Once touted as a jewel of the Trump portfolio, the Chicago Trump Tower was, in reality, mired in questionable financing for years.
One theme throughout New York Attorney General Letitia James’ multimillion-dollar fraud lawsuit against former President Donald Trump is that he undervalued property if it would save him money and overvalued property if it helped him get bigger loans.
The 220-page lawsuit said the downtown Chicago property, owned officially by 401 North Wabash Venture LLC, was appraised at $133 million in recent years by Deutsche Bank, which lent Trump money for the project, but he gave a different story — saying it was worthless — when reporting his taxes.
Based on sworn testimony, the reason for the omission was that “Trump did not want to take a position on the Statements that would conflict with a position about the property’s value he has represented to tax authorities,” the lawsuit stated. “ investigation revealed that the tax position taken was that the property had become worthless according to Mr. Trump, and thus formed the basis of a substantial loss under the federal tax code.
Any use of differing property values could put Trump in a difficult position given he allegedly certified his statements of financial condition as true and accurate in multiple loan agreements, including in loans he personally guaranteed for the skyscraper on the bank of the Chicago River.
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