As of June 14, the date of Donald Trump’s 75th birthday, Forbes estimates the former president’s net worth at $ 2.4 billion. Trump’s net worth has fallen by around $ 700 million in his final year as president.
Forbes reported that Trump was worth $ 3.7 billion when he took office in 2016. That dropped to $ 3.1 billion in his first year in office, then fell to $ 2.5 billion in 2020. He lost an additional $ 700 million in the wake of the Capitol Hill riots and his impeachment. , when several organizations ceased doing business with Trump or one of his properties.
The 2020 decline in Trump’s overall net worth was largely due to the coronavirus and the impact it has had on industries in which it holds its largest assets. The values of office buildings and hotels have fallen. Its properties in Washington, DC and Chicago appear to be underwater, while Doral, its golf resort in Miami, has lost 80% of its value in a year, Forbes reported.
In addition, the Capitol Hill riots caused Trump’s golf course to lose the right to host the PGA Championship Tour in 2022, which will undoubtedly result in lost marketing opportunities and reduced profits for the course. . In the days following the riots, Shopify shut down Trump’s online stores.
What’s more, at least $ 590 million in loans will mature over the next four years, Bloomberg reports, which could have a further impact on the billionaire’s bottom line. Still, Trump retains valuable assets, including garages in New York City, the Mar-a-Lago Club in Florida, and three homes nearby.
Businessman and former reality TV star, Trump’s path to wealth was very different from your typical politician. Read on to get a better understanding of how Trump built his fortune.
Donald Trump net worth: $ 2.4 billion
When he was sworn in, he was the oldest person ever to take the oath – he was 70 years and 220 days old on January 20, 2017. (This title now belongs to Joe Biden, who was 78 when he was sworn in) . Trump defeated a number of candidates to become the Republican candidate for the 2016 presidential election. He then defeated Democratic candidate Hillary Clinton. His term ended on January 20, when President Joe Biden began his term as the 46th president.
Trump was born into a well-to-do family and inherited around $ 40 million from his late father, real estate developer Fred Trump. In 1971, Donald Trump became head of what would later become The Trump Organization.
Trump’s earnings and title since have helped him grow more than 500 companies. The business mogul has his share in luxury golf courses, skyscrapers, TV shows, casinos, books, merchandise and more.
Donald Trump’s businesses
The only thing that surpasses Trump’s personality is his business acumen. He landed a deal with Hyatt, New York City, and the unprofitable Commodore Hotel next to Grand Central Station, earning the right to renovate and rename the ailing hotel to Grand Hyatt. In 1980, this hotel became an instant hit, making Trump one of the region’s best-known real estate developers.
In 1984, Trump completed construction of the 68-story Trump Tower, which still serves as the headquarters of The Trump Organization today. The building includes a 60-foot waterfall and on opening day had five levels of retail stores and restaurants.
Trump has owned a number of successful businesses and properties, including Trump Place, a luxury residential community spanning 92 acres. The Trump International Hotel & Tower Chicago has a hotel, condominiums, and many restaurants and shops. The success of Wollman Rink, a Central Park staple, is arguably attributed to Trump.
However, following the storming of the United States Capitol, New York City announced it was severing trade ties with Trump. On January 13, Mayor Bill de Blasio announced that the city would end three contracts with The Trump Organization that would cease operations of a carousel in Manhattan’s Central Park, skating rinks and a golf course in the Bronx, Reuters reported.
Donald Trump’s bankrupt businesses
Donald Trump has big business wins to his name, but he also has big losses.
In 1988, Trump spent $ 365 million on a fleet of Boeing 727s, as well as landing facilities in Boston, New York, and Washington, DC. He also bought the rights to paint his name on an airplane. However, his attempt to create a luxury flying experience under the Trump Shuttle name failed and the company was taken out of service.
In 1990, the banks that supported Trump’s investments provided him with a $ 65 million bailout in the form of new loans and credits. Trump’s famous Taj Mahal casino in Atlantic City, New Jersey, went bankrupt in 1991, and Trump Hotels & Casino Resorts went bankrupt in 2004. In 2009, the same company – now called Trump Entertainment Resorts – again filed for bankruptcy. balance sheet.
Trump University is one of Trump’s most publicized business failures. The unaccredited online college was launched in 2005 and closed in 2010. Three lawsuits at Trump University marred its first presidential campaign, alleging Trump University was a scam that cost students tens of thousands of dollars. dollars. Trump settled the lawsuits for $ 25 million, although he did not admit any wrongdoing.
Donald Trump’s wife and family
Donald Trump has been married three times. He was with his first wife, Ivana, from 1977 to 1992. The couple had three children together: Donald Jr., Ivanka and Eric. The three oldest of the Trump children – along with Ivanka’s husband, real estate investor and developer Jared Kushner – were heavily involved in their father’s presidency.
Trump married Marla Maples in December 1993, two months after Maples gave birth to their daughter, Tiffany. The couple divorced in 1999.
Trump has been married to his current wife and former first lady, Melania Trump, who has an estimated net worth of $ 50 million, since 2005. Melania is the mother of Trump’s youngest son, Barron.
Donald Trump’s way of life
Donald Trump sometimes lives in a three-story penthouse in Trump Tower with his wife Melania and son Barron. The the luxury that the family appreciates at Trump Tower include an indoor fountain and a door encrusted with diamonds and gold, Business Insider reported.
Among Trump’s other notable properties is Mar-a-Lago, where he spent 25 of his first 100 days in office. He returned to the field after his term as president ended, CNN reported. The luxury club is worth $ 180 million, according to Forbes, and sits on 17 acres of precious South Florida land. Trump bought the estate – which has 58 bedrooms, 33 bathrooms, 12 fireplaces, and three air raid shelters – for a bargain price of $ 10 million in 1985.
Before gaining access to Air Force One, Trump shuttled between campaign stops in his $ 100 million Boeing 757 adorned with gold seat belts. Its luxury vehicle fleet includes a Rolls Royce, an electric blue 1997 Lamborghini Diablo and a Mercedes-Benz SLR McLaren.
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André Lisa contributed to the writing of this article.
Last updated: June 14, 2021
This article originally appeared on GOBankingRates.com: Donald Trump is 75: how much is the former president worth?