Mary Trump sues her family for real estate inheritance “fraud”
Lawsuit alleges schemes to evade taxes, cheat partners and raise rents on poor tenants
In a lawsuit against President Donald Trump and his family, Mary Trump alleges that the family committed fraud with her real estate inheritance.
The suit, filed in State Supreme Court in Manhattan, alleges that Donald Trump and his siblings failed to perform their fiduciary duty, and instead squandered Mary Trump’s birthright, the New York Times reported.
She contends that Donald Trump and his siblings saddled his late brother Fred Trump Jr.’s real estate portfolio — a portion of which Mary inherited from her father — with inflated management fees and loans with no repayment terms in an effort to drain its value.
The lawsuit alleges that Mary Trump had a portion of the “crown jewels” of the real estate empire amassed by Fred Trump Sr. Her stake was 10 percent of the land underlying Beach Haven, a 40-acre complex in Coney Island with 26 buildings and vacant parcels of land, as well as a 5 percent interest in the land underneath Shore Haven, a 30-acre parcel with 32 buildings and a shopping center in Bensonhurst.
The lawsuit also alleges that Donald Trump and his siblings worked with an appraiser to undervalue her holdings. According to the court papers, it amounted to a destructive pattern of behavior to “enrich themselves at the expense of everyone around them.”
“They concocted scheme after scheme to cheat on their taxes, swindle their business partners, and jack up rents on their low-income tenants,” the lawsuit reads.
The White House press secretary denied the allegations. [NYT] — Georgia Kromrei