After former US President Donald Trump's legal team claimed that his funds were insufficient to meet the $464 million fine imposed on him and his co-defendants in a civil fraud case, he stated on March 22 that he has nearly $500 million in cash.

In a post on Truth Social, he said: “Through hard work, talent, and luck, I currently have almost five hundred million dollars in cash, a substantial amount of which I intended to use in my campaign for president."

"The often overturned political hack judge on the rigged and corrupt A.G. case, where I have done nothing wrong, knew this, wanted to take it away from me, and that’s where and why he came up with the shocking number which, coupled with his crazy interest demand, is approximately $454,000,000," he added.

Read more: Prosecutors willing to postpone Trump hush money trial for new records

Lawyers say 'impossible' for Trump to pay $464mln bond in fraud case

In a court filing on March 18, lawyers of former US President Donald Trump and co-defendants called it "impossible" for them to pay a $464 million bond to appeal the civil fraud case against them in the state of New York.

As required by New York law, appealing the damages and interest ordered would not be an option if the bond is not paid. 

The state requires defendants in civil cases to post a bond of at least 110% of the amount to be able to delay paying the penalty as they appeal and Trump's lawyers asked an appeals court to postpone the bond until the appeal has run its course.

According to the lawyers, Trump has not been able to find a company to cover the $464 million after having spoken to over 20 companies through four separate brokers and spent "countless hours negotiating" without having an underwriter.

"Defendants' ongoing diligent efforts have proven that a bond in the judgment's full amount is a practical impossibility," the lawyers stated.

This comes after Trump posted a nearly $92 million bond to appeal the $83.3 million in damages ordered to be paid to writer E. Jean Carroll for defamation by denying her sexual assault allegations. The bond was underwritten by Switzerland-based insurance company Chubb.