Fraud Fine: New York Attorney General Moves To Seize Trump's Assets

New York's Attorney General Letitia James has taken initial steps to seize assets from former US President Donald Trump, days before the deadline for him to pay $454 million in a civil fraud case against him ends. The assets that the authorities can seize include Mr Trump's golf course and private estate north of Manhattan, known as Seven Springs, according to CNN. As per a court ruling, the former US President, his sons Donald Trump Jr. and Eric Trump, and the Trump Organization, are liable to pay $355 million, plus interest.

Also Read | What Happens If Donald Trump Can't Post $464 Million Bond?

The New York court said that they lied for years about the value of the assets, deceiving banks and insurers. But the former president, who has clinched the Republican nomination for this year's presidential election, is appealing his penalty.

However, he must put up a guarantee he'll pay the fine if his legal fight fails.

The Seven Springs estate, which is likely to be seized, is nestled within the serene landscapes of Westchester County. As per New York Post, the 230-acre property spans three town: Bedford, Armonk and Chappaqua.

Built in 1919, the mansion was acquired by the Trump Organization in 1996 for $7.5 million.

Mr Trump had big plans for the estate, but more than two decades after the purchase, the ambitious renovation hasn't taken place.

Mr Trump's children grew up on the estate, and would often visit during the summers and weekends.

Trump National Golf Club Westchester, also in line to be seized, has an 18-hole course complemented by a sprawling 75,000-square-foot clubhouse. It was originally established in 1922, said the Post report.

In a post on Truth Social after the court ruling, Mr Trump claimed the size of the bond is "unconstitutional, un-American, unprecedented, and practically impossible for ANY Company, including one as successful as mine. The Bonding Companies have never heard of such a bond, of this size, before, nor do they have the ability to post such a bond, even if they wanted to."