Eyes on Seven Springs
Trump's 213-Acre Seven Springs Estate in Westchester County, N.Y. has the attention of Manhattan Prosecutors.
The Manhattan district attorney’s office has issued new subpoenas and requested recordings of local government meetings related to the Trump Organization’s failed attempt to create a luxury subdivision at Seven Springs, a 213-acre property that the former president bought for $7.5 million in 1995.
Mr. Trump has valued the property at up to $291 million in financial statements that the New York attorney general’s office, which is also investigating Seven Springs, said were given to financial institutions. Inflating assets to help secure loans or other financial benefits can be a state criminal offense, legal experts said.
Manhattan District Attorney Cyrus Vance’s office has said in court filings it is investigating possible tax, insurance and bank fraud.
Mr. Trump valued the property at $291 million in 2012, according to what he called his “statement of financial condition,” a collection of financial information compiled but not audited by his accountants. Mr. Trump valued the property at between $25 million and $50 million on financial-disclosure paperwork filed when he was president.
Local tax-assessment rolls list the market value of the property at about $19 million.
The final appraisal, sent to Mr. Trump in 2016, values the property at $56.5 million and the conservation easement portion at $21.1 million. Seven Springs LLC, which is part of the Trump Organization, claimed a $21.1 million tax deduction for the easement in tax year 2015, a lawyer for the attorney general’s office has said in court.
Probes Will Pick Up Steam
Seven Springs is just one of many of Trump's real estate transactions under review.
Trump also faces many other civil cases as well as a potential election fraud case in Georgia.