Ivanka Trump faced a significant challenge on Wednesday as she testified during her family’s New York business fraud trial. She had to address an email exchange that could potentially undermine their entire defense strategy.
During her testimony, Donald Trump’s eldest daughter was presented with an email conversation she had with Jason Greenblatt, one of the Trump Organization’s lawyers. In the exchange, Greenblatt expressed concern about a 2012 deal with Deutsche Bank for the purchase of the Doral golf club in Miami. The deal required Donald Trump to maintain a minimum net worth of $3 billion, which Greenblatt saw as a potential problem.
In response to Greenblatt’s worries, Ivanka assured him that they had known about this requirement from the beginning. She explained that they wanted to secure a favorable rate for the deal, and guaranteeing it was the only way to achieve their desired terms. Another email related to the Doral deal highlighted the importance of her father’s financials in securing the purchase, with Ivanka mentioning that her father would send his most recent financial statement by mail.
This email exchange directly relates to the main accusation made by New York Attorney General Letitia James, who claims that Trump and his allies fraudulently inflated the value of their real estate assets to obtain more favorable bank loan terms. Greenblatt’s concern about proving and maintaining a net worth of at least $3 billion aligns with James’s allegations. However, Ivanka doesn’t appear to share the same level of worry.
In the Doral deal, Ivanka managed to negotiate the requirement for her father’s net worth down to $2.5 billion. However, this figure still exceeds what James estimates Trump’s net worth was at the time of the purchase in 2012.
Adding to the challenges faced by Trump, he effectively acknowledged on Monday that the organization’s financial statements were tailored to encourage favorable loans. The New York attorney general’s office revealed that Trump had signed financial documents aimed at presenting a positive image to banks.
The trial, which is currently focused on determining damages, has not been going well for Trump. He has been grasping at straws in an attempt to avoid accountability, relying on arguments that the presiding judge has already dismissed as “worthless.” Trump has also incorrectly claimed that he was still the president in 2021.
Judge Arthur Engoron had already ruled in September that Trump committed fraud. As a result, Engoron ordered the cancellation of all Trump’s New York business certificates, making it nearly impossible for the Trump Organization to conduct business in the state and effectively bringing an end to the organization.
The lawsuit alleges that Trump exaggerated the size and value of his Trump Tower apartment in Manhattan, claiming it was worth $327 million when no New York City apartment has ever sold for that amount. Additionally, Trump valued Mar-a-Lago at $739 million, significantly higher than its actual worth.