President Donald Trump, 77, testified before New York Supreme Court Judge Arthur Engoron is his civil fraud trial initiated by State Atty. Gen. Letitia James. Engoron asked Trump whether he thought the property valuations were accurate. “Did you ever think that the values were off in your statement of financial condition,” asked Asst. Atty. Gen. Kevin Wallace. Wallace wanted to know the extent to which Trump participated in the valuations of properties, something highly unusual because lenders and insurance companies use only on certified appraisals, not stated valuations. “Yes, on occasion,” Trump admitted. “Both high and low,” referring to his opinions that might have over or under-valued his properties at any given time. James accuses Trump of hyping his valuations to obtain favorable terms from lenders or undervaluing properties to get discounts on insurance.
Wallace asked Trump about his Park Ave. penthouse Trump Tower condominium, whether he was involved in valuing the property. “Probably, I said I thought it was too high,” Trump old Wallace. Wallace asked Trump about a 2017 statements regarding his penthouse Park Ave. apartment. “I don’t know what’s too high anymore, because I’m seeing things sold at numbers that are very high,” Trump said, not telling Engoron that professional real estate appraisers determined the Trump Tower penthouse valuation. James claims that Trump must pay for misrepresenting real estate valuations when, in fact, that’s the job of licensed real estate appraisers. Whatever Trump’s opinion or testimony about valuations, it’s pure speculation when professional appraisers were responsible for the ultimate value of any properties. Wallace and Engoron imply that Trump appraised his own properties.
James points out that in prior financial statements that the square footage estimates of Trump’s Trump Tower penthouse was grossly exaggeration at 30,000 square feet when, in fact, the actual footage was actually under 11,000 square feet. Trump said a 2021 statement of financial worth reflected the fact that he was busy withother more pressing matters like keeping the country safe. “I was so busy in the White House,” Trump said. “My threshold was China and Russia and keeping out country safe,” “Just for the record,” Wallace replied. You weren’t president in 2021?’ “No I wasn’t,” Trump admitted. But Wallance knew that, in fact, Trump was president in 2021 until Jan. 20 or Inauguration Day. So, with Wallace making false statements, it’s no wonder that Judge Engoron is confused as well. What was so implausible about Trump saying he was a busy man in 2021?
Wallace hammered Trump on the point that he wasn’t president in 2021. “Just for the record,” Wallace said. “Your weren’t president in 2021?” “No, I wasn’t,” Trump acknowledged, he wasn’t recalling clearly under cross examination. Wallace wanted to nail Trump for lying but instead nailed himself. When a government prosecutor makes indefensible statements, the Judge should intervene to set the record straight. Trump spent three weeks in Jan. 2021 as president, very definitely concerned about Russia and China or any other issue that confronted the country. Engoron should know the time-line, especially the day Trump left office. When it comes to appraising real estate, what doesn’t Engoron and Walllace know about residential or commercial real estate appraisal? Certainly both know that owners don’t value their own properties but rely on professional real estate appraisals for actual value.
Any property owner can speculate about valuations. But ultimately, professional appraisers determine the actual value based in income or comparable sales data. If New York state thought any discrepancies existed with real estate appraisals, they’re certainly capable of pulling the appraisal reports submitted to lenders. James’ case, asking Trump and his children to recall property valuations, doesn’t rely on personal testimony but on what the appraisal reports say. Yet in Trump’s case either himself or his children are asked to recall specific details about appraisals. When State prosecutors make false claims about Trump’s time in office, what more needs to be said. Wallace was trying to play nice guy when he got Trump to admit on the stand that he wasn’t in fact president in 2021, when he actually was president until Jan. 20, 2012. Judge Oonoron should have noted the discrepancy with the state prosecutor.
All the bickering in Trump’s real estate fraud trial shows that state prosecutors have an ax to grind against Trump. Does James really think that ordinary real estate investors, including professional appraisers, sometimes get their facts wrong, without making a federal case? “Don’t believe the statement, go and do your own work,” Trump said in an earlier deposition. :”The statements is worthless. It means nothing,” repeating a disclaimer that asks anyone looking at financial statements to seek their own verification. “The clause does not use the words ‘worthless’ or ‘useless’ or ignore of any similar words,” aid Ongoron. “It does not say herein what I think the properties will be worth in 10 or more years,” Ongoron said, expressing his own bias. Ongoron and New York state prosecutors know that professional appraisers, not Trump or his children, determine real estate values.
About the Author
John M. Curtis writes politically neutral commentary analyzing spin in national and global news. He’s editor of OnlineColumnist.com and author of Dodging The Bullet and Operation Charisma.
