A New York judge has ruled that Donald Trump and his company committed fraud on a staggering scale over the years, as he grew the vast real estate empire that brought him fame and fortune. But one part of the latest ruling in the civil lawsuit brought by New York's Attorney General, Letitia James, has caused a huge backlash from the Trump family and caused some property experts to rally to his defence -  and that is the knotty issue of Mar-a-Lago's true value. Trump lashed out at Judge Arthur Engoron, labelling him "unhinged" and a "political hack judge" for his valuation of Mar-a-Lago at between $18 million (£14.8m) and $27.6 million (£22.7m), which he says is worth more than $1 billion. Click or scroll to read more...

Posting on his social media platform Truth Social, the former president hailed his private members club and main residence as "the most spectacular parcel of real estate in Palm Beach, and perhaps all of Florida," asserting that its true worth was "perhaps 100 times more" than the judge's ruling. So how much is it really worth? A 2023 market appraisal by the city of Palm Beach put the property's value at $37 million (£30m), a $6 million (£4.9m) increase from the previous year, but Forbes went even further, estimating the property's value at $325 million (£267m). Meanwhile, the former president's second-eldest son, Eric Trump, who is implicated in the lawsuit, also railed against the news, questioning the court's valuation methods and deeming the case "corrupt and coordinated". Donald Trump Jr. said on X: "If Mar-a-Lago is worth $18 million… I’ll take 10 please!!!"

Contradiction swirls around the real valuation of the Mar-a-Lago estate. Questions are being raised about why the official assessment fails to account for the fair market value and asks why Trump's estate has seen only an $8 million (£6.6m) increase in value since his $10 million purchase 38 years ago (that alone would be $28.5 million in today's money).  A prominent Palm Beach real estate broker told The New York Post: "It's utterly delusional to think that property is only worth $18 million... If that property were on the market today, I would list it at around $300 million, minimum." The Daily Mail references a two-acre lot nearby, currently listed at $150 million, which prompts many to question how Trump's significantly larger estate, could be valued at a perplexing 157% less. 

On 26 September, Judge Engoron found Donald Trump, his eldest sons and Trump Organization executives liable for "persistent fraud". The filing states that the former president and his co-defendants made false financial statements and exaggerated the value of their assets by up to $2.2 billion (£1.8bn) between 2014 and 2021. The ruling granted Letitia James' motion for a partial summary judgment, which will result in a shorter trial, as the crux of James' case against Trump has already been proven. As part of the ruling, Engoron cancelled the New York business certifications of Trump entities involved in the case. While the key claim has been resolved, the trial on 2 October will go ahead, as six further claims still need to be addressed, as well as the matter of penalties – James is seeking $250 million (£204m). Trump may have suffered a crippling early defeat, but what comes next will no doubt be an explosive legal battle. 

The judge's ruling was especially damning of Trump's legal defence. During the pre-trial hearing on 22 September, Trump's attorney Chris Kise (pictured) argued that the civil suit should be dropped on the basis that "there was no fraud, no one was harmed, and the claims are too old", reported Reuters. Kise also described Trump as a "master at finding value where others do not." 

During the hearing, Engoron blasted Kise for repeating arguments that had previously been rejected by the court, telling him: "You were warned." The most recent ruling is even more damning. The judge rejected what he deemed "bogus arguments", insisting that Trump's defence was born of a "fantasy world, not the real world." Engoron asserted: "The defences Donald Trump attempts to articulate in his sworn deposition are wholly without basis in law or fact." Kise and four of Trump's attorneys were also sanctioned and fined $7,500 (£6.2k) each. 

An unusually quiet legal move by the former president could delay court proceedings. On 14 September, the Daily Beast was the first to report that Trump has sued Judge Arthur Engoron for ignoring an appeals court order that Trump's legal team say could narrow the scope of the case by questioning which real estate deals are too old to be investigated for bank and insurance fraud. A deadline had not been set for the assessment, yet the trial could be postponed as an appeals court reviews Trump's lawsuit. A ruling on the lawsuit is expected this week. 

So where did this particular legal storm begin? New York Attorney General Letitia James filed a civil lawsuit on 21 September 2022 against the former president for "staggering" fraud. She alleged that Trump, along with his two eldest sons and senior executives at the Trump Organization, "falsely inflated his net worth by billions of dollars" to secure bank loans on more favourable terms and gain tax benefits, an accusation that the court has since found him liable on. In a move that could see the end of Trump's real estate monopoly in the Big Apple, the lawsuit is seeking $250 million (£204m) in penalties, along with a permanent ban that would prevent Trump and his adult sons from running businesses in New York.  

Even before the recent bombshell ruling, the civil case had significantly limited Trump's control over his property portfolio. In November 2022, Judge Engoron granted a preliminary injunction that saw the installation of a court-appointed watchdog to ensure "no further fraud" took place before the trial. Trump and the Trump Organization are also barred from transferring or selling assets without notifying authorities. While the former president's eldest sons, Donald Jr. and Eric, who are named in the filing, are subject to these restrictions, one family member escaped the legal chokehold. Trump's eldest daughter, Ivanka, was freed from the lawsuit in June 2023. With claims of alleged wrongdoing after February 2016 ruled admissible in court, Ivanka was dismissed from the case as she'd reportedly stepped back from the Trump Organization by that point.

Among the properties implicated in the Attorney General's fraud lawsuit are two prized jewels in his collection: Trump Tower in New York City and Mar-a-Lago, the former president's permanent residence in Florida's Palm Beach. Other real estate assets named in the filings include Trump Park Avenue, 40 Wall Street, Niketown, Seven Springs in New York, Trump International Hotel and Tower properties in Las Vegas and Chicago, the former Trump International Hotel in Washington, DC, and nine further Trump National Golf Clubs across the US, including Jupiter, Doral and Westchester, plus Trump's Aberdeen and Turnberry clubs in Scotland.

Let's take a look inside some of the properties listed in the lawsuit...

Trump Tower is one of the glittering centrepieces in the former president's real estate collection – and now the focus of major scrutiny by New York's Attorney General. Trump began construction on the tower back in 1979, after setting out to conquer the Manhattan property market. The 58-storey skyscraper houses luxury residential complexes as well as retail spaces. Until 2019, Trump Tower was the official main residence for the family. After his presidential term came to an end, the Trumps' official residence became Mar-a-Lago, however, the former leader still stays at his penthouse apartment whenever he returns to New York. 

Also the home of the Trump Organization's offices, the tower is famous for its all-out luxury décor. The reception area boasts 240 tonnes of pink and white marble with four gold elevators serving visitors only, and a private elevator reserved for members of the Trump family. Trump's famous tower is mentioned twice in the lawsuit, once concerning the property's commercial space, which has housed top brands including Gucci, Tiffany & Co and Starbucks over the years, and again concerning his private residence at the very top of the skyscraper.

One of the most prominent real estate assets implicated in the fraud case, Judge Engoron determined that Trump's personal triplex in Trump Tower was drastically overvalued by up to $207 million (£170m). According to court filings, Trump claimed in official documents that the residence was 30,000 square feet, when really it measures only 10,996 square feet. Engoron said: "A discrepancy of this order of magnitude, by a real estate developer sizing up his own living space of decades, can only be considered fraud." Trump was also found to have lied about the penthouse's value, which he claimed was $327 million (£269m). New York Attorney General Letitia James' lawsuit claimed that no apartment had ever sold for that amount in New York City.

Often hidden behind closed doors, this rare photo shows a glimpse inside the penthouse suite. From the sparkling crystal chandeliers and 24-carat gold embellishments to the plush cream carpets, it shows Trump's penchant for luxury furnishings. Barron is said to have had his own floor of the building when the family lived there full-time.

In 1985, after many years of trying to purchase it, Trump bought Mar-a-Lago for $8 million (£6.6m) including the estate and all its contents. Originally built for flamboyant socialist, art collector and philanthropist Marjorie Merriweather Post in the 1920s, Trump snapped up the property for a bargain price tag and considerably less than it cost to construct. Fast-forward more than 30 years, and Trump's nine-figure valuation of the estate has been deemed "false and misleading" by Letitia James' lawsuit. 

In the early 1990s, Mar-a-Lago was transformed into a members' club by Trump. As his empire ran into financial difficulties, Trump restored the mansion with a view to creating a cash cow by opening it up to fee-paying members. At the wish of Palm Beach Council, Trump promised a sensitive restoration. Some of the estate's contents were sold off at auction to make money but were replaced with reproductions, including a jewel-encrusted marble dining table and Louis XIV chests. In typical Trump style, the restoration cost millions of dollars with a number of lavish additions including two swimming pools, a beauty salon, spa and a 20,000-square-foot ballroom. 

Aside from Trump's private apartments, Mar-a-Lago offers members access to two dining rooms, a beach club, pool and spa and guest suites. In 2017 an Associated Press investigation found that Mar-a-Lago had 78 counts of health code violations in the last three years, which included a range of issues from mould in the ice machine to dirty cutting boards and even chefs serving unsafe seafood to guests. Nevertheless, Trump was eager to spend as much time as possible at his 'Winter White House' during his term in office. In fact, Trump visited Mar-a-Lago 32 times, spending a total of 142 days there. However, these jaunts didn't come cheap, costing on average $3.4 million (£2.8m) each. His trips back and forth are said to have cost $13.6 million (£11m) in taxpayers' money in 2017.

While the estate is no doubt one of Florida's most luxurious, Judge Engoron determined that Mar-a-Lago's value was inflated by at least 2,300% in comparison to an independent assessor's appraisal. Trump put its value at between $426 million (£350m) and $612 million (£504m) in official filings, yet a county assessor put its market price at $27.6 million (£22.7m) at the most. Engoron's ruling states that Trump's figure was based on the "false premise" that the land could be developed and sold for residential use, despite the mogul signing away his right to do so. As well as playing a starring role in Letitia James' fraud lawsuit, the estate is also currently embroiled in the classified files scandal – in June 2023, Trump was indicted for allegedly mishandling sensitive government files at Mar-a-Lago. The case is due to go to trial on 14 May 2024. 

After snapping up Mar-a-Lago, Trump bought his Seven Springs estate in 1996 for a reported $7.5 million (£6.1m). As always, a firm focus was on golf and Trump's aim was to build a Trump-branded golf course on the estate. However, plans were dashed by protests but despite the setback, Trump kept the property as a retreat for his family. As with Mar-a-Lago, however, the estate has been tapped by the New York Attorney General. 

Reached via a sweeping driveway and surrounded by manicured lawns, the 5,000-square-foot mansion boasts three swimming pools, a carriage house and 15 bedrooms. Surrounded by 230 acres of land, controversies surrounding the property's development potential fuelled what Judge Engoron has ruled was a fraudulent valuation. At its highest, an independent appraiser put the estate's value at $56.6 million (£47m) in 2016, which took into consideration development plans for the surrounding land, some of which was subject to a conservation easement. However, from 2012-2014, Trump asserted its worth to be $291 million (£240m), a price inflation of over 400%. 

The sprawling acreage's main house follows the lavish style that the Trumps favour with lavish interiors, marble floors, stone staircases and high moulded ceilings. Built in 1919 by Eugene Meyer, the chairman of the Federal Reserve, today the home is full of modern amenities including a bowling alley and two staff wings. 

The property reportedly took almost five years to build, with the help of 500 Italian masons and craftsmen, and it's been meticulously preserved over the years. One of the largest privately owned properties in Westchester, it's clear that Seven Springs holds a special place in the hearts of the Trump family. 

If Trump is known for anything, it could be argued that it's his love of golf. The Trump Golf empire extends to Florida, New Jersey and even Scotland, encompassing 17 courses worldwide. Trump National Golf Club Westchester in New York, not far from his private vacation home, is just one of his members-only estates. 11 of Trump's golf clubs are implicated in the fraud lawsuit, and Judge Engoron singled out the Westchester site, referred to as 'TNGC Briarcliff' by the court, in his latest ruling. 

Formally known as Briar Hall Country Club, Donald Trump snapped up the site in 1997 and overhauled the sprawling 75,000-square-foot clubhouse and course before a grand reopening in 2002. The estate is situated just outside of New York City and offers an 18-hole golf course, a swimming pool, tennis courts, restaurant and indoor golf simulator. Yet the latest ruling in the New York Attorney General's fraud lawsuit has asserted that the Westchester club's value was exaggerated by more than 300%. In 2014, an appraisal priced the golf club portion of the property at $16.5 million (£13.6m). However, that same year, Trump declared its value as more than $73 million (£60m) in official documents, using a "misleading" fixed-assets evaluation method. But even before the lawsuit, the luxury complex was making headlines for all the wrong reasons...

Donald Trump is shown here in the club's restaurant back in 2014, with his late ex-wife Ivana, son Eric and his wife Lara. Back in October 2021, another bombshell rocked the golf estate as it was revealed to be the subject of an 'ongoing criminal investigation' by the District Attorney's office in Westchester, New York. In what sounds like a familiar story, the probe centered around the organisation's valuation of the property, following a successful six-month appeal to lower the club's taxes. However, in June 2023, Westchester prosecutors finally closed the tax investigation into the property and no charges were filed.

That's not the only reason Westchester's been under scrutiny in past years. The golf club hosted the Eric Trump Foundation's charity golf tournament every year from 2011 to 2015, with the proceeds going to St Jude's Children's Research Hospital. However, the event caused controversy when it was revealed $200,000 (£164k) of donations went to other organisations with strong ties to Trump family interests, according to Forbes. A spokesperson for the Foundation said that relevant donors were made aware of where their money was going.

Ideally located by leafy Central Park in New York City, Trump Park Avenue is another jewel of the organisation's portfolio, which is now under the microscope of Judge Engoron. Dating back to the 1920s, the property was formally known as the Delmonico Hotel. Donald Trump purchased the prime piece of real estate in 2001 for a staggering $115 million (£94m) and set about renovating the building into one of the city's most luxurious apartment complexes.

The 32-storey structure offers its residents elegant, upscale living, with a 24-hour doorman and concierge, a valet parking service, laundry service, daily cleaning service and a fitness centre. The building's entryway is typical of Trump's signature style, with rich wood panelling, dazzling chandeliers, a checkerboard floor and gold-effect elevator doors. 

Trump's eldest daughter Ivanka even purchased her first home in Trump Park Avenue, and it's seen many high-profile residents over the years. Pictured here is one of the building's duplex penthouse apartments, which originally hit the market for $45 million (£37m), before having its price slashed to $29.5 million (£24m) in 2017. The stunning space features coffered ceilings and swathes of striking arched windows.

Trump Park Avenue offers some of the best views in the city of the Big Apple's glittering skyline, especially from this 1,600-square-foot terrace. Units in the buildings range from stylish one- and two-bedroom apartments to sprawling full-level penthouses for those with deeper pockets. However, the true value of Trump Park Avenue's homes has been exposed by the New York Attorney General's office. The latest ruling asserts that the building's valuations failed to take into consideration that 12 of the apartments in the building are rent-stabilised, and so command a lower value than market rate. According to the filing, the Trump Organization inflated the value of each unit by as much as 700% in a single year.

Trump's beloved golf club in Aberdeen, Scotland is also named in the extensive fraud lawsuit. Judge Engoron affirmed that the property was fraudulently valued according to misleading statements about its development potential. The Trump Organization's valuation was carried out on the basis that 2,500 homes could be constructed on land surrounding the golf club. In reality, the Trump Organization had only gained zoning approval for less than 1,500 cottages and apartments, some of which were only permitted as short-term rentals. Even before the property was flagged by Letitia James, Trump faced numerous challenges when he initially built the club...

Back in 2006, Trump purchased the 1,400-acre plot with plans to turn it into yet another luxury golf course. However, turning the unspoiled stretch of coastline into a high-end golf course didn't run smoothly. Just one of many hurdles for Trump to overcome, Scottish fisherman Michael Forbes, who had lived on his 25-acre farm his entire life, refused to sell his home to the billionaire. Located right in the middle of the planned second hole and hotel site, the real estate rebel was offered $507,000 (£415k) and a job on the golf course but still declined and refused to give up his home. 

The proposal faced more uncertainty when Aberdeenshire Council's Infrastructure Services Committee ruled against the plans in 2007. After an intervention by the Scottish government in 2008, Trump was finally given the go-ahead to start turning the ecologically sensitive site into a golf course.

Finally in October 2009 work on the site started and in 2012 it opened to the public. The billion-pound project includes two golf courses and a luxury 16-room hotel known as Macleod House. The estate reportedly cost Trump $44 million (£35.7m) to buy and a further $183 million (£150m) was spent on the new golf course. 

Formally known as the Doral Golf Resort & Spa, Donald Trump snapped up this 700-acre Miami property back in 2012 for $150 million (£123m) after it fell into bankruptcy. Swiftly renamed the Trump National Doral Golf Club, it was initially one of the Trump Organization's biggest money-makers. However, it's been a turbulent few years for the estate's fortunes after the PGA announced it was moving the World Golf Championship away from the Doral resort, and now it's found itself entangled in Letitia James' lawsuit. 

To fund the purchase of the property, the Trump Organization borrowed around $125 million (£102m) from Deutsche Bank – loans that Donald Trump himself guaranteed. However, the New York Attorney General's office has alleged that these guarantees were based on financial statements that exaggerated the value of Trump's assets. In May 2022, the Trump Organization refinanced the loan via Axos Bank and repaid the outstanding sum to Deutsche Bank, according to the lawsuit. 

It's clear that the Trump Organization has pumped no end of money into the Doral over the years. In 2016, a $250 million (£205m) renovation of the club was unveiled by Ivanka Trump. The luxurious Miami resort is now home to 643 guest rooms and over 100,000 square feet of space for business meetings and events. There's also a state-of-the-art clubhouse, numerous restaurants and lounges, plus a 50,000-square-foot spa, tennis courts and golf facilities.  

Move development is in the pipeline too. In January 2022, Donald Trump announced that there would be 2,300 new luxury homes built at the Doral estate, as well as retail and commercial spaces, branding the move "perhaps the most exciting development in the country". When Trump released details of the new developments at the club, he also revealed that he'd “just spent millions of dollars” on the resort's Blue Monster golf course. Originally designed by D. Wilson, a revered American golf club architect, and updated in 2014 by Gil Hanse, the 18-hole course is considered deceptively difficult. 

Clearly a busy man in 2012, Donald Trump also snapped up this 350-acre estate in Jupiter, Florida for a reported $5 million (£4m). Formally known as the Ritz-Carlton Golf Club & Spa, it was rebranded as the Trump National Golf Club Jupiter. However, Trump's erratic valuations of the property caught the attention of the New York Attorney General's office. Less than a year after Trump purchased the Jupiter club, court filings claim that he valued the property at $62 million (£51m), a 1,100% jump from when he purchased it. The figure was calculated through the same "misleading" fixed-assets evaluation method used on Trump's Westchester club.

Nevertheless, the property is frequently touted as one of Trump's success stories. The 65,000-square-foot clubhouse is ornately decorated, with coffered ceilings, dark wood beams, and gilded finishes throughout. There are six dining venues at the property, as well as a host of luxurious amenities, including a spa, a fitness centre, a resort-style pool, two hot tubs and cabanas. For overnight stays, there are four 800-square-foot guest villas and a 1,777-square-foot guest suite on offer. 

There's no shortage of plush entertaining spaces too. While it's regularly used for weddings, the Crystal Ballroom is pictured here back in March 2016, when Donald Trump hosted a press conference in the space during his run for the presidency. The space measures 10,000 square feet and features glittering crystal chandeliers, as well as striking views over the state-of-the-art golf course.

The property's crowning glory has to be its breathtaking golf course, created by acclaimed course designer and former golf professional Jack Nicklaus. Spanning 7,531 yards, the 18-hole spread features deep pot bunkers and unusual island elements, as pictured here. Set against a backdrop of pine trees and native scrublands, it's a tranquil spot to tee off. A favourite among the Trump clan, Eric Trump, Donald's son, even owns a house on the property with his wife Lara.

Yet another real estate investment in 2012, the Trump Organization was awarded the lease to Washington, DC's Old Post Office building by the General Services Administration, a branch of the US government. In 2014, an ambitious $200 million (£164m) redevelopment project began to transform the structure into the 263-room Trump International Hotel Washington, DC. Trump reportedly received millions of dollars from foreign governments to fund the construction. The terms of one of the loans that funded the hotel's construction are an area of focus in the New York Attorney General's lawsuit against Trump.

The hotel opened in October 2016, when Donald Trump was the Republican nominee for president, and a month before he was elected the 45th President of the United States. While Trump relinquished control of his companies when he assumed office, his assets were moved to a trust overseen by his sons, allowing him to still benefit from the federally-owned building. Unsurprisingly, there were calls for him to sell the property, which was labelled a magnet for "foreign businesses seeking favour" by critics. Letitia James' lawsuit also draws attention to the $170 million (£140m) loan approved by Deutsche Bank for the building's development. As with the loan for Trump's Jupiter golf club, the guarantee was based on annual statements of financial condition that the lawsuit claims were misleading. 

The Trump Organization eventually offloaded the hotel in 2022 for an eye-watering $375 million (£307m) and it's since been rebranded as a Waldorf Astoria. However, the quirks of Trump's premier hotel won't be forgotten quickly. Establishing itself as a high-society hub, the hotel's Benjamin Bar served rare wines in crystalline spoons for the hefty sum of $140 (£115). It's also said to have the largest ballroom in Washington, DC, which you can see here in this photo from the grand opening ceremony of the hotel. 

However, the hotel's pièce de résistance was the Trump Townhouse, which was dubbed the “largest Presidential Suite in Washington, DC,” on the hotel's website at the time. The executive space spanned 6,300 square feet and included two plush bedrooms, a 20-person dining room, a private gym and a self-contained entrance. On 9 November 2016, the night Trump was elected president, the suite was reportedly available to rent out for a staggering $33,434 (£27k) including tax.

Loved this? Take an in-depth look at more of Donald Trump's homes