The president’s niece, Mary Trump, has filed a lawsuit in the New York Supreme Court in Manhattan claiming that Donald Trump and his siblings failed to do their fiduciary duty. They instead squandered Mary Trump’s birthright, according to a report in The New York Times. Did Trump steal Mary’s inheritance?
The Real Deal’s recent article entitled “Mary Trump sues her family for real estate inheritance “fraud”” says Mary alleges that Donald Trump and his siblings burdened their late brother Fred Trump Jr.’s real estate portfolio—some of which Mary inherited from her father—with inflated management fees and loans with no repayment terms, in an attempt to weaken its value. The premise of the lawsuit asks the question, did Trump steal Mary’s inheritance.
The lawsuit says Mary had some of the “crown jewels” of the real estate empire amassed by Fred Trump Sr. Her stake was 10% of the land underlying Beach Haven, a 40-acre complex in Coney Island with 26 buildings and vacant parcels of land.
She also had a 5% interest in the land underneath Shore Haven, a 30-acre parcel with 32 buildings and a shopping center in Bensonhurst.
The lawsuit also claims that Donald Trump and his siblings worked with an appraiser to undervalue her holdings.
The lawsuit alleged that the president, his brother Robert and a sister (former federal judge Maryanne Trump Barry) claimed they were Mary’s protectors. However, instead they secretly stole her share of minority interests in the family’s extensive real estate holdings.
Robert Trump passed away in August 2020.
According to the court pleadings, this was 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.
“Fraud was not just the family business – it was a way of life,” the complaint says.
The White House press secretary denied the allegations.
Mary Trump is a psychologist and the niece of President Trump. Her 2020 book about him and their family, Too Much and Never Enough, sold nearly one million copies on the day of its release.
Reference: The Real Deal (Sep. 25, 2020) “Mary Trump sues her family for real estate inheritance “fraud””