Trump has $93 million in the bank after claiming he had up to $500 million
Former President Donald Trump had $93 million in the bank in the final year of his presidency — a hefty amount dramatically lower than some of the amounts he claimed to have accumulated over the years.
The new valuations, compiled by Forbes magazine, are taken from Trump’s financial statements released last week by New York Attorney General Letitia James, whose office is pursuing a complex civil investigation of the Trump organization.
Trump’s cash is only a fraction of his empire — which relies on real estate, golf courses and branded assets that are difficult to quantify.
Nevertheless, they appeared to be much lower than what Trump had claimed they were — including during his lengthy efforts to persuade him to place him high on the billionaire list — according to his statements released by the AG’s office.
Former President Donald Trump’s bank account was worth $93 million in 2020, his last year in office, according to his filings released by the office of New York AG Letitia James
Trump’s cash holdings were listed as $114 million in 2016 when he ran for president. They had fallen to a listed $76 million in 2018, rising to $87 million in 2019 and reaching $93 million in 2020, his last year in office.
That year came when the Trump Organization attempted to unload a luxury hotel property in Washington, DC, where business came to a standstill amid the coronavirus pandemic.
But in 2015, when Trump launched his bid for president, his campaign released a financial statement showing cash and securities worth $302 million as of June 2014, when he said his net worth was nearly $9 billion.
Trump’s cash balances are revealed in financial statements released by the office of New York Attorney General Letitia James
Trump’s DC Hotel Has Been Losing For Years And The Company Signed A Contract To Sell It
Trump’s golf properties have suffered from a drop in revenue during the pandemic
Trump claimed, for tax and financial purposes, that his penthouse in Trump Tower was 30,000 square feet when in fact it was 11,000 square feet, according to James’s office.
The AG’s office says the Trump organization has misrepresented the value of Trump’s Trump Tower penthouse. Trump met Forbes in his office, also in the building, about his total worth
That number dropped to a range of between $78 million and $232 million when Trump had to file a signed financial statement with the federal government.
Forbes describes a two-hour meeting with Trump in 2015 to discuss his finances in its Trump Tower penthouse — which itself is the subject of information provided by James. Her office says Trump claimed his Manhattan penthouse was 30,000 square feet in the financial condition provided to lenders, when in fact it was only 11,000.
“As of today, I’m at $793 million,” he told the publication, citing a figure that would more than double his holdings from the previous year. Why? “Because I sell stuff,” he said, pointing to the Miss Universe pageant selling for nearly $30 million.
“Here’s your money number – or market value: 793,” he said, holding up his proof: a blank sheet of printer paper with the number 793 scribbled in thick, black Sharpie. We held out at about $300 million,” the magazine said.
New York State AG last week archived court papers testifying to Trump and children Ivanka Trump and Donald Trump Jr. want to enforce in her research.
Her office said it has gathered “significant additional evidence indicating that the Trump Organization has used fraudulent or misleading asset valuations to obtain numerous economic benefits, including loans, insurance coverage and tax deductions.”
The Trump organization has denied doing anything and Trump has called the Democratic State Department investigation a witch hunt.