Page 46 - Forbes - USA (October 2019)

Trump Cont.

a Manhattan penthouse to a woman who runs a business $18.5 million mansion next to Mar-a-Lago—from their aunt,
selling access to Chinese officials. Maryanne Trump Barry. They aren’t snapping up new golf
Other deals wouldn’t turn heads if the seller were any- courses or hotels, and fellow New York City real estate titans
one but the president of the United States. With Trump have noticed the president’s absence in the Big Apple. “He’s
in the Oval Office, however, things can get strange. Take not really a real estate developer anymore,” Brooklyn billion-
42 the roughly $900 million sale of Spring Creek Towers, aire David Walentas told Forbes earlier this year.
America’s largest federally subsidized housing complex. Instead, the Trump children have been chipping away
Trump owned a 4% stake, a remnant of his father’s at the debt that helped build their father’s empire, quietly
R
E outer-borough empire. Secretary of Housing & Urban paying down an estimated $60 million since the inaugura-
N
N Development Ben Carson had to give his approval to tion. In New York, they wiped out roughly $19 million of
U make the deal happen, according to property records. liabilities at 40 Wall Street, 6 East 57th Street and 502 Park
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T That put Trump’s subordinate in the awkward position Avenue. In San Francisco, where the president owns 30% of
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O of having to green-light a transaction that paid his boss a skyscraper alongside billionaire Steven Roth’s Vornado Re-
R an estimated $33 million. alty Trust, Trump’s kids have erased $8 million of his debt.
F
For all this selling, the Trumps have done very little rein- In late 2016, Trump took out a $30 million loan against a
vesting. Trump Tower got minor updates, a five-story San Las Vegas tower he owns with fellow billionaire Phil Ruffin
Francisco office building got a face-lift and the Trumps keep —perhaps freeing up some cash for the candidate’s $12 mil-
stuffing cash into their money-losing European golf resorts. lion in last-minute campaign donations. After selling dozens
But they’ve really made only one new purchase, buying an of condos in the building, the Trumps repaid that loan. F

THE PRESIDENT’S PORTFOLIO
While Trump is about as rich as he was 12 months ago—worth $3.1 billion—his empire isn’t static.
His branding businesses have taken a hit, but a building without his name on it,
555 California Street, is up big.

555 California St. Ten U.S. golf clubs Hotel management Trump Winery Home
San Francisco Six states plus and licensing Charlottesville, VA St. Martin, West Indies
$477M (UP $75M) Washington, DC $80M (DOWN $90M) $30M (DOWN $4M) $13M (DOWN $2M)
$192M (NO CHANGE)
1290 Avenue of the Trump International Trump Plaza Trump International
Americas Mar-a-Lago Hotel Las Vegas New York City Hotel & Tower,
New York City Palm Beach, FL $69M (UP $15M) $26M (NO CHANGE) Central Park West
$451M (UP $2M) $170M (UP $10M) New York City
Trump Three homes $12M (DOWN $5M)
40 Wall St. Trump Park Avenue International Hotel Palm Beach, FL
New York City New York City Washington, D.C. $25M (NO CHANGE) Trump International
$327M (DOWN $14M) $162M (UP $2M) $64M (UP $11M) Hotel & Tower
Trump World Tower Chicago
Trump Tower Cash/liquid assets Trump Tower New York City $4M (UP $7M)
New York City $160M (UP $10M) penthouse $25M (NO CHANGE)
$237M (UP $14M) New York City Two homes
Trump National Seven Springs
6 East 57th St. Doral Miami $54M (DOWN $3M) private estate Sterling, VA
(formerly Niketown) $142M (UP $19M) Trump Parc/ Bedford, NY $1.5M1
New York City Trump Parc East $24M (NO CHANGE) Consumer products
$213M (UP $6M) Three European New York City licensing
golf clubs Undeveloped lots $500K (DOWN $2.5M)
Ireland and Scotland $42M (DOWN $3M) Rancho Palos Verdes, CA
$82M (UP $4M) $18M (NO CHANGE)
NOTE: VALUES ARE NET OF Two airplanes,
DEBT FOR TRUMP’S STAKE three helicopters
1
IN EACH ASSET. NEWLY $32M (NO CHANGE)
INCLUDED ASSET
O C T O B E R 3 1 , 2 0 1 9
F O R B E S . C O M