Donald Trump is being investigated for a massive tax break by New York Attorney General Letitia James following a suspicious deal made in 2016 regarding forest preservation.
The deal was initially brought about when Trump promised to preserve more than 150 acres of rolling woodlands outside of his home in a wealthy and exclusive part of New York. In exchange for setting aside the land on his Seven Springs estate, Trump received a $21.1 million tax break.
According to The Washington Post, the size of Trump’s tax windfall was set by a 2016 appraisal which valued Seven Springs at $56.5 million. This number was more than double the value assessed by the three Westchester county towns that each had a portion of the property. The Washington Post obtained the Seven Springs appraisal, which appears to have relied heavily on misleading assertions that helped to boost the value of Trump’s tax break, according to two independent appraisers hired by The Post. One of the independent appraisers even said, “This is not a good appraisal, and it’s misleading, and it’s thin as all get out.”
Even more damning is that the appraisal was written by Cushman & Wakefield, a commercial real estate firm that has partnered with Trump for many years. Their New York City headquarters are housed in a building co-owned by Trump. A spokesman for Cushman & Wakefield said: “We do not comment on ongoing litigation.”
James has zeroed in on this massive appraisal to determine if the Trump Organization improperly inflated the value of Seven Springs as part of the conservation easement on the property, according to August court filings.
Trump has attempted to build a golf course and various housing developments on Seven Springs, but his multiple project ideas were halted due to local outcry and environmental concerns.
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