In 2005, the New York Times reporter Tim O’Brien according to a book called “Trump Nation” that Donald Trump was worth at most $ 250 million when Trump and others said he was a billionaire. Trump sued the journalist for more than $ 5 billion.
A typically thunderous gesture skyscraper orange haired mogul and star of the US version of The Apprentice. But when brought before the lawyers to give testimony in the case and explain how he enjoyed his empire, he gave answers that would have an accountant blush.
In the 2007 deposition, made public before a hearing yesterday, Donald Trump said he uses “mental projections” to estimate the value of its properties, admitted exaggerating the success of its business ( “Who would not?”) and said his perception of his own “brand value” personal rises and falls with his mood. The result is that the real value of Mr. Trump is more mysterious than ever, at a time when he fights to save many real estate transactions of recession and has seen its Atlantic City casinos bankrupt company.
Mr. Trump said that anyone who claims that he is not a billionaire undermining his business, and that the allegations in TrumpNation, a book by New York Times reporter Timothy O’Brien, had cost him lucrative contracts through the world. Mr. O’Brien and his publishers were in a New Jersey court yesterday arguing that his trial is ridiculous, and ask a judge to dismiss the claims of the mogul for $ 5 billion in damages.
Mr. O’Brien wrote that Donald Trump was worth a quarter billion at best and perhaps not more than $ 150. Meanwhile, Mr. Trump said its banks and casino regulators Atlantic City as his companies worth $ 3.6 billion – and say any journalist who asked it was worth 6 billion $.
The difference, he explained, is that its “brand value” personal equivalent to about $ 2 billion. “There are those who say the brand value is very, very valuable,” he said at the depot, and added: “My net worth fluctuates, and it goes up and down with markets and with attitudes and feelings, even my own feelings “.
With lawyers preparing for yesterday’s hearing, Mr. Trump remained belligerent weekend. Talking to the Wall Street Journal, he promised that O’Brien “wish he had never heard of this goddam book.”
In the deposition, Donald Trump was confronted with the evidence, in public interviews, he had exaggerated his participation in some of the properties that bear his name. There are Trump brand skyscrapers, casinos, golf clubs and other businesses around the world, but many outside investors or bank loans underlying them. An assessment of Deutsche Bank, on concluding a loan for a property that Mr. Trump was worth $ 788m. He said Deutsche did not count all his possessions.
There was also a skirmish on the meaning of the word “average.” While he has publicly stated that development apartment was selling $ 1 300 per square foot on average, he admitted that “on some units, I averaged $ 300 1” – meaning that it was very likely more close to a better price than an average.
The developer asked if he ever exaggerated in statements about its properties. “I think everyone does. Who would not? ” he said. “Do you want that I say,” Oh, gee, the building is not going well, blah, blah, blah, come through the building. “-? Nobody talks that way who would never talk that way ”