Prosecutors are investigating whether Trump inflated the value of Seven Springs compound for tax breaks
New York prosecutors are focusing their criminal investigation on former President Donald Trump’s “ real Wayne Manor ” to investigate whether the value of Seven Springs compound was blown up for tax breaks, it has been reported.
Prosecutors have obtained dozens of land deal records related to Trump’s Seven Springs estate, a 60-room sandstone castle in New York State, while investigating whether the former president has inflated the value of the sprawling property.
The estate, which has a forecourt and fountain, also features three swimming pools, carriage houses and even a suspected bat population on the property, the Everyday beast reported.
The outlet obtained copies of subpoenas filed by New York Attorney General Letitia James and Manhattan District Attorney Cyrus Vance since 2019 seeking documents related to the estate.
Prosecutors have obtained dozens of records of land transactions involving Trump’s Seven Springs estate, a 60-room sandstone castle in New York State
The estate, which has a forecourt and fountain, also features three swimming pools, carriage houses, and even a suspected bat population on the property
Three New York cities have submitted dozens of documents related to the failed development of a luxury golf course on the property
Trump bought the property in 1996 for just $ 7.5 million and valued it at $ 291 million in 2012
He had hoped to turn the 212-acre estate into a luxury golf course, but faced local opposition
When plans for a golf course failed, he gave away his land rights to a conservation group, which allowed him a tax deduction of $ 21.1 million in 2015.
Prosecutors analyze documents obtained through subpoena as they investigate whether Trump inflated property value
Trump bought the property in 1996 for just $ 7.5 million, hoping to transform the 212-acre property into a luxury golf course, but facing local opposition.
In 2012, he valued the property at $ 291 million, but local agents estimate the property would trade for about $ 50 million or less.
When plans for a golf course failed, he admitted giving away his land rights to a conservation group – which allowed him to get a tax deduction of $ 21.1 million in 2015.
The higher the property’s valuation, the greater the tax deduction allowed.
Trump granted a conservation easement of approximately 158 acres to the North American Land Trust.
The donation of land rights would leave a portion of the property untouched and completely undeveloped, from which a tax break could be earned.
The Daily Beast revealed that three New York cities had handed over dozens of documents related to the failed development of the luxury Westchester County golf course.
James first issued subpoenas in November 2019 to obtain copies of “ zoning, property planning or other building and construction permits ” that Trump sought through his Seven Springs LLC company, according to documents obtained by The Daily Beast.
Vance issued wider subpoenas later in December 2020 from the same towns as Bedford, New Castle and North Castle in Westchester County, and prosecutors were seen loading them into a truck just two months ago.
The two investigations now overlap, and both investigation teams are concentrating their efforts on the ground, the Daily Beast reported.
James recently announced that her civil investigation into Trump’s business conduct has gone criminal because she claims he manipulated the value of his assets to mislead tax authorities and lenders.
She also announced that her office would also work alongside Vance’s investigation, saying she has assigned two attorneys to work with his office on a criminal investigation into Trump’s business dealings.
James first issued subpoenas in November 2019 to obtain copies of “ zoning, property planning, or other building and construction permits ” that Trump sought through his Seven Springs LLC company
Vance issued broader subpoenas later in December 2020 from the same towns as Bedford, New Castle and North Castle in Westchester County.
The front page of one of the subpoenas demanding documents related to the property is shown
This week, Manhattan prosecutors convened the grand jury to weigh criminal charges against Donald Trump, according to reports on Tuesday.
The grand jury will also consider whether other executives from the Trump Organization or the company itself will be prosecuted. The Washington Post reported.
The Daily Beast reported Saturday that Trump has been furious since the grand jury news broke.
Trump’s advisers have reportedly worked to reassure the former president that they don’t think New York prosecutors will actually sue him, sources told the outlet.
“I told him not to worry about anything,” said one of the advisers.
The sources said the focus of Trump’s anger over the investigations is the financial costs – not the legal troubles he faces.
Trump is said to have said recently that the legal bills are becoming “ such a pain in the a **, ” reported the Daily Beast, and that he believes investigators could drag the investigation down for years.