Fantasy World: Donald Trump will face a New York court on Monday over damages after fraud was discovered in his real estate empire.

New York Supreme Court Justice Arthur Engoron will hold a trial to determine damages after it was revealed that Trump committed real estate fraud over the years. Engoron admitted that Trump inflated real estate values and attributed apartment square footage to subjective figures. Trump's lawyers are threatening to appeal the fraud ruling, which Trump has called "ridiculous and false."

Like a game of Monopoly, Donald Trump may have to sell his token real estate properties

That's according to a New York judge who found him guilty of fraud over the years as he built his real estate empire. In a civil trial that began Monday, Trump's attorneys will return to court to begin a trial to determine how much he and his companies will be punished for the fraud. New York Attorney General Letitia James is seeking $250 million in compensation. Potential witnesses could include Trump himself, his children and former business partners. At issue is whether the former president will be forced to shut down or split up his Trump Organization and sell those famous properties, and whether he will be forced to pay millions of dollars. Trump's lawyers have promised to appeal the fraud ruling, and Trump himself has called the ruling "ridiculous and false."

New York Supreme Court Justice Arthur Engoron struck down Trump's business credentials

revoked Trump's business certifications Tuesday, finding him guilty of fraud over the years through "pure artifice," a "fantasy world" of real estate appraisals that "can only be found to be fraudulent." In his ruling, Engoron cited the Marx Brothers movie "Duck Soup" to poke fun at Trump's explanation for altering objective data such as apartment size - an unusual approach for a judge. "Well, who are you going to believe, me or your own eyes?" - Engoron quoted Chico Marx's words from the movie "Duck Soup." Engoron admitted that Trump valued his Mar-a-Lago resort at 20 times the tax assessment, that the Trump Park Avenue apartments were fetching millions of dollars more than their assessed value on his corporate balance sheet, and that Trump falsely tripled the square footage of his own penthouse apartment in Trump Tower to increase its value, calling the measurement a "subjective process."

However, even Engoron acknowledged uncertainties about what his decision means.

What does the judge's ruling on real estate fraud mean for Trump?

The implications of Engoron's ruling are unclear. The judge revoked Trump's business certifications in New York and directed attorneys to recommend no more than three potential receivers to reorganize the companies. However, attorney Kiese (one of Trump's attorneys) asked the judge if the ruling meant that Trump would be forced to shut down his businesses or give up valuable assets such as buildings bearing his name. "Does the court believe that those assets will now be sold or just managed" by the court receiver? - Kize asked. Engoron conferred with his attorney and then asked government and defense attorneys to submit written proposals for the appointment of a receiver, technically called a court receiver, within 30 days. "I'm not ready to rule right now, but we'll certainly look at it in different contexts," Engoron said.

Trump will face five other civil and criminal trials next year while campaigning for president. The fraud case is one of several civil and criminal cases Trump will face next year as he fights to return to the White House.