New York prosecutors now looking into Seven Springs Estate, one of Trump's "bigger legal nightmares"

[Yo_Mama_Been_Loggin]

Prosecutors in New York are advancing two seperate probes into Seven Springs Estate, a 213-acre estate in Westchester County that Donald Trump unsuccessfully attempted to develop in conjunction with the Trump Organization. While not one of the former president's marquee estates, the twin investigations into Trump's sleepy mansion, Associated Press reporter Michael Sisak noted, "could end up being one of his bigger legal nightmares."

Trump originally valued the estate –– which he bought for $7.5 million in 1995 –– at up to $291 million in financial statements that New York prosecutors alleged were given to a variety of lending institutions. There is suspicion that Trump may have inflated the value of the property in order to secure larger loans.

The grand jury subpoena demands access to documents related to Seven Springs' valuations, tax assessments, conservation easements, and tax appeals.

The new subpoenas come amid a three-year-long investigation launched by Manhattan District Attorney Cyrus Vance back in 2018, initially probing the hush-money payments Trump allegedly made to women with whom he'd had extramarital affairs. However, the ambit of Vance's investigation has widened since then, covering possible tax and insurance fraud. Vance is also reportedly probing loans received by several of Trump's flagship Manhattan properties.

https://www.msn.com/en-us/news/politics/new-york-prosecutors-now-looking-into-seven-springs-estate-one-of-trump-s-bigger-legal-nightmares/ar-BB1erYs1?li=BBnbfcQ&ocid=hplocalnews

[PatSeg]

1. Wow, that is some investment, $7.5 mil to $291 mil

The guy certainly is never subtle. He barely tries to cover his tracks. Everything is so in-your-face, as if he's defying anyone to prosecute him. He is both reckless and outrageous, hard to believe he's gotten away with this sort of crap for decades.

[ScratchCat]

2. I've worked in Real Estate for nearly 25 years

And I know of no lending institution in the world which would base a loan upon a property owner's opinion of value. It can be claimed all day that "Trump inflated the value of the property", but the lender is legally responsible for having an appraisal or valuation completed which would support the value they are basing the loan upon. No legal bank just took Trumps word for it.

I'm telling you, this stuff wasn't investigated before because it will point back at too many people being involved. It takes a number of people at high levels at a bank to pull off loans like this(if that's what happened).

[PoliticAverse]

3. "It takes a number of people" - so how many people would have to get bribes/kickbacks? n/t

[moondust]

5. Does the law care

if the bank ended up making a loan? Or just that the property owner fraudulently inflated the value?

[SWBTATTReg]

4. Yeah, this is an outrageous amount to self evaluate a donated property for, and I can't believe

that the powers that be allowed this appraised value to stand. It's like I donated my little one acre plot in the Ozarks and then took a $1,000,000 tax write off (in no way not valued this in the Ozarks, unless you are in the center of Silver Dollar City, maybe).

The lending institutions and / or banks too, should have questioned this valuation too. Just how many of these people got paid off?