Eric Trump arrives at New York Supreme Court, Monday, Oct. 2, 2023, in New York. Former President Donald Trump is making a rare, voluntary trip to court in New York for the start of a civil trial in a lawsuit that already has resulted in a judge ruling that he committed fraud in his business dealings.
“Of course Eric Trump has lofty ideas on value," assuming the townhouses would easily sell for $1,000 per square foot, McArdle wrote in an email to a fellow appraiser at the time. McArdle said Thursday that Eric Trump may have had a “more lofty value” in mind, but a higher number wouldn’t have been credible. The email discussion was a leadup “to finally tell Eric he should accept this value from the professionals,” McArdle testified.
McArdle was hired in 2014, through a lawyer for Trump's companies, to evaluate Seven Springs' value. The appraiser said the exercise assumed the estate could be divided into about two dozen building lots for luxury homes. A few months later, Donald Trump's financial statements valued Seven Springs at over $160 million, according to James' lawsuit.
Defense lawyer Lazaro Fields, in questioning McArdle, sought to establish that it's not uncommon for owners to talk up their properties' value to appraisers and for their opinions to differ.Both Eric and Donald Trump have attended some of the trial but weren't there Thursday, when the court also heard about a $160 million refinancing loan on a Trump-owned Wall Street office building in 2015.
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