Kirsters Baish| Many of President Trump’s biggest critics have made the argument that he’s scared that his tax returns will show that he is, in fact, not a billionaire. The problem for them? They’re dead wrong. Trump’s income won’t directly correlate with the value of all of his assets. Forbes has been researching Trump’s fortune for 35 years, and they have shown us that sometimes he is up and sometimes he is down, but for much of the 1990s he was not a billionaire.
After New York City’s real estate market calmed down (retail and office in particular) his estimated net worth did drop. There was also new information to take into account as a factor. Out of the 28 assets that Forbes looked into, 18 had gone down in value. This includes Trump Tower on Manhattan’s Fifth Avenue, 40 Wall Street, and his private beachfront club in Palm Beach, Mar-a-Lago.
The first major asset is none other than Trump Tower in New York City. This 244,000 square foot office and retail building is estimated at a value of $471 million currently. Taking into account the $100,000 of debt on the building, it has a net value of $371 million.
Then there is 1290 Avenue of the Americas in New York City which is also an office and retail building. Trump owns 30% of the building which is valued at $2.31 billion. Taking into account the $950 million debt on the building, it has a net worth of $409 million.
He also has ground lease on Niketown in New York City until the year 2079. This retail building is worth $400 million with a debt of $10 million, which leaves the net total at $390 million.
40 Wall Street is valued at $501 million. Trump owns the ground lease on this office and retail space through the year 2059. Since the debt is at $159 million, the net worth of the building stands at $345 million.
Trump Park Avenue is both a residential and a retail building which is valued at $191 million. Trump owns 49,564 square feet of condos as well as 27,467 square feet of retail space. With the debt at $14.3 million, the net worth of the entire building is currently $177 million.
Trump Parc is estimated to be worth $88 million with no debt. The 11,750 square feet of condos paired with the 14,963 square feet of retail and 13,108 square feet of garage space is owned by Trump.
Trump International Hotel and Tower is estimated to be worth $38 million. This building boasts 10,578 square feet of retail, 18,370 square feet of garage, and and one 460 square foot condo. There is no debt on this building at all.
Continuing on down the list of Trump’s assets is the Trump World Tower which is valued at $27 million with no debt accrued. Trump owns the 9,007 square feet of retail space, the 28,579 square feet of garage space, as well as one 2,835 square foot condo in the building.
Trump owns a 4% stake in the Spring Creek Towers in Brooklyn, New York. This area of affordable housing is worth $1 billion with a debt of $408 million. The net worth to Trump? $25 million.
You can continue to read the rest of the list at Forbes’s website.
As you can see, President Trump isn’t at risk of going broke anytime soon. Perhaps that why he so generously turned down the offer of a salary as President of the United States…