Donald’s Trump Net Worth Raises To $3 Billion Despite Business Setbacks
The US President’s net worth has raised to $3 Billion which is increased by 5% as compared to the last year. All thanks to the deal of the building he sued to prevent it. The increase in the net worth nullifies his two years of declines and gets him stable to the 2016 levels.
Looking forward to setbacks, the company has closed two new hotel chains and reduced its business in Mar-a-Lago resort in Florida and seven golf courses. The reason behind his rise in net worth is its stake in the properties owned by his friend Steven Roth who leads Vornado Realty Trust. Trump owns a 30% stake in two Vornado properties- 290 Ave. of the Americas, a 2.1-million-square-foot tower in midtown Manhattan, and 555 California St., a 1.8-million-square-foot office complex known as the Bank of America Center in San Francisco’s financial district which accounts for a quarter of his fortune.
He has a total assets worth of $3.5 Billion from which $550 Million worth of assets is in debt. His stake in the two properties has risen to $735 Million which is gain of 33% as compared to last year. The value of his gold courses fell by 19% to $525 Million due to the falling demand in the industry.
The whole wealth management is overseen by the Trump organization which is managed by two adult sons and longtime Trump Organization bookkeeper Allen Weisselberg. Trump’s office building on Fifth Avenue has seen a surge by 27% as compared to last year which is worth $445 Million. It’s Trump Office Tower in Manhattan’s financial district value improved by 13% to $480 Million.
Considering his $550 Million debt, he owes Frankfurt-based Deutsche Bank AG about $300 million for loans related to his Washington hotel, a Chicago tower, and Florida golf resort Doral, financial disclosures and property records show. The loan of $11 Million from is from Coral Gables, Florida-based Professional Bank. It carries a 4.5% interest rate and matures in 2048. According to Bloomberg, he doesn’t qualify the list of world’s 500 richest people in the world.
Donald Trump’s decision to run his business while in public office has broken the decades of tradition violating the U.S. Constitution by selling services to governments in violation of the emoluments clauses. His campaign during the Presidental election said that he is worth $8.7 Billion but Bloomberg’s assessment says that he was just worth $2.8 Billion.