President Donald Trump’s net worth initially put at $10 billion during his campaign for White House was overblown.
Fresh disclosure put his wealth at $1.4 billion and personal
liabilities of at least $315.6 million to German, U.S. and other lenders
as of mid-2017.
Insight into his financial position was contained in a federal
financial disclosure form released late on Friday by the U.S. Office of
Government Ethics.
According to Reuters, Trump had roughly $20 million in income from
his new marquee Washington hotel, which opened just down the street from
the White House last September. Revenues also increased at Mar-a-Lago,
the Florida resort known as the “Winter White House.”
Trump reported income of at least $594 million for 2016 and early 2017 and assets worth at least $1.4 billion.
The 98-page disclosure document posted on the ethics office’s website
showed liabilities for Trump of at least $130 million to Deutsche Bank
Trust Company Americas , a unit of German-based Deutsche Bank AG.
For example, Trump disclosed a liability to Deutsche exceeding $50
million for the Old Post Office, a historic Washington property where he
has opened a hotel.
Trump reported liabilities of at least $110 million to Ladder Capital
Corp , a commercial real estate lender with offices in New York, Los
Angeles and Boca Raton, Florida.
The largest component of Trump’s income was $115.9 million listed as
golf-resort related revenues from Trump National Doral in Miami, down
from $132 million he reported a year ago.
Income from many of his other hotels and resorts largely held steady.
Revenue from Trump Corporation, his real-estate management company,
nearly tripled, to $18 million, and revenue from Mar-a-Lago grew by 25
percent, to $37.25 million. The private club doubled its initiation fee
to $200,000 after Trump’s election.
He earned $11 million from the Miss Universe pageant, after selling the beauty contest back in 2015.
Revenue from television shows like “The Apprentice” fell to $1.1 million, down from $6 million a year earlier.
His assets probably exceeded $1.4 billion because the disclosure form provided ranges of values.
The document showed Trump held officer positions in 565 corporations
or other entities before becoming U.S. president. His tenure in most of
those posts ended on Jan. 19, the day before his inauguration, and in
others in 2015 and 2016.
Most of the entities involved were based in the United States, with a
handful in Scotland, Ireland, Canada, Brazil, Bermuda and elsewhere.
Trump has refused to release his tax returns, which would give a much
clearer indication of his wealth and business interests. But he has
submitted federal forms disclosing his and his family’s income, assets
and liabilities.
“President Trump welcomed the opportunity to voluntarily file his
personal financial disclosure form,” the White House said in a
statement, adding that the form was “certified by the Office of
Government Ethics pursuant to its normal procedures.”
An Office of Government Ethics spokesman declined to comment on the
contents of the report, other than to say that it was certified by the
office, which is an ethics watchdog for federal government employees.
Trump released a disclosure form in May 2016 that his campaign at the
time said showed his net worth was $10 billion. Some critics disputed
that figure as overblown.
Before taking office in January, Trump was a New York real estate developer and television celebrity.
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