US

Prosecutors investigate if Trump inflated value of Seven Springs compound for tax breaks

New York prosecutors are focusing their criminal probe on former President Donald Trump‘s ‘real life Wayne Manor’ to investigate whether the value of Seven Springs compound was inflated for tax breaks, it has been reported.

Prosecutors have obtained dozens of land deal records relating to Trump’s Seven Springs estate, a 60-room sandstone chateau in downstate New York, while investigating if the former president inflated the value of the sprawling property. 

The estate, which has a forecourt and fountain, also boasts three pools, carriage houses and even a suspected bat population on the grounds, the Daily Beast reported.

The outlet obtained copies of subpoenas New York Attorney General Letitia James and Manhattan District Attorney Cyrus Vance have filed since 2019 seeking documents related to the estate.

Prosecutors have obtained dozens of land deal records relating to Trump’s Seven Springs estate, a 60-room sandstone chateau in downstate New York

The estate, which has a forecourt and fountain, also boasts three pools, carriage houses and even a suspected bat population on the grounds

The estate, which has a forecourt and fountain, also boasts three pools, carriage houses and even a suspected bat population on the grounds

Three New York towns have turned over dozens of documents relating to the failed development of a luxury golf course on the property

Three New York towns have turned over dozens of documents relating to the failed development of a luxury golf course on the property

Trump bought the property for only $7.5 million in 1996 and valued it at $291 million in 2012

Trump bought the property for only $7.5 million in 1996 and valued it at $291 million in 2012

He had hoped to turn the 212-acre estate into a luxury golf course but faced local opposition

He had hoped to turn the 212-acre estate into a luxury golf course but faced local opposition

When plans for a golf course fell through, he gave away his land rights to a conservation group - allowing him to take a $21.1 million tax deduction in 2015

When plans for a golf course fell through, he gave away his land rights to a conservation group – allowing him to take a $21.1 million tax deduction in 2015

Prosecutors are analyzing the documents obtained through the subpoena while investigating if Trump inflated the value of the property

Prosecutors are analyzing the documents obtained through the subpoena while investigating if Trump inflated the value of the property

Trump bought the property for only $7.5 million in 1996, hoping to turn the 212-acre estate into a luxury golf course but facing local opposition.

In 2012, he valued the property at $291 million but local agents estimated the property would trade for around $50 million or less.

When plans for a golf course fell through, he gave away his land rights to a conservation group – allowing him to take a $21.1 million tax deduction in 2015.

The higher the valuation of the property, the larger the tax deduction allowed. 

Trump granted a conservation easement of about 158 acres to the North American Land Trust. 

The land rights donation would leave a portion of the property untouched and completely undeveloped from which a tax break could be earned. 

The Daily Beast revealed that three New York towns turned over dozens of documents relating to the failed development of the luxury Westchester County golf course. 

James first issued subpoenas in November 2019 to obtain copies of ‘zoning, property planning, or other building and construction permissions’ Trump sought through his Seven Springs LLC company, according to documents obtained by The Daily Beast.

Vance later issued broader subpoenas from the same towns of Bedford, New Castle, and North Castle in Westchester County in December 2020 and prosecutors were seen loading them onto a truck as recently as two months ago.

The two investigations have now overlapped with both investigative teams concentrating their efforts on the property, the Daily Beast reported.

James recently announced that her civil investigation into Trump’s business conduct has turned criminal as she claims he manipulated the value of his assets to mislead tax authorities and lenders.

She has also announced that her office would also working alongside Vance’s probe as she said she has assigned two lawyers to work with the his office on a criminal investigation into Trump’s business dealings.

James first issued subpoenas in November 2019 to obtain copies of 'zoning, property planning, or other building and construction permissions' Trump sought through his Seven Springs LLC company

James first issued subpoenas in November 2019 to obtain copies of ‘zoning, property planning, or other building and construction permissions’ Trump sought through his Seven Springs LLC company

Vance later issued broader subpoenas from the same towns of Bedford, New Castle, and North Castle in Westchester County in December 2020

Vance later issued broader subpoenas from the same towns of Bedford, New Castle, and North Castle in Westchester County in December 2020

The front page of one of the subpoenas demanding documents related to the property is pictured

The front page of one of the subpoenas demanding documents related to the property is pictured

This week, Manhattan prosecutors convened the grand jury that will weigh criminal charges against Donald Trump, according to reports on Tuesday.

The grand jury will also consider whether other Trump Organization executives or the business itself will be prosecuted, The Washington Post reported.

The Daily Beast reported on Saturday that Trump has been furious since news of the grand jury broke. 

Trump’s advisers have reportedly worked to reassure the former president that they don’t think New York prosecutors will actually indict him, sources told the outlet.

 ‘I told him that he has nothing to worry about,’ one of the advisers said.

The sources said that the focus of Trump’s anger with the investigations is the financial cost – not any legal woes he faces.

Trump allegedly said recently that the legal bills are becoming ‘such a pain in the a**,’ the Daily Beast reported, and that he believes investigators could drag the investigation out for years.


Source link

Related Articles

Back to top button