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Donald J. Trump faces the challenge of coming up with nearly half a billion dollars owed in his civil fraud trial after being rejected by over two dozen bond companies. His social media company recently completed a merger that is set to inject $3 billion into his finances, which could cover the penalty. However, restrictions prevent him from accessing the funds for six months, leaving him vulnerable to potential seizure of his properties by the state of New York. Some of his flagship properties in Manhattan are encased in layers of legal entities, making it difficult to seize or liquidate them, even if the attorney general succeeds in acquiring them.

Mr. Trump’s ownership of his properties is complex, with numerous entities operating under his control. Getting control over these properties and attempting to liquidate them would be challenging, according to experts. Furthermore, even if the attorney general seizes a property, any existing mortgages or debts against it would need to be paid off first, complicating the process. The ownership structure of some of his buildings, such as 1290 Avenue of the Americas, presents additional obstacles, making it unclear what the court could actually seize in the event of a judgment.

The fine print of Mr. Trump’s partnership agreements also poses challenges, with restrictions preventing him from selling his stakes in certain properties. For instance, his 30 percent stake in 1290 Avenue of the Americas is subject to limitations that may make it impossible for him to divest. Similarly, the ground lease arrangement of 40 Wall Street makes it harder to sell the building, as Mr. Trump does not own the land on which it sits. The leasehold’s value has been disputed, with appraisals showing discrepancies in its worth over the years.

The triplex at Trump Tower is seen as one of Mr. Trump’s more sellable properties, being a single apartment rather than a complex partnership or ground lease. However, the market value of the triplex is debated, with analysts suggesting a range of potential values based on its location, condition, and comparables in the area. Despite being near Billionaire’s Row, where properties command high prices, the value of the triplex may be less than initially claimed by Mr. Trump. Overall, the complexity of his ownership structures and the potential for disputes over property values make the process of seizing or valuing his properties a challenging endeavor for the state of New York.

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