How Donald Trump inflated his net worth to lenders and investors

The Washington Post reports:

When Donald Trump wanted to make a good impression — on a lender, a business partner, or a journalist — he sometimes sent them official-looking documents called “Statements of Financial Condition.”

These documents sometimes ran up to 20 pages. They were full of numbers, laying out Trump’s properties, debts and multibillion-dollar net worth.

But, for someone trying to get a true picture of Trump’s net worth, the documents were deeply flawed. Some simply omitted properties that carried big debts. Some assets were overvalued. And some key numbers were wrong.

For instance, Trump’s financial statement for 2011 said he had 55 home lots to sell at his golf course in Southern California. Those lots would sell for $3 million or more, the statement said.

But Trump had only 31 lots zoned and ready for sale at the course, according to city records. He claimed credit for 24 lots — and at least $72 million in future revenue — he didn’t have.

He also claimed his Virginia vineyard had 2,000 acres, when it really has about 1,200. He said Trump Tower has 68 stories. It has 58. [Continue reading…]

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