Trump's Fame Inflated Value of Trump Tower Penthouse, Claims Corporate Controller

1 min read
Source: Fortune
Trump's Fame Inflated Value of Trump Tower Penthouse, Claims Corporate Controller
Photo: Fortune
TL;DR Summary

Testimony in Donald Trump's civil business fraud trial revealed that his corporate executives inflated the value of his Trump Tower penthouse by $20 million due to his celebrity status. Another $100 million increase was based on an email from a real estate broker who didn't inspect the property and provided an estimate based on an asking price. Former Trump Organization controller Jeffrey McConney testified that these inflated valuations were included in Trump's financial statements, which were used for loan deals. The New York Attorney General's lawsuit alleges that Trump conspired to exaggerate his wealth, while Trump denies any wrongdoing.

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