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Mon Mar 8, 2021, 12:15 PM

Claimed value of sleepy NY estate could come to haunt Trump

MICHAEL R. SISAK,
Associated Press
March 8, 2021
Updated: March 8, 2021 4:22 a.m.

NEW YORK (AP) ó Itís sleepy by Donald Trumpís standards, but the former president's century-old estate in New York's Westchester County could end up being one of his bigger legal nightmares.

Seven Springs, a 213-acre swath of nature surrounding a Georgian-style mansion, is a subject of two state investigations: a criminal probe by Manhattan District Attorney Cyrus Vance Jr. and a civil inquiry by New York Attorney General Letitia James.

Both investigations focus on whether Trump manipulated the property's value to reap greater tax benefits from an environmental conservation arrangement he made at the end of 2015, while running for president.

Purchased by Trump in 1995 for $7.5 million, Seven Springs drew renewed scrutiny as he prepared to leave office and was on the cusp of losing legal protections he had as president. Vance issued new subpoenas in mid-December, and a judge ordered evidence to be turned over to James' office nine days after Trump departed Washington.

More:
https://www.chron.com/news/article/Claimed-value-of-sleepy-NY-estate-could-come-to-16008211.php#taboola-2

10 replies, 1587 views

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Response to Judi Lynn (Original post)

Mon Mar 8, 2021, 12:23 PM

1. K&R!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!!! n/t

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Response to Judi Lynn (Original post)

Mon Mar 8, 2021, 12:27 PM

2. trump might end up paying back some tax savings. Criminal charges, not likely. Hope I'm wrong.

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Response to Judi Lynn (Original post)

Mon Mar 8, 2021, 12:30 PM

3. I read the entire thing because I didn't quite understand it

Basically, trump loaned out as easement some acres for 21 million in tax write offs. The property was worth 20 million by the city. Michael Cowan said trump manipulated the value of the properties of various actually. My question is my house was valued at 240,000. They took 50,000 off for homestead. The city said I owed a certain amount. I paid said amount. How can I manipulate the value when owners donít make those decisions?

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Response to jimfields33 (Reply #3)

Mon Mar 8, 2021, 12:48 PM

4. Is it claiming one value for taxes and a different one when seeking loans?

I guess weíll see what it all means

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Response to soothsayer (Reply #4)

Mon Mar 8, 2021, 12:50 PM

5. Oh that could be it.

Thatís probably where he lied on loan documents. Itís not in the article but that makes sense.

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Response to jimfields33 (Reply #5)

Mon Mar 8, 2021, 12:52 PM

6. Maybe there's even more funny business they can prove

Itís a bit outside of my wheelhouse

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Response to soothsayer (Reply #6)

Mon Mar 8, 2021, 12:54 PM

7. Very possible.

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Response to soothsayer (Reply #6)

Mon Mar 8, 2021, 01:31 PM

8. Miles beyond my wheelhouse, as well

and definitely more than I can figure out while perusing the article while eating lunch.

It's a morass of different values ranging from about $20 million to $291 million, depending upon if it's the local gov't property tax appraisal, TFG's claim to Deutsche Bank when looking for a loan (or to Forbes when campaigning for a spot on their list), TFG's claim of its worth to the IRS when deducting part of its value for a nature conservancy easement, or his disclosure statement. Date ranges given for the appraisals range from 2012 to sometime during his presidency.

But that 10-fold discrepancy is certainly enough to justify getting some experts to pore through the paperwork and see what's going on, one would think.

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Response to soothsayer (Reply #4)

Mon Mar 8, 2021, 04:41 PM

9. Conflicting claims of value is behind several of the possible charges against Gropenfuhrer.

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Response to Judi Lynn (Original post)

Mon Mar 8, 2021, 06:07 PM

10. I hope it does more than haunt Trump.

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