Donald Trump overturned the presidency in the United States after walking away from the company, his company, that made him rich and famous. Four years later, upon returning to his empire after losing the White House, what it finds can turn it upside down.
For starters, he’s several million fewer than when he got to the house on Pennsylvania Avenue. Trump’s net worth fell by $ 700 million, to $ 2.3 billion from $ 3 billion he had when he became president, according to the Bloomberg Billionaires Index.
The pandemic he promised would go away is hitting his own empire, and the riot in Congress that led to impeachment for the second time is damaging your brand.
A mountain of problems
His financial statements and loan documents, interviews with former executives and industry analysts, and a series of investigations and legal struggles reveal how many problems they could face Trump and his company.
The covid has been hard on the office buildings key to his wealth and the hotels and resorts that bear his name. The fallout from the assault on the Capitol has damaged their relationships with brokers and lenders. At least $ 590 million in loans expire in the next four years, more than half guaranteed personally for Trump, and your junkyard of failed companies has only gotten busier.
Donald Trump at his golf club in Scotland. Photo: AP
But Trump, whose company declined to comment, has bounced back before. An economic recovery after the pandemic could return to inflate the value of its properties. Could he continue his streak of bestsellers, return to television or start a rival against social media platforms that have rejected you. Even if things go wrong, you could take advantage of the losses by using them to cut your tax bills, as it has for years.
Only Trump knows what he’s thinking as he contemplates the defeat he denies and nags at getting back on the run. When you look around, much of what you see is sad and in some cases, a total disaster. Within your empire there are a bag of surprises with opportunities that no former politician can rival and threats that no tycoon wants to have.
No segment of Trump’s business world is as important as that of the commercial real estate, which make up about three-quarters of your net worth. And few industries in the US have been seen so affected over the past year when workers disappeared from office towers and business districts turned into ghost towns.
A man dressed as Trump in front of the Trump Tower in New York. Photo: AFP
Trump faces a “triple whammy”: Covid, the Capitol riots and an aging property portfolio, says Ruth Colp-Haber, who runs consultancy Wharton Property Advisors. “These are the companies you don’t want to be in right now.”
For example, most office workers in New York and San Francisco are still stuck at home. Those are terrible news for Trump, whose most valuable stake is a 30% stake in two skyscrapers owned by Vornado Realty Trust at 555 California St. in San Francisco and 1290 Ave. of the Americas in New York.
The value of his stake, which represents about a third of his fortune, has fallen $ 80 million since 2019 to about $ 685 million. Billionaire Steven Roth, who runs Vornado, has said the company is exploring a sale.
The art deco tower Trump’s administration in Lower Manhattan has fallen in value to $ 277.7 million from $ 550 million in 2016, in part as a result of declining revenue and a market downturn.
Some tenants say they are leaving or considering it, and the loan documents show that Trump has offered concessions to stay in the building for 91 years. Broker Cushman & Wakefield Plc, which handled the rental, cut ties with Trump after his supporters stormed the Capitol.
Once its crown jewel, the Fifth Avenue building became a fortress after Trump won the presidency.
At the top there is a golden triplex and marble that is no longer your primary residence.
The Trump Tower, the jewel in the crown in trouble. Photo: Reuters
Apartment owners have seen their units stay on the market, even at deep discounts.
The Trump Organization owns and manages the retail space, as well as the old Niketown store around the corner, where Tiffany has taken up temporary residence. Rents on Fifth Avenue, in decline even before the pandemic, have plummeted 32% from a 2018 high, according to the New York Real Estate Board.
Trump owns, manages or licenses his name in a dozen hotels and resorts, from one in a former post office near the White House, where the bar is named after Benjamin Franklin, to two in Scotland.
Trump has personally guaranteed $ 330 million of your debt. Nearly half comes from a Washington hotel loan, more than a third is for his Miami golf resort, and the rest is tied to a Chicago property. Your lender, Deutsche Bank AGHe said after the riots that I would not do business again with the.
The black horizon could lead you to earn some emergency “pesos” with a … book.
Barack Obama’s new book, in bookstores. Photo: dpa
As a former president, Donald Trump can look forward to signing some lucrative deals with the media to recoup some of his lost wealth, such as a post-presidential memory.
Barack and Michelle Obama reportedly received a payment of about $ 65 million for their memoirs, while Bill Clinton earned a $ 15 million advance for his 2004 book.
Bloomberg says that the most obvious way where Trump can benefit after the presidency is with a news channel or a social media platform that attracts to its 74 million voters in the 2020 elections. We’ll see.
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