Paul Manafort Puts Up Four Properties As Collateral To Post Bail
President Donald Trump’s former campaign chair, Paul Manafort, will put up four properties as collateral to post bail after turning himself over to federal officials as a result of the Russia probe.
Manafort, whose bail is set for $10M, made arrangements with special counsel Robert Mueller to use two New York properties — a condo in Manhattan and a house in Bridgehampton — in addition to his homes in Palm Beach Garden, Florida, and Alexandria, Virginia, as collateral, The Real Deal reports. The assets being used as collateral are worth roughly $11.7M combined, and the deal is subject to approval.
Manafort is facing federal charges that include conspiracy against the U.S., the alleged laundering of $18M from a pro-Russia party through offshore accounts and tax fraud.
He and longtime business partner Rick Gates have pleaded not guilty to the 12 counts brought against them.
The special counsel alleged Manafort and Gates laundered more than $75M overall through offshore accounts to fund lavish lifestyles that included millions of dollars in real estate purchases and home renovations.
A trial is set to take place next year.
CORRECTION, DEC. 1, 11:40 A.M. ET: A previous version of this story incorrectly stated that Paul Manafort is selling properties to post bail. The properties are being used as collateral. The story and headline have been updated.