Donald Trump has been known to boast about owning the "Mona Lisas" of real estate, but he now faces the risk of losing some of these properties and untangling his finances if he cannot satisfy the judgment in his $464 million civil fraud case by next week.
New York Attorney General Letitia James could seek to freeze Trump's bank accounts, collect rent from his building tenants, subpoena his personal financial information including tax returns, and request the New York City Sheriff to auction his trophy properties within months, according to experts in the judgment collection industry.
However, this process is expected to be complex, involving navigating through limited liability companies and facing challenges from defense attorneys.
"It's not as straightforward as saying, 'It's Trump Tower, so I'm going to take it,'" said Steven Yudin, a New York judgment enforcement attorney.
"I'm sure Donald Trump does not own Trump Tower in his own name; you would have to unravel that."
Recently, Judge Arthur Engoron determined that Trump, his sons, and their co-defendants engaged in fraudulent business practices by inflating the former president's net worth. Engoron imposed a judgment of $464 million for disgorgement and pre-judgment interest, temporarily prohibiting Trump and his sons from conducting business in New York.
If Trump fails to pay the judgment or secure a bond by Monday, the New York Attorney General could enforce the $464 million judgment, potentially seizing Trump's properties.
This process is expected to be lengthy, especially given the size of the bond and the properties involved, according to trial attorney Kevin O'Brien.
James' investigation revealed widespread misrepresentations in Trump's financial statements between 2011 and 2021. She could seek a fuller picture of Trump's finances, possibly involving the Trump Organization's independent monitor Barbara Jones.
In response, Trump's attorney Chris Kise criticized James' actions, calling them a "brazen abuse of power." Trump has defended the financial strength of his company and said his decision on posting a bond would be "guided by the courts."