Former President Donald Trump owes more money today than he ever did during his first presidency, according to a recent analysis by Forbes. Despite his claims of having low debt on buildings, Trump’s portfolio includes $1.8 billion in liabilities, including a $118 million mortgage on 40 Wall Street, which appears to be underwater. Trump reworked his balance sheet after leaving the White House, paying off several loans, but three major court decisions have added an estimated $574 million in liabilities.
While Trump’s Chief Legal Officer disputes Forbes’ numbers, pointing out that some debt is against buildings where Trump is a limited partner, the fact remains that Trump owes a significant amount of money to various creditors. Campaign spokesperson Steven Cheung highlighted Trump’s career successes and claimed that Trump owes fewer Washington insiders than other politicians, framing him as an outsider unbound to the establishment. However, the reality is that Trump has significant financial obligations that need to be addressed.
The largest liability on Trump’s balance sheet is a business litigation case with the New York attorney general, totaling $482 million, with an interest rate of 9%. Trump is appealing the lawsuit, but interest continues to accrue, adding millions to his liabilities each month. Other major liabilities include loans against properties such as 555 California Street and 1290 Avenue of the Americas, with varying interest rates and maturity dates.
Trump has also taken advantage of interest-free deposits from club members at his U.S. golf courses, resulting in an estimated $200 million owed. The Trump Organization claims these deposits will be repaid when new memberships are sold, but the underlying liabilities remain. Other loans include those against properties like Trump National Doral, 40 Wall Street, and Trump Tower, with varying interest rates and maturity dates.
Personal disputes have also added to Trump’s financial obligations, including a case with writer E. Jean Carroll, who accused Trump of rape. Trump is appealing these cases while interest continues to accumulate. Despite these challenges, Trump has been able to secure loans against properties like 1125 South Ocean Boulevard and Trump International Hotel & Tower (New York), with varying terms and interest rates.
Overall, Trump’s financial situation is complex, with various liabilities spread across different properties and personal disputes. While Trump has assets he could potentially liquidate to pay off creditors, his significant debt obligations remain a cause for concern. With ongoing litigation and interest accruing on loans, Trump’s financial future remains uncertain. It remains to be seen how Trump will navigate these challenges and manage his debts in the coming years.
