The evaluations of one of former President Donald Trump’s golf clubs are being investigated for allegedly inflating and deflating. On CNN on Thursday, biographer Michael D’Antonio discussed the new case and described how promoting himself as a successful businessman has led to Trump’s financial ruin.
“You might remember that Michael Cohen said that Donald Trump originally ran for president as a publicity stunt,” recalled D’Antonio. “That he thought that this would benefit his companies, but he never imagined winning. So, he wins, and he finds himself in office, and during that period of time from 2016 to 2020, his fortunes decline precipitously.”
He added that since leaving office, Forbes has gone from believing Trump is worth $10 to $12 billion to believing he is only worth $2.5 billion. As a result, he dropped off the list of the wealthiest Americans.
“So, this is a man who always said that he measured himself in dollars and cents and that his self-worth was really all tied up in how rich he was,” said D’Antonio. “He’s now facing in Westchester County another assault on his claims to his wealth. In that case, he’s — when he likes having a lot of money, he says the golf course is worth $50 million. When he doesn’t want to pay his taxes, he says it is worth $1.4 million. Wouldn’t it be nice if we could all inflate our assets when we want to claim to be very rich and deflate them when it comes to paying our taxes?”
However, D’Antonio went on to say that Trump is going to have severe issues with banks in the future.
“His properties have actually been on a watch list among lenders who are concerned that the revenues have fallen so fast that he won’t be able to make payments on the loans he’s taken out,” D’Antonio said. “And earlier this year, his partner in the two most effective developments he’s ever made is saying they’re considering getting out of this partnership. So, that would drain him of the remaining cash flow that is keeping him afloat. So, the presidency has been very bad for Donald Trump’s businesses in the same way that it has been pretty bad for the rest of the world.”
Last month, Wells Fargo data showed that a $100 million loan on Donald Trump’s Fifth Avenue tower has been placed on a debt monitoring list.
The decision was made due to “reduced average occupancy.”
Wells Fargo reported occupancy has dropped to 78.9% from 85.9% at the end of 2020.
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The loan paperwork also shows that the building’s real estate income was $33.7 million in 2020 and $7.5 million in the first quarter of this year.
During the COVID-19 outbreak, some significant tenants have either left the premises or have fallen far behind on their large rent payments.
The lawsuit filed by the Trump Organization earlier this year reveals that the company that had manufactured footwear for former first daughter Ivanka Trump was $1.4 million in debt. Marc Fisher Footwear once occupied the full 22nd Floor and a portion of the 23rd floor of the formerly fashionable Fifth Avenue high-rise that served as Trump’s principal apartment and the scene for his reality TV show “Apprentice.”
Some of Trump’s other properties in the United States have also been scrutinized. Because the building’s commercial area was primarily unused, the former president’s property tax was lowered for his Chicago office skyscraper.
According to another Trump Organization lawsuit, a shady “business school” allegedly chaired by Kardashian momager Kris Jenner owed over $200,000 in outstanding rent by October 2020.
Trump has established a reputation as a very successful businessman among many Americans, thanks to his reality show “Apprentice.” He has, however, declared bankruptcy several times and has been sued numerous times for his debts.