Trump may sell some of his New York buildings to pay $460 million fine

A New York court has ordered Donald Trump to pay a $355 million fine in a fraud case. He will need to sacrifice some of his assets to pay that amount, reports FOXBusiness.

These assets would presumably include buildings owned by the Trump Organization, specifically the iconic Trump Tower, Trump Park Ave, 1290 Avenue of the Americas, 40 Wall Street, Trump National Golf Club in Westchester and Seven Springs.

That Trump will sell any of these properties is just speculation at this point. Legal experts say he has strong grounds for appeal.

On the subject: A court in New York fined Trump $364 million and deprived his children of the right to run large companies in the state.

“Even if we decide to appeal, which we certainly will, we should post bail. We will be ready to do this,” Trump lawyer Alina Habba Marte McCallum said on February 19.

Huge amounts

While Trump awaits the outcome of the appeal, he will have to pay this fine. Otherwise, the 45th president could be charged with contempt of court and face additional fines. The New York government will apparently try to seize his assets in that state to enforce the judgment. If his appeal is successful, the fine paid will be returned.

As a result of the Feb. 16 verdict, Trump will ultimately owe about $460 million.

In total, Judge Arthur Engoron imposed a fine of $363,9 million on Trump and his co-defendants, including his sons Eric and Donald Trump Jr., or about $464 million with legal fees, according to New York Attorney General Letitia James.

“They're trying to put him out of business. First of all, it won't work. Secondly, what they are doing is a scare tactic,” Habba said. - This is absolute madness. No, there will be no chaos in the Trump Organization. It will not happen".

George Washington University Law School professor and lawyer Jonathan Turley called the decision "obscene" and accused Democrats of using the justice system as a weapon to punish Trump.

Others argued that the ruling would discourage investment in New York. O'Leary Ventures Chairman Kevin O'Leary said he would "never invest in New York now."

“And I’m not the only one who says that,” he assured. – Do you think any foreign institution, any private equity firm, or any pension fund will touch New York? No! And that's why New Yorkers should be concerned."

Trump praised O'Leary for telling it like it is and warned that "businesses will flee New York and the state after the corrupt judge's decision!"

Trump himself called Friday's decision a "weapon against a political opponent" and complained that he was being punished for "building the perfect company, great buildings and making a lot of money." At the moment, he cannot appeal the decision yet, since the office of the Engoron courthouse still needs to file documents for it to become official.

Once that happens, Trump will be able to appeal. His lawyers will almost certainly ask for an immediate stay of execution, a legal term for an order that stops enforcement of a decision while the appeal process takes place.

Under state law, Trump will receive an automatic stay if he posts money, assets or an appeal bond that covers the amount he owes. The appeal process usually takes months, sometimes even years. If Trump fails before the Appellate Division, he could ask the state's highest court to hear his case.