New York may seize Trump's assets for $450M penalty

If Former President Donald Trump "does not have funds to pay off the judgment," his assets may be seized

(Image credit: Chip Somodevilla / Getty Images)

published 21 February 2024

What happened?

Former President Donald Trump likely owes $600 million from two civil judgments in New York: $355 million in disgorgement for ill-gotten profits, about $100 million in interest plus another $87,500 for every day he doesn't pay, and $83.3 million in defamation damages to writer E. Jean Carroll.

The numbers

Forbes estimates Trump is worth $2.6 billion, and he plausibly testified he has $400 million in cash assets, William & Mary Law School professor Jim Wheaton told NPR. "It doesn't take a strong mathematician to understand" Trump doesn't have enough liquid assets to pay up, said Forbes' Dan Alexander.

Who said what?

If Trump "does not have funds to pay off the judgment," New York Attorney General Leticia James told ABC News, "we will ask the judge to seize his assets." Fox News asked Trump how he plans to pay the $355 million penalty. "It's a form of Navalny," he replied, comparing his legal problems to Russia's abuses of late political dissident Alexei Navalny.

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What next?

Trump, who's appealing the rulings, has 30 days to either put the entire penalty amount in escrow or secure a bond, ABC News said.

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Peter has worked as a news and culture writer and editor at The Week since the site's launch in 2008. He covers politics, world affairs, religion and cultural currents. His journalism career began as a copy editor at a financial newswire and has included editorial positions at The New York Times Magazine, Facts on File, and Oregon State University.