Trump is selling one of his private jets to gain financial flexibility for the costs of his legal proceedings. The buyer: a major Republican party donor.
Former US President Donald Trump has sold one of his private jets. The reason for this is Trump’s debts of more than half a billion dollars, which have accumulated through court judgments and legal fees. This is reported by the “Independent”.
According to the U.S. Federal Aviation Administration, the registration of the aircraft, a 1997 Cessna jet, was transferred from Trump’s DT Air Corp organization to a Texas company called MM Fleet Holdings LLC on May 13.
According to government records, the company, MM Fleet Holdings LLC, is linked to Iranian-American construction and development magnate Mehrdad Moayedi, who lives near Dallas and runs Centurion American Custom Homes.
Moayedi has been a major Republican party donor for some time, according to the Independent. The British newspaper reports that in 2019 and 2020 he donated a total of $245,000 to Trump Victory – a committee that raised money for the Trump campaign, the Republican National Committee and Republican parties in US states.
According to the Independent, the plane is believed to be worth around $10 million. Trump previously touted the jet on Trump Aviation’s website as a “rocket in the sky” capable of flying at speeds of up to Mach .92 (approximately 680 mph) and at altitudes of up to 51,000 feet.
The sale of the jet comes at a time when Trump’s finances are being strained by a series of civil and criminal cases.
In January, a New York judge ordered Trump to pay author E Jean Carroll $83.3 million after he was found guilty of defaming her.
The former president posted $91.6 million bail in March to contest the verdict. Trump had to post 110 percent of the verdict to stay enforcement while the appeals process is ongoing.
In addition, he was found guilty of financial fraud in New York in February and ordered to pay more than $350 million in fines.
Following the verdict, the former president struggled to find financial backers to help him raise the bail needed for the appeal.
But he finally received a lifeline when a New York appeals court reduced bail to $175 million – a sum he was then able to post thanks to bail bondsman Hankey’s Knight Specialty Insurance Co.