Former U.S. President Donald Trump reportedly took questions from New York Attorney General Letitia Jame for nearly seven hours Thursday during his second deposition over his company’s business practices.
According to one paper, it’s likely that Trump National Golf Club Charlotte came up once or twice in the discussion given the concerns surrounding it and its value.
Located on the shores of Lake Norman in North Carolina, it’s one of many properties that Trump is charged with overvaluing in disclosure documents
“The valuations of TNGC Charlotte on the Statements of Financial Condition from 2012 to 2020 were false and misleading,” read the 222-page suit, which was filed in September of 2022.
James’ lawsuit includes dozens of instances of alleged fraud, many of which involve annual financial statements that Trump would give to banks and others as he sought loans and deals.
Specific to the Mooresville Club is a purported scheme that inflated the value of refundable membership deposits as part of the overall value of the property despite the fact that “the liability for the deposits was zero dollars,” according to the lawsuit.
Those deposits were valued at $4 million in 2012, which would have more than doubled what the Trump Organization paid for the property in 2012.
“For 2013 and continuing through 2020, the Trump Organization continued to employ the Membership Deposit Scheme, adding to the purchase price the full value of the refundable membership deposits of $4,080,550,” the lawsuit read.
Trump National Charlotte had the largest membership of the organization’s 18 golf clubs by 2017.
