Former First Lady Melania Trump may emerge as the savior of her husband, former President Donald Trump’s New York businesses, as per a report by Newsweek.
In recent developments, a significant ruling this week has cast a shadow over the Trump family’s New York real estate empire, painstakingly built by Donald over many decades. The ruling, issued by New York Justice Arthur Engoron on Tuesday, has resulted in the Trumps losing control over some of their iconic properties that played a pivotal role in shaping the former president’s early image.
The decision came after fraudulent financial statements were discovered, submitted by the Trump Organization, which included inflated valuations for business purposes. As a consequence, Engoron revoked the business certificates for several properties located in New York state.
This development has raised the possibility that Trump may be compelled to divest or transfer his New York portfolio should he face restrictions on conducting business in the state.
However, legal experts suggest that Trump might retain ownership of these properties through the assistance of family members who were not implicated in Engoron’s ruling. Notably, both Melania and his eldest daughter Ivanka were removed from the New York case, rendering them exempt from the ruling’s consequences.
According to Marcel Kahan, a law professor at New York University, it is highly likely that Donald will opt to sell off his New York properties. Nevertheless, Kahan notes that Trump could establish a company owned by Ivanka or other family members, thereby circumventing the court order.
Kahan’s sentiment is echoed by attorney Ron Filipkowski, who humorously remarked, “Trump can simply transfer all his properties and businesses in New York to Melania. Problem solved. I’m sure he can trust her because she really loves him unconditionally.”