Trump Org valued the golf course in Scotland at $161 million based on a quote from Forbes magazine and not an actual valuation, according to NY AG

President Donald Trump plays golf.Getty

  • The Trump Org rated a golf course in Scotland based on a media quote, according to a legal filing.

  • The firm said the course was worth $161 million, five years after Trump bought it for $12.6 million.

  • Trump denies wrongdoing and says the investigation is politically motivated.

The Trump Organization based its $161 million valuation for one of Donald Trump’s Scottish golf resorts on a quote a company executive gave to Forbes magazine, the New York attorney general has said. , Letitia James.

In legal documents released Tuesday, the New York Attorney General’s office claimed that properties and other assets were falsely appraised by the Trump Org in financial statements as part of a possible fraudulent scheme.

One of the companies is the Trump International Golf Club Scotland, located near the city of Aberdeen.

According to the filing, the property was purchased by the Trump Organization, the umbrella corporation of Trump’s businesses, in 2006 for $12.6 million.

But in the 2011 financial statements it was valued at £75m or $161m.

“This assessment appears to have been based on an email prepared to provide information to Forbes magazine for a quote and was not professionally determined,” a statement from James’ office said.

The email containing the assessment was sent by former Trump Org executive George Sorial, according to the documents.

Sorial’s quote to Forbes, as described in the legal documents, said “although a formal valuation has not been prepared at this stage,” the $161 million valuation was obtained by “speaking with specialists in the field and having closely watched this development transform over the past five years.”

Insider has reached out to the Trump Organization and Sorial for comment.

In a statement Wednesday, the Trump Organization claimed the investigation was a politically motivated attempt to harm its owner.

“The only one deceiving the public is Letitia James. She defrauded New Yorkers by basing her entire candidacy on a promise to get Trump at any cost without seeing a shred of evidence and in violation of every ethical rule imaginable,” said Trump.

James’ office also alleged that misleading values ​​had been given for other properties, including Trump’s Park Avenue apartment complex, his Westchester golf club.

The documents were released after Trump attempted to rescind a subpoena seeking testimony from himself, his son, Donald Trump Jr., and his daughter, Ivanka Trump.

Read the original article at Business Intern

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