The Committee of Unsecured Creditors, representing individuals and entities to whom Giuliani is indebted, has submitted a motion to the bankruptcy court, urging the court to mandate the sale of Giuliani's Florida property.
In earlier court documents, Giuliani estimated the value of his Palm Beach home at $3.5 million, making it his "second most valuable asset reported," according to the filing. Giuliani stated that he "only spends approximately 20-30% of his time in Florida," with his primary residence being his Upper East Side Manhattan apartment. This Manhattan property was previously on the market for $6.5 million but has since been withdrawn, with its value in bankruptcy court documents reduced by nearly a million.
The lawyers for the creditors noted, "Every day that the Debtor holds the Florida Condo without making an effort to list, market and sell it, he continues to incur significant maintenance fees, in addition to other utilities, tax and upkeep costs." The filing highlighted that Giuliani reported spending approximately $8,400 per month on the Florida condo. However, in January, he made two maintenance fee payments of $15,995.
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The condominium is "a significant drain on estate resources," the lawyers stated. They clarified that the committee is not forcing Giuliani to "run an expedited sale process or accept a below market offer." Nevertheless, the committee expressed concern over Giuliani's "refusal to take steps to monetize a critical asset even though continuing to hold it wastes estate resources to the detriment of his unsecured creditors."
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The committee is also urging Giuliani to secure homeowner's insurance, which he has admitted he does not possess for either property. The filing warns that a "failure to maintain appropriate homeowners insurance puts the estate at great risk."
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Despite claiming insufficient funds to purchase homeowners insurance, Giuliani spent over $26,000 in January alone, according to the lawyers. These expenses included over 60 Amazon transactions, Uber rides, payments towards his associate Maria Ryan's credit card, and travel and lodging expenses for his employees and associates.
The motion to compel follows reports by The Independent that the committee is "discussing" whether to force Giuliani to sue Donald Trump, his former client, for an alleged $2 million in unpaid legal fees. The committee is contemplating compelling Giuliani to initiate litigation against Trump, the Trump campaign, and/or the Republican National Committee.
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Giuliani, once dubbed "America's Mayor," filed for Chapter 11 bankruptcy in December 2023 following a hefty defamation verdict that required him to pay over $148 million to two election workers he falsely accused of manipulating votes in Georgia.
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