McConney also admitted to helping fraudulently inflate the value of multiple Trump Organization real estate assets.
One such property was the Seven Springs estate in Westchester, New York.
Trump’s son Eric was planning in 2012 to develop the property for seven houses.
The houses were valued at $161 million—how much they would be worth if they were immediately available.
The Trump Organization did not take into account that the value would actually be lower in the present due to the years it would take to actually build the homes, the cost of building them, and the cost of marketing them.
McConney continued to value the homes as producing a $23 million profit for the next three years.
In 2015, the homes had not been built, and the Trump Organization instead donated the land rights to conservation, giving the organization the right to a hefty tax deduction. »
