Former President Donald Trump’s net worth has dropped by $700 million, according to a lengthy new Bloomberg report on his finances.
Trump’s net worth dropped from $3 billion to $2.3 billion since he became president, according to the Bloomberg Billionaires Index, as the pandemic hit his company and the Capitol attack wounded his brand.
“His financial disclosures and loan documents, interviews with former executives and industry analysts, and a host of legal fights and investigations reveal just how much trouble Trump and his company could face,” wrote Bloomberg’s Sophie Alexander and Max Abelson. “Covid has been hard on office buildings key to his wealth and hotels and resorts that bear his name.”
The report pointed to the attack on the Capitol, noting that the insurrection derailed Trump’s relationship with brokers and lenders.
“At least $590 million in loans come due in the next four years, more than half personally guaranteed by Trump, and his scrapyard of failed enterprises has only gotten more crowded,” added the report.
Bloomberg went on to point out that the Trump empire has bounced back before, while the economy, when it recovers post-pandemic, could re-inflate the value of his properties.
“Even if things go poorly, he could make the best of losses by using them to slash his tax bills, as he’s done for years,” the report said.
Despite the potential comeback, Bloomberg reported that there was a 26 percent drop in Trump’s commercial real estate value from 2016-2021.
Trump’s Art Deco tower in Lower Manhattan, for example, dropped in value to $277.7 million from $550 million in 2016.
The income Trump receives from his various hotels and resorts has also dropped by 42 percent since 2015, while his lender, Deutsche Bank AG, has pledged to never do business with him again following the Capitol attack.
In a particularly personal hit, Bloomberg went after Trump’s beloved pastime: Golf.
“After the Capitol attack, the PGA of America voted to end an agreement to host next year’s tournament at Trump National Golf Club Bedminster in New Jersey, saying holding it there would hurt the group’s brand,” wrote Alexander and Abelson. “The opening of Trump World Golf Club Dubai, Trump’s second course in the United Arab Emirates, has been delayed for years. That course, and two in Indonesia, are listed on his website as ‘coming soon.’
The report additionally claimed that of the 19 courses Trump’s company owns or manages, the two in Scotland, Trump Turnberry and Aberdeen, have consistently lost money.
“After the Capitol riot, Trump Plaza in Florida’s West Palm Beach voted to strip Trump’s name, and New York City is trying to pull his contracts to run ice rinks, a carousel and a golf course, which Eric Trump has said the company will fight,” added the report, detailing a 30 percent income drop in the properties or companies he licenses or manages since 2015.
Trump reportedly had an 85 percent income drop due to his remaining properties, while his aging fleet continues to lose value.
“He has sold some aircraft and marked down the value of his fleet and associated entities on financial disclosures, from seven worth at least $59 million in 2015 to five valued at least $6.5 million in 2020,” read the report, while Trump’s income “from books dropped to at least $119,341 last year from more than $888,000 in 2015.”
Trump’s income from entertainment has also dropped by 99 percent since 2015.
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