Donald Trump owes $ 315 million to banks
- Author: Larry Hoffman Jun 22, 2017,
Jun 22, 2017, 3:41
According to Fortune, President Donald Trump's Washington hotel saw nearly $20 million in revenue during its first few months of operation-a period that coincided with his election and inauguration as the 45th president.
Mar-a-Lago, which Trump frequently visits as president, has seen a spike in revenue from just over $29 million in May 2016 to over $37 million.
The new details were included in a financial disclosure that Trump voluntarily submitted Friday to the Office of Government Ethics, the first snapshot of the Trump Organization's finances since its longtime leader became president. His mandate in majority ended on January 19, the day before his swearing in, and in others in 2015 and 2016.
When he took office in January, Mr Trump turned over the reins of his global real estate, property management and marketing empire to his two adult sons and a senior executive.
Mr Trump reported income of at least US$594 million for 2016 and early 2017 and assets worth at least US$1.4 billion.
Mr Trump reported assets valued at a minimum of $US1.4 billion, down slightly from $US1.5 billion in 2016 (the president has claimed a personal fortune of $US10 billion - a good chunk of it ascribed to the value placed on his personal brand; Forbes recently downgraded its estimate of his wealth to $US3.5 billion).
Revenue from television shows like "The Apprentice" fell to US$1.1 million, down from US$6 million a year earlier.
He earned US$11 million from the Miss Universe pageant, after selling the beauty contest back in 2015.
The 98-page disclosure document posted on the ethics office's website showed liabilities for Mr Trump of at least US$130 million to Deutsche Bank Trust Company Americas, a unit of German-based Deutsche Bank AG. Those returns provide more complete financial information than the financial disclosures, which include mostly broad ranges for income and debts.
The private club doubled its initiation fee to $200,000 after Trump's election. One is planned for the tourist island of Bali, the other near Jakarta. His revenue also grew from Mar-a-Lagos, the resort in Florida, which he calls the "Winter White House". His new Washington, DC, hotel saw roughly $20 million in income since opening last September.
The hotel, featuring 263 rooms, BLT Prime by David Burke, Benjamin Bar & Lounge and The Spa by Ivanka Trump™, is cited in three separate lawsuits alleging that Trump is violating the Constitution's "emoluments" clause-a ban on foreign gifts and payments.