Trump On Trial In New York Fraud Case: Why There's No Jury, Mar-A-Lago's $1B Valuation And More

Day two of a civil fraud case against Donald Trump and his businesses kicked off Tuesday, following his appearance at the court on Monday

Here’s a look at the key developments of the trial so far and what’s ahead.

Day 1 Recap: The trial against Trump, his co-defendants and businesses began on Monday, which came days after Judge Arthur Engoron ruled that fraud was committed and ordered several of Trump’s business licenses to be rescinded as punishment.

The ruling by Engoron was on a key claim in a lawsuit brought against Trump and his companies by the state of New York. A civil fraud trial related to six other claims opened Monday, with Trump attending the proceedings.

In court, Trump’s attorney Chris Kise argued against the fraud claims in an opening statement, according to a CNN live report.

“President Trump has made billions of dollars building one of the most successful real estate empires in the world,” Kise said. “He has made a fortune literally about being right about real estate.”

In the opening statement for the state of New York, attorney Kevin Wallace said that the defendants including Trump conspired to commit fraud and repeat the act through financial statements.

“While it may be one thing to exaggerate for Forbes magazine … you cannot do it while conducting business in the state of New York,” Wallace said.

A point of contention in Monday's court proceedings was the valuation of Trump's Mar-a-Lago property in Florida. Trump and his lawyers have continued to argue that the property is worth $1 billion or more.

The property was valued at a range of $18 million to $27 million by an assessor, which was referenced in Engoron’s ruling. Trump’s lawyers have argued that real estate doesn’t work based on assessed value, but rather on the value someone is willing to pay.

Alina Habba, attorney for Trump, said that Mar-a-Lago would sell for at least $1 billion today.

“The value is what someone is willing to pay. The Trump properties are Mona Lisa properties. That is not fraud, that is real estate,” Habba said.

Questions over the valuation of Mar-a-Lago come months after real estate marketplace Zillow Group ZG accidentally listed that the property had sold for $422 million in August.

Zillow lists a “Zestimate,” or an estimated property value based on sales history and nearby properties, of $24.15 million for the property located at 1100 S. Ocean Boulevard.

Trump bought the property for an estimated $7 to $8 million in 1985.

The commencement of the trial on Monday featured a video clip of Trump's former attorney, Michael Cohen. In the video recording of Cohen’s deposition, the lawyer said that Trump instructed him to say he was worth $6 billion to $8 billion, more than he was worth at the time.

Related Link: Donald Trump Will Still Run For President If Convicted And Right Now That's Perfectly Legal 

Judge vs. Jury Complaint: One of the major topics from the first day of the trial was Trump’s complaint that it was a bench trial being decided by a judge instead of a jury trial.

Trump’s comments made Monday outside the courtroom suggest that he wanted a trial by jury, but his lawyers did not make this request.

Court paperwork filled out by Trump’s lawyers checked a box that said trial by judge, instead of checking a box that said trial by jury.

With the move by Trump’s lawyers, the former president will now see the case decided by Engoron.

The judge referenced at the start of the trial Monday that neither side asked for a jury.

Day 2 Of Trial: On Tuesday, Trump once again attended the court proceedings for the civil case against him and his companies.

During a break in the trial, Trump acknowledged outside the courtroom that he would testify in the case.

“Yes, I will. At the appropriate time I will be,” Trump said, as shared by CNN.

Trump is on the witness list for both the state of New York and the defense.

Engoron reminded Trump’s lawyers during the second day that the trial is not the place for them to contest previous rulings he made.

“That’s why we have appeals,” Engoron said.

What’s Next: New York Attorney General Letitia James is seeking $250 million in penalties against Trump and his companies and a ban on the former president being able to do business in the state.

The civil fraud trial could run until Dec. 22, 2023, according to the judge.

Trump’s sons Donald Jr. and Eric are expected to be called to the witness stand, as is the former president. Trump’s two older sons are co-defendants in the case. Trump’s daughter Ivanka could also be asked to testify. Ivanka was a co-defendant before a court of appeals dismissed her case.

Along with Monday’s civil fraud trial, Trump faces charges related to the 2020 election, hush money paid to an adult actress and the handling of classified documents.

DWAC Price Action: Digital World Acquisition Corporation DWAC shares are up 3% to $15.84 on Tuesday. The SPAC is in the process of merging with Trump Media & Technology Group, the media company founded and owned by Trump.

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