When asked about this, Kise said 'The full impact of the decision remains unclear.' Mar-a-Lago, FloridaĪmong the properties mentioned in the 35-page ruling was Trump's Florida residence and club resort in Palm Beach, which during his term in the White House he often retreated to and conducted some government business from. It remains to be seen if, in the case an appeal were unsuccessful in wresting ownership of the properties back and they were sold, Trump would attempt to buy them back. 'The decision seeks to nationalize one of the most successful corporate empires in the United States and seize control of private property all while acknowledging there is zero evidence of any default, breach, late payment or any complaint of harm,' Christopher Kise, a Trump attorney, told Newsweek. Lawyers for Trump have vowed to appeal the ruling, and both they and Trump described the order as politically motivated. Joe Raedle/YUKI IWAMURA/Yana Paskova/Roy Rochlin/Getty Images/AFP President Donald Trump's Mar-a-Lago estate in Palm Beach, Florida Trump Tower in New York City, of which Trump's penthouse triplex is listed in a fraud court order Trump Park Avenue in NYC and 40 Wall Street in lower Manhattan.

If the court does choose to sell them, the former president would receive any excess funds after debts and liabilities have been repaid.Ĭlockwise from top left: Former U.S. He added that the order means Trump will continue to own the properties but would no longer have the authority to sell the assets or use them to secure loans. 'It means you are no longer a company, and the judge is appointing someone to take over the assets and distribute them as the court sees fit,' John Moscow, a former financial crimes prosecutor for the Manhattan District Attorney's Office, told Business Insider.

He ordered that some of Trump's business licenses in New York be rescinded and that the companies that own some of his properties be handed over to independent receivers in what some have described as a 'corporate death penalty'-something that has rarely been used before. In a ruling concerning a civil case against the former president, his sons and the Trump Organization on Tuesday, Judge Arthur Engoron found that they had overvalued several of Trump's properties and exaggerated his net worth to secure loans and business deals. Donald Trump could lose control of several notable properties in his extensive portfolio after a New York judge ruled that the former president and some of his businesses had committed fraud over a number of years.

Trump casino built around house