• The Financial District


Forbes magazine senior editor Dan Alexander claims US President Donald Trump has $1.1-billion debt but his assets total $3.66-billion, putting his net worth at $2.5-billion, thus making his $750 tax payment for 2016 and 2017 even more scandalous.

In his September 28, 2020 column for the magazine, Alexander said “a big chunk of Trump’s liabilities is concentrated in 1290 Avenue of the Americas in New York City and 555 California Street in San Francisco, the two skyscrapers he owns in conjunction with Vornado. In its most recent quarterly filings, Vornado disclosed $950 million of debt at the New York property and $543 million at the San Francisco one. That adds up to $1.5 billion in total debt, and Trump’s 30% share amounts to $448 million. The president owes hundreds of millions more on other Manhattan buildings, as documented in SEC filings and property records. At Trump Tower, he has a $100 million loan. At 40 Wall Street, he owes $139 million. At Trump Plaza, $13 million. At Trump International Hotel & Tower, $6.5 million. At Trump Park Avenue, an estimated $10 million. That’s another $268 million, bringing the tally to $716 million.”

Trump also borrowed $125 million through two publicly recorded mortgages at Doral. His company secured an agreement to borrow $170 million against the D.C. hotel. The Times story lists a balance on that loan of $160 million. It’s possible that Trump has paid some of it down. The president’s financial disclosure report lists liabilities against his Chicago tower of more than $75 million. Tack on at least another $360 million to make it $1.1 billion.

“The Times story does not list the income at all of Trump’s golf clubs, but it does dig into details at his golf resorts, which were already known to be in trouble. European regulatory filings list losses year after year at the president’s three properties overseas. At Trump National Doral, the president’s resort in Miami, net operating income dropped from $13.8 million in 2015 to $12.4 million in 2016 and $4.3 million in 2017, according to documents obtained from local officials. A representative for the Trump Organization told Forbes that profits ticked up to $9.7 million in 2018. The Times reports that Trump bought Doral for $150 million and then shelled out an additional $213 million on it, suggesting a total investment of $363 million. Forbes estimates it’s worth $153 million. By that math, the president is now $210 million in the hole,” Alexander concluded.

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