New York prosecutors are targeting another property of ex-US President Donald Trump (74) for possible tax fraud.
Trump bought the property “Seven Springs” in Westchester County, New York in 1995 for $ 7.5 million. He is said to have later valued the property at $ 291 million. In the tax lists it is only 19 million.
The reports the “Wall Street Journal” (WSJ).
Not surprising that the prosecutors take a closer look. Because: The value of the property largely depends on how much taxes Trump would have had to pay for it …
Trump came up with conflicting numbers:
▶ ︎ In 2012, Trump rated the property 291 million US-Dollar.
▶ ︎ In financial records he submitted when he was president, the property was only valued at 25 to 50 million Named US dollars.
▶ ︎ The final report sent to Trump in 2016 quantifies the value of the property, according to the WSJ 56.5 million US-Dollar.
► The local tax lists give the property’s market value with only 19 million US-Dollar an.
In December 2020, New York prosecutors sent subpoenas to officials associated with the Seven Springs property for tax bills, planning committee minutes, and other documents.
The city handed over all the documents.
Trump originally wanted to build a golf course on the property, according to the WSJ. These plans failed in the early 2000s. By 2013 there were apparently plans to divide the property into 14 luxury apartments.
Before his presidency, Trump was loud Forbes Magazine spent his summers there with the family. In 2015, according to the WSJ, the Trump Organization made the decision to just keep the property and not expand it.
The case of the Seven Springs Estate is only one part of a far-reaching investigation by the New York Public Prosecutor’s Office against Donald Trump.
At the same time, the business around the “Trump Tower” in New York City is examined, as well as the loans relating to the “Trump International Hotel and Tower” in Chicago.
It is about possible tax, insurance and banking fraud.
After 18 months of legal battle over the release of Trump’s tax returns, these are now available to the public prosecutor and they can begin to review the information provided by Trump.
When the United States Constitutional Court finally ruled in February that Trump must hand over his tax records to investigators, he called it the “continuation of the greatest political witch hunt in our country’s history”.