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Several court judgements have cost former president Donald Trump hundreds of millions of dollars — while his brand is costing New York City condo owners, a report suggests.
The 2024 GOP frontrunner was ordered to pay a hefty fine of nearly $350m — plus interest — in a civil fraud case against him, his two sons and Trump Organization associates. His sons were also ordered to pay $4m each.
Units in Trump-branded properties across Manhattan have declined in value since he was elected president in 2016, the New York Times reported.
A building that perhaps encapsulates the luxurious lifestyle that Mr Trump was once synonymous with — Trump Tower on Fifth Avenue — and where Mr Trump announced his 2016 presidential run on the golden escalator has been heavily affected. The average price, per square foot, of its condos has fallen 49 per cent since 2013, Ondel Hylton, the senior director of content and research at CityRealty, told the outlet.
Some formerly Trump-branded buildings — where residents have opted to have the gold logo removed — have been spared, and even saw a rise in value, the outlet reported.
“This analysis cleanly identifies that it is the Trump brand that is responsible for the value deterioration,” Columbia University economist Stijn Van Nieuwerburgh told the Times. “Removing the Trump name from the building removes the loss associated with the name.”
The value of seven other buildings in Manhattan that still boast the Trump brand dropped 23 per cent between 2013 and 2023, the outlet found. A separate analysis by a property data tracking company estimated the decline to be 17 per cent.
Eric Trump, the former president’s son and Trump Organization executive, told the Times: “Data can be manipulated to tell any story you want, but the fact remains that our buildings sell for the highest prices per square foot of any properties in the world. That is undeniable.”
He continued, “This year alone, Trump International Hotel & Tower New York closed on a $17 million unit, exceeding the prices at Time Warner, Essex House and the most prestigious properties in the city.”
Despite this high-priced sale, the Times noted, the Trump condo sold for more than $4,600 per square foot, while a penthouse in the West Village sold for more than $11,400 per square foot.
On top of Friday’s devastating ruling for the former president, Mr Trump already owes former Elle columnist E Jean Carroll $83m for defamation on top of the $5.5m he already owes her for lying about sexually abusing her.
His debt doesn’t end there. He also already owed another $110,000 for refusing to comply with a subpoena in the civil fraud case and $15,000 for violating a gag order.
Still, as his stockpile of cash seems to dwindle — as he pays off his legal fees and will have to pay off these court fines — Mr Trump is still campaigning for president in 2024.