Donald Trump could face the seizure of his prized possessions as the deadline approaches to secure nearly half a billion dollars to appeal a New York civil fraud case.
The move comes after the former US president was found guilty last month of fraud, conspiracy and issuing false financial statements.
If Trump wants to continue appealing the court ruling, he has until Monday to submit the full amount in cash or obtain a bond from a private company.
But Trump said in a post on his social media platform Truth Social that this was “practically impossible”, while his lawyers said he was struggling to find a firm willing to underwrite his $454m (£357m) bonds. of insurance companies.
If the deadline passes, New York Attorney General Letitia James could order the seizure of one or more of Trump’s assets, including the infamous “Trump Tower” on New York’s Fifth Avenue.
The Republican candidate may also be forced to pay an additional $87,502 (£68,607) in interest after March 25, which could push the 77-year-old closer to bankruptcy.
In a last-minute appeal to his supporters, Trump sent out a fundraising email titled “Keep Your Dirty Hands Out of Trump Tower!”
“Crazy radical Democratic congresswoman Letitia James wants to seize my New York property. This includes the iconic Trump Tower!” the email said.
according to CNNMr Trump has gone into “panic mode” and has been hoping Chubb will cover the costs of the appeal after Chubb insured his $91.6 million bail at the E Jean Carroll sentencing. US insurance companies informed Mr Trump there were no options.
The former president’s team has reportedly contacted 30 other underwriters to support the bond, with little success.
during an interview fox news On Wednesday, Trump’s lawyer Alina Haba could not rule out whether he would seek funds from overseas donors in Russia or Saudi Arabia.
As the deadline to pay the fine loomed, his lawyers explored other legal avenues, including asking the court whether it would stay the sentence while he appeals or allow him to post a small bond of $100 million.
The other option available to the Trump team is to pay directly with their own money.according to ForbesThe Republican presidential candidate has a net worth of $2.6bn (£2.04bn) and he told the court last year that he had $400m in liquid assets.
Analysts say Trump may refinance his properties or may quickly sell some of his assets.
The Republican candidate’s least attractive option is to file for bankruptcy, but CNN reports he has privately expressed opposition to that approach because of the impact it could have on his presidential campaign.
Meanwhile, his spokesman Steven Cheung claimed the case was part of a wider conspiracy to overthrow the former president. “These baseless insinuations are pure nonsense,” he said. President Trump has filed a motion to stay New York Judge Arthur Engolen’s unjust, unconstitutional ruling amid a witch hunt waged by a corrupt attorney general. , a verdict that is not in line with the American spirit.
“A bond of this magnitude would be an abuse of the law, violate the fundamental principles of our republic, and fundamentally undermine the rule of law in New York.”
In addition to the civil fraud ruling, Trump faces four separate criminal indictments, some of which could lead to jail time for the former president.
Trump was first indicted by the Manhattan District Attorney in March 2023 on charges related to hush money payments to adult film star Stormy Daniels in 2016, becoming the first former U.S. president to face criminal charges.
Trump has always denied having an affair with Ms. Daniels and has pleaded not guilty to all 34 counts of fraud under campaign finance laws involving the payments. He said the case was politically motivated.
The Republican presidential candidate was subsequently indicted by a federal grand jury in Miami in June for stealing classified defense documents from the White House, followed by a third indictment related to alleged attempts to overturn the 2020 election.
A grand jury in Atlanta later indicted Trump and 18 others on state charges on August 14 for their alleged efforts to overturn the former president’s 2020 election defeat.
Trump has pleaded not guilty on all counts and has repeatedly denied any wrongdoing.
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