OAN’s Elizabeth Volberding
4:45 PM – Wednesday, November 8, 2023
Former President Trump’s fortune has increased by $500 million since he left office in 2021, according to a Bloomberg report.
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On Tuesday, Bloomberg released a report breaking down Trump’s wealth over the last three years, while additionally going into detail about the factors that contributed to his increased fortune.
The report claimed that Trump has seen his wealth rise by “half a billion dollars” since 2021.
The report also states that Trump’s financial increase is primarily due to the real estate property acceleration in Florida, which has carried two of his most well-known properties, Mar-a-Lago in Palm Beach and the Doral Golf Resort in Miami.
His increase in fortune is also due to “selling off assets and paying down his personal debts,” according to the report.
Trump owns several other golfing properties in the United States, Scotland, and Ireland, which altogether produced 50% more revenue between 2019 and 2022.
The report states that Trump’s fortune has been valued at $3.1 billion, which is up from $2.6 billion in 2021, resulting in a $500 million jump since 2021.
In 2022, Trump sold his upscale International Hotel in Washington, D.C., for approximately $375 million. This deal reportedly allowed him to settle a $170 million loan from Deutsche Bank.
Additionally, the report mentioned that Trump’s worth may even be higher than $3.1 billion. This is because its assessment of his real estate properties do not take into account the significance of the Trump brand on their values, the historical impact of the properties, or how their reconstruction and re-development could greatly increase their value.
Bloomberg recognized that its estimates have come in significantly lower than Trump’s own estimates, referring to the fact that its evaluations are higher than many of New York state’s claims.
Therefore, according to the New York Attorney General’s lawsuit against Trump, his 2021 assessment of Trump’s financial shape put his value at $4.5 billion.
The lawsuit against Trump values his historically landmarked Mar-Lago Club at $27.6 million. However, in 2021, the Trump Organization claimed that it was worth $612.1 million. Palm Beach real estate agents claimed that the Doral Golf Resort oceanfront property is worth a minimum of $300 million and potentially $500 million or more.
The court’s approximated value “was a shock to the real estate community and anybody with an understanding of the island and its values,” said Liza Pulitzer, a representative with Brown Harris Stevens.
According to Bloomberg, Trump’s penthouse apartment at Trump Tower, which his company valued at $131.3 million in 2021 and is reportedly worth $40 million today, was arguably the most contentious piece of real estate under scrutiny during the trial.
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By: OAN
