By Madeline Halpert,BBC News, New York

He had faced a deadline of Monday to post the $464m bond. If he had failed to do, the authorities in New York could have started to seize his bank accounts and properties.

But on Monday, he was granted a last-minute reprieve by an appeals court. “I greatly respect the decision,” he said. “We will abide by the decision… and post either a bond, equivalent securities, or cash.”

At a news conference, Mr Trump suggested he would post the new sum in cash. “I don’t need to borrow money – I have a lot of money,” he said. “I have much more than that in cash.” If he pays the reduced $175m bond, it would protect his assets while he continues his appeal.

But the court left in place a monitor that is overseeing Mr Trump’s businesses and can sound alarms if they find any misconduct Trump was found liable earlier this year for repeatedly inflating the value of his assets.

To secure a bond, an individual has to demonstrate to the company providing the guarantee that they have enough liquidity, usually in the form of cash or stocks.

Mr Trump testified last year that he had as much as $400m in cash. Forbes gave a similar estimate in September 2023 – around $423m in cash and liquid assets. Last week his lawyers said he had been unable to cover the $464m penalty despite approaching 30 financial companies to provide a bond.

New York Attorney General Letitia James, meanwhile, said on Monday that Mr. Trump was “still facing accountability for his staggering fraud”.

Mitchell Epner, a lawyer who handles commercial litigation, said he was surprised by the court’s decision to grant Mr Trump a stay.

Just last week, Mr Trump said on social media that he had $500m in cash, an amount that would nearly cover collateral for a bond in the full amount. That comment undercut his argument he could not secure a $464m bond, Mr Epner and other experts told the BBC.