Banks use independent appraisers to assess real estate used as loan collateral - whether an owner inflates or deflates the value is irrelevant. Also, the IRS, not the person, determines their net worth. Letitia is a stupid person.
I happen to have a pen that is worth $1 billion. I’m willing to sell it for half-price because I’m in a good mood.
Notional values are not true values and the bank would not have relied upon Trump’s notional values of his property.