Prosecutors question Manafort's claim to be worth $28 million

Prosecutors question Manafort's claim to be worth $28 million
© Camille Fine

Paul Manafort’s lawyers claimed that the former Trump campaign chairman is worth $28 million, but federal prosecutors are raising questions over that value.

Manafort’s lawyers said in a court filing Saturday that three of his properties are valued at $8 million, pledging the homes as part of a deal to reach Manafort's $10 million bail, Politico reported.

ADVERTISEMENT

Lawyers are offering up Manafort’s apartment in Trump Tower in Manhattan, another condo in New York City and Manafort’s home in Palm Beach Gardens, Fla., as part of the agreement.

However, prosecutors on Sunday cast doubt on the value of those properties in a separate court filing obtained by Politico.

"Although Manafort has provided the government with a spreadsheet listing his total assets at approximately $28 million, the government has yet to substantiate Manafort’s net worth. Indeed, we continue to have questions about that sum," the prosecutors wrote.

"At present, Manafort has not yet substantiated his bail package in a manner sufficient to warrant a modification of the conditions of his release."

The prosecutors noted that Manafort used the value of a different unit in Trump Tower to determine the worth of his own unit. However, that apartment — located on a lower floor — was valued at $4.5 million, and Manafort claimed his property was worth $6 million.

“Meanwhile, the government has searched open source real estate value estimators and found one that lists the value of Manafort’s own unit as $2.5 million, and another that lists the value as $2.7 million,” the filing reads.

Prosecutors also shared doubts about the value of a property Manafort owns in Brooklyn, which he claimed was worth $9 million, but “a recent appraisal comes in at substantially lower (in the $5 to $6 million range).”

Special counsel Robert Mueller unsealed an indictment revealing charges against Manafort on Oct. 30. A judge ordered Manafort to be held under house arrest and for his bail to be set at $10 million.

These most recent court filings are part of a series of negotiations for Manafort to reach bail. His lawyers are offering his properties and life insurance as part of the agreement.

A judge will hold a hearing on Manafort’s bail Monday morning.