NY prosecutors intensify probe into Trump’s Seven Springs estate
Former President Donald Trump bought the property in 1995 for $7.5 million but has valued it at up to $291 million to secure loans.
The investigation into the finances of former President Donald Trump seems to be intensifying and narrowing.
The Manhattan District Attorney’s office has reportedly issued new subpoenas and requested pertinent recordings and documents related to a failed luxury subdivision in Westchester County, New York.
According to The Wall Street Journal, the Trump Organization bought a 213-acre property at Seven Springs, which it planned to develop into a luxury subdivision, but the plan never materialized.
Trump bought the property in 1995 for $7.5 million but has valued it at up to $291 million to secure loans. Inflating assets for financial gain is illegal.
The criminal probe into the Trump Organization has been ongoing, but it’s ramped up since the former president left office and the Supreme Court ruled that his tax records could be turned over to Manhattan District Attorney Cy Vance, Jr.
In addition to the Seven Springs property, the investigation is looking into if Trump and his company inflated the value of other properties, including Trump Tower in New York and Trump International Hotel and Tower in Chicago.
According to reports, Vance’s office is investigating potential tax, insurance and bank fraud against the twice-impeached former president. Vance’s office has hired FTI Consulting, a forensic accounting firm, to further analyze the case.
The WSJ report notes that prosecutors have subpoenaed Charles Martabano, a land-use attorney, and Ralph Mastromonaco, an engineer, who were both involved in the planning of the failed Seven Springs subdivision.
The D.A.’s office has also requested recordings of planning board meetings where the subdivision was to be built. Both men appeared before the board in 2012 and 2013, along with Eric Trump, who has been previously deposed in the case.
Trump valued the 213-acres in Seven Springs at $291 million in 2012. He valued it between $25 and $50 million when he was president.
Local tax assessments list the value of the property at $19 million.