Trump claimed $3-5B net worth in lease to run NYC golf course
When the NYC Department of Parks and Recreation awarded Donald Trump the rights to operate a golf course in Ferry Point Park in 2010, Trump represented that he had a net worth of $3 billion and $200 million in cash on hand, according to documents presented as evidence.
Over the next decade, in letters to the Parks Department, Trump claimed that his net worth was as much as $4.9 billion, according to the evidence.
"We wanted to be sure, as we would always, that the operator in place had the funds to deliver on their obligations," David Cerron, the Parks Department's assistant commissioner for business development and special events, said of the agency's requirements for maintaining the licensing agreement on an ongoing basis.
The New York attorney general alleges that Trump inflated his net worth by as much as $2.2 billion during the timeframe and never actually had more than $2.1 billion to his name.
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"Would the Department of Parks and Recreation expect this representation to be true, complete, and accurate?" state attorney Sherief Gaber asked.
"Yes," Cerron said.
During cross-examination, defense attorney Jennifer Hernandez highlighted that Trump's financial capacity was the least significant factor considered in the 2010 agreement, compared to other factors like operating experience and operational plans.
"It had the lowest importance to the selection committee?" Hernandez asked.
"This was the lowest," Cerron responded.
Hernandez also highlighted that Trump was not required to submit his own financial statements and that he never missed any payment or financial obligation related to the licensing agreement.
Trump operated the golf course until its lease was bought out by Bally's in 2020, after the city sought to cut its business ties with Trump following the Jan. 6 attack on the U.S. Capitol.