Trump inflated his net worth by $2 billion and claimed he saved world from ‘nuclear holocaust,’ NY attorney general charges in unsealed filings

NEW YORK — While running his father’s family real estate empire, former President Donald Trump bloated his net worth by a staggering $2 billion, New York Attorney General Letitia James charged in asking a Manhattan judge to rule against the Trumps before their upcoming $250 million civil fraud trial, according to court filings unsealed Wednesday.

James asked State Supreme Court Judge Arthur Engoron to resolve one of the fraud claims facing the Trumps encompassing a chunk of the case slated for trial Oct. 2 by recognizing a “mountain of undisputed evidence” of rampant fraud.

“No trial is required for the Court to determine that (Trump) presented grossly and materially inflated asset values in (financial filings) and then used those (filings) repeatedly in business transactions to defraud banks and insurers,” the filing said.

The AG alleges Trump overstated his net worth by up to 39% by recording wildly inflated values for Trump-owned skyscrapers, golf courses and residential properties, including his Mar-a-Lago resort in Palm Beach, Florida.

The Trumps are accused in the suit of using the bogus financial statements to defraud banks, insurance companies and other business partners to the tune of “hundreds of millions of dollars in ill-gotten savings and profits.”

Trump claimed $6.7 billion in assets in 2014, but the attorney general said her office has undisputed evidence that they were worth only $4.5 billion.

Trump’s expected to oppose the motion requesting Engoron find that he, his company, his two grown sons, Eric and Don Jr., and various company executives filed false or misleading financial statements from 2011 to 2021 and repeatedly used them in business transactions to obtain better loans and tax breaks.

Engoron will hold a hearing on Sept. 22 to consider James’ request for partial summary judgment before the case goes on trial.

Among the filings unsealed Wednesday include excerpts of Trump’s second deposition with James in April. The former president, seeking a second non-consecutive term, has viciously gone after James in public comments, deriding James, who is Black, as a racist.

Trump invoked the Fifth Amendment 440 times during their first sit-down, The News reported, but he was more chatty during his second, transcripts show.

“I have — literally, I have some of the greatest pieces of property in the world,” Trump raved.

“We have the Mona Lisas of properties. We have properties that make money, but you can sell for many, many times because of the quality of the property like a Turnberry in Scotland. I could sell that. That’s like selling a painting. A painting on a wall that sells for $250 million and doesn’t make income. It just sits on a wall but it sells for numbers,” Trump said.

Trump told the attorney general he lost interest in real estate deals when he moved into the White House, when he claimed his focus shifted to saving the world.

“There were a lot of things that were happening in the world, as you probably know. And I did a very good job. I got rid of those problems,” Trump said to James.

The former president predicted there would have been a nuclear attack if not for his presidency.

“I think you would have nuclear holocaust, if I didn’t deal with North Korea. I think you would have a nuclear war, if I weren’t elected. And I think you might have a nuclear war now, if you want to know the truth,” he said.

“I’m not going to use my seven hours on nuclear war. But can I—,” James replied.

“No, I know,” Trump said.

Unlike in his four criminal cases, Trump doesn’t face jail time in the civil suit, but the financial stakes are sky high — and the AG’s case has the potential to severely curtail the famous family’s business future prospects in New York, where they made their fortune.

On top of the $250 million James seeks in allegedly ill-gotten gains, the attorney general wants to bar the Trumps from entering into commercial real estate contracts or applying for loans for the next five years if found liable. She also seeks to permanently bar them from serving as directors or officers of New York-licensed businesses.

Lawyers for the Trumps did not immediately respond to requests seeking comment.

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