The former president allegedly used an illegal branding scheme to fraudulently overstate the value of the Los Angeles County golf club by nearly $50 million in 2013. Trump describes the lawsuit as …
Former President Donald Trump and three of his children used an illegal branding scheme to fraudulently inflate the value of the Trump National Golf Club Los Angeles in Rancho Palos Verdes by nearly $50 million in 2013, according to a sweeping lawsuit filed last week by the New York state attorney general
The lawsuit seeks to permanently bar Trump and his three children from serving as officers in any New York corporation. Moreover, it requests that the Trump Organization’s corporate certificate be revoked, which would effectively force the company to cease operations in New York.“For too long, powerful, wealthy people in this country have operated as if the rules do not apply to them.
Development of Ocean Trails ceased after the landslide and the property went into bankruptcy. VH Property Corp., a Due to the difficulties in developing the 16 lots, the Trump Organization began to consider donating a conservation easement that would preclude any development but allow continued use of the area as a driving range and putting green, the suit states.
The Trump Organization allegedly conveyed to the appraisers that it believed the lots might be worth a total of $40 million or $50 million in what was described in the lawsuit as a “paper napkin analysis.”
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