New York Attorney General Letitia James has filed a lawsuit against Donald Trump, seeking $370 million in fines and aiming to ban him from real estate business in the state for life.
However, Shark Tank star Kevin O’Leary criticized the case, explaining that inflating property valuations is a common practice among real estate developers and does not result in financial harm.
O’Leary said, “I don’t think this thing will ever survive appeal regardless of what the fine is. This doesn’t even make sense.”
Kevin O’Leary dismissed the fraud case against Donald Trump: 'Doesn't even make sense'
“Forget about Trump, every single real estate developer everywhere on earth does this. They always talk about their asset being worth a lot and the bank says no. That's just the way it is,” he… pic.twitter.com/LM3Y7UcSF3
— AnalyzingAmerica (@AnalyzAmerica) January 20, 2024
“If you’re a developer and you’ve got a building on the block, anywhere in America, and it’s worth, let’s say, $500 million, and you want to build a building right beside it, you go to the bank and say, ‘This building is worth $500 million. I’d like to borrow a construction finance loan against this asset, and I want you to tell me it’s worth $500 million, too,’” he explained.
“Forget about Trump, every single real estate developer everywhere on earth does this. They always talk about their asset being worth a lot and the bank says no. That’s just the way it is,” he continued.
“Who lost money? Nobody. The bank got paid back the construction finance loan, and a new building was built,” explained the Shark Tank star.
O’Leary’s perspective suggests that the issue is widespread in the industry, indicating it as a broader industry practice rather than an isolated incident.
“If you’re going to sue this case and win, you’ve got to sue every real estate developer everywhere,” O’Leary explained.
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