Trump acknowledges adjusting 2 overvaluations
Donald Trump acknowledged during direct examination that he overvalued at least two properties in his statements of financial condition, though he broadly represented that the statements underestimated his total net worth.
"Did you ever think that the values were off in your statement of financial condition?" state attorney Kevin Wallace asked about the document at the center of the case, which the New York attorney general has alleged contained fraudulent valuations.
"Yes, on occasion. Both high and low," Trump said, appearing to surprise Wallace, who paused to allow Trump to continue his answer.
Compared to his sons, who largely testified that they deferred to accountants and lawyers, Trump portrayed himself as an experienced businessman who "was certainly more expert than anybody else" when it came to the value of his own properties.
Asked about properties like 40 Wall Street and a retail space near Trump Tower, the former president confidently used real estate shorthand to explain why he thought certain properties were undervalued. He also repeated that his brand value -- which was not included in his financial statement -- is worth billions.
"The most valuable asset was the brand value," Trump said. "I became president because of my brand."
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However, Trump acknowledged that two properties -- his triplex apartment in Trump Tower and his Seven Springs estate in New York's Westchester County -- were overvalued and had to be adjusted in his financial statement.
"I thought the apartment was overvalued when I looked at it," Trump said, appearing to refer to a $200 million correction applied to his statement after Forbes magazine reported that he falsely stated the apartment was three times its actual size.
Asked about the change in the statement, Trump acknowledged the square footage mistake, which he blamed on a broker, while also claiming that the number was "not far off" from reality when you consider the square footage of Trump Tower's roof.
"It's a mistake … [but] there's a disclaimer clause so you don't have to get sued by the attorney general of New York," Trump said.
Trump made a similar admission about the $291 million valuation of Seven Springs.
"I thought it was too high and we lowered it," Trump said, though he could not provide specifics about the changed valuation.