Judge Arthur Engoron ordered Trump to pay the eye-watering $354.8m sum in damages after finding that he and his sons fraudulently inflated his net worth to obtain better loan terms.

Trump denies wrongdoing and intends to appeal the judgment, but is still expected to pay in the meantime. The outstanding sum is also increasing by $87,502 in interest every day.

The fundraiser on crowdfunding platform Gofundme appeals “to all businesses owners and entrepreneurs to rally in defence of all businesses and for man who has never hesitated to stand in defence of us”.

It has so far collected around $1.1 million (roughly €1 million or £870,000) from over 19,100 individual donors, an average of around $55 (€50 or £44) per donation.