CRIME
Trump can’t pay the $464 million bond: what is the former president’s net worth?
Trump’s lawyers pointed out that the former president could not pay the huge bail cost in the New York tax fraud case, with a new hashtag quickly trending.
The legal situation of Donald Trump does not seem to be improving. On the morning of Monday 18 March, the former president’s lawyers reported that he cannot cover the entirety of a $464 million dollar fine, imposed by the state of New York as bail, in connection with a tax fraud case.
Donald Trump in a fine mess
In January, Judge Arthur Engoron ordered Trump to pay $355 million dollars after being found liable in a civil fraud case filed by New York Attorney General Letitia James, for inflating the assets of the Trump Organization to obtain more favourable loan rates.
Currently, Trump is appealing Judge Engoron’s ruling. However, to prevent the state from enforcing the judgment, the official must pay a form of bail, “which will be held in an escrow account pending the appeal process, which could take years,” as reported by CNN. With interest included, the fine amounts to $464 million dollars.
According to a statement issued by the defense team of the former White House leader, Trump has limited liquidity, so he has contacted 30 bail bond companies through four brokers to try to meet the estimation. However, these companies only accept cash or bonds, not real estate.
“The amount of the judgment, with interest, exceeds $464 million dollars, and very few bail bond companies will consider a bond for anything approaching that magnitude... Defendants’ continuing efforts have shown that a bond in the amount of the full judgment is a practical impossibility,” argued Trump’s lawyers.
#TrumpIsBroke trending
Until Trump pays, the fine will continue to grow by the day. Unless a judge freezes the stock, the prosecutor’s office could begin seizing the former president’s assets. But, why can’t Trump pay bail? How much money does the former president have? For that we need to look at his fortune or lack of.
How much money does Donald Trump have?
According to a report by Forbes magazine, Donald Trump has a net worth of $2.6 billion. However, most of this money is distributed across various investments, so his liquidity is limited.
According to the aforementioned report, the majority of his earnings come from his golf clubs and resorts, which contribute approximately $870 million dollars, while his real estate in New York represents $690 million in his fortune, and his personal assets amount to $640 million. Real estate outside of New York is valued at $190 million dollars, and his media and brand businesses at $160 million.