Documents offer first glimpse into his business empire since inauguration, including detail that new Washington hotel has brought in nearly $20 m
Donald Trump on Friday released documents that offer the first glimpse into his business empire since he was inaugurated.
Trumps Washington hotel has brought in virtually $20 m in revenue since it opened last autumn. His Mar-a-Lago resort in Florida, which hes visited seven times as president, pulled in millions of dollars more than was reported in previous filings.
The new details are included in a fiscal disclosure that Trump voluntarily submitted Friday to the Office of Government Ethics.
When he took office in January, Trump turned over the reins of his global real estate, property management and marketing empire to his two adult sons and a senior executive. But Trump did not divest, instead placing his enormous portfolio of financial assets in a trust controlled by the executive and Donald Trump Jr. The chairperson can take back control of the trust at any time, and hes free to withdraw cash from it as he pleases.
His latest fiscal revealing encompasses January 2016 through the following spring.
The documents have added importance because Trump isnt following the long tradition of presidential candidates and office-holding of making public his tax returns. Those returns provide more complete financial information than the financial disclosures, which include mostly broad ranges for income and indebtedness.
The report proves Trump resigned from more than 500 positions, stepping down from many on the previous day his inauguration. Trump listed at the least $315 m in liabilities, about the same as in a report he filed last year.
The president still owes more than $100 m to Deutsche Bank and a similar amount to Ladder Capital Finance, a New York-based real estate investment trust.
What is unclear from the disclosure is whether Trump added to his debt in any significant route to assist pay for his presidential campaign. Because the ranges required for disclosure under federal ethics statutes are so broad Trumps disclosure listings five separate liabilities each at over $50,000, 000 it is impossible to tell whether his indebtednes loading has changed appreciably.
Some of Trumps businesses appear to be earning more money than they had a year earlier. However, since this filing cover 16 months, it is difficult to attain direct comparisons between Trumps fiscal disclosures from previous years.
Mar-a-Lago, where Trump played host to several foreign dignitaries during his seven weekends there this winter, has improved its finances. Trump listed the resorts income as about $37 m, up from the about $30 m it had taken in prior to his May 2016 fiscal report.
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