflated the value of his assets for years to obtain contracts and soft loans, while building his real estate empire that led him to fame and eventually to the White House. Trump denies any wrongdoing and says he will appeal.
“If he does not have the funds to pay the penalty, then we will look through the courts for ways to enforce the ruling, and we will ask the judge to confiscate his assets,” said James, a Democrat, in an interview with ABC reporter Aaron Katersky.
Trump’s ability to pay his enormous legal costs is in doubt amid two consecutive judicial setbacks: In January, a jury ordered him to pay 83.3 million dollars to the writer E. Jean Carroll for having defamed her.
Trump asserted last year that he has 400 million dollars in cash, reserves that would go to pay their fines. The rest of his net worth, which he claims is several billion dollars, consists of golf courses, skyscrapers and other property holdings, as well as investments and other properties.
What could NY confiscate from Donald Trump for not paying his fine?
But it’s unlikely that James will try to take the keys to the house. Trump Tower or Mar-a-Lago immediately. Trump has promised to appeal the ruling, and that would delay collection of his fines while the process takes its course.
If Trump cannot pay, the state “could confiscate and sell your assets, and collect debts from anyone who owes him money,” said Gregory Germain, a law professor at Syracuse University.
Asset forfeiture is a common legal tactic when an individual is unable to pay a civil penalty. In one famous case, the OJ Simpson Heisman Trophy It was confiscated and auctioned in 1999 to collect part of the $33.5 million fine imposed on him for manslaughter.
Trump could avoid a seizure of his assets if he has enough cash — or is able to convert assets into enough liquidity — to pay his debts plus interest.
What is not known is how much he really has, because most of the information about Trump’s wealth comes from himself, through reports to the government and annual financial statements that Engoron considered fraudulent.
Trump reported having some 294 million dollars in cash or equivalents in its most recent annual financial balance, for the fiscal year ended June 30, 2021.
